U.S. Oil Inventories Rise as Gasoline Stockpiles Fall
U.S. crude-oil inventories unexpectedly rose last week, but gasoline stockpiles declined, according to...
U.S. crude-oil inventories unexpectedly rose last week, but gasoline stockpiles declined, according to data released Wednesday by the Energy Information Administration.
Crude-oil stockpiles rose by 2 million barrels, to 416.8 million barrels, but remain about 15% below the five-year average, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.9 million barrels from the prior week.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, decreased by 1.6 million barrels from the previous week, to 23.4 million barrels, the EIA said in its weekly report.
U.S. crude-oil production was unchanged from the previous week at 11.9 million barrels a day, according to the EIA.
Gasoline stockpiles declined by 812,000 barrels to 218.2 million barrels, compared with analysts' expectations for inventories to increase by 300,000 barrels from the previous week.
Benchmark U.S. crude oil for July delivery rose $2.70 to $122.11 a barrel Wednesday. Brent crude for August delivery rose $3.01 to $123.58 a barrel.
Wholesale gasoline for July delivery rose 6 cents to $4.22 a gallon. July heating oil fell 1 cent to $4.31 a gallon. July natural gas fell 59 cents to $8.70 per 1,000 cubic feet.
Northern Oil & Gas to Acquire Williston Basin Bolt-on for $170 Million
Northern Oil and Gas Inc. agreed to pay up to $175 million to acquire a Williston Basin bolt-on,...
Northern Oil and Gas Inc. agreed to pay up to $175 million to acquire a Williston Basin bolt-on, the company said in a June 7 release.
The acquisition announced on June 7 includes non-operated interests in the Williston Basin for an initial purchase price of $170 million in cash. Per the transaction agreement, the undisclosed seller may earn an additional $5 million in contingent payments in 2023 if WTI oil prices exceed $92.50 on Dec. 30, 2022.
The acquired assets are primarily located in Dunn, McKenzie, and Williams Counties, ND and include approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations.
Devon Energy to buy Williston Basin assets in $865M deal
Devon Energy (NYSE:DVN)...
Devon Energy (NYSE:DVN) said Wednesday it agreed to acquire RimRock Oil and Gas leasehold interests and related assets in North Dakota's Williston Basin for $865M.
RimRock's Q1 production was ~15K boe/day (78% oil), with volumes expected to increase to an average of 20K boe/day over the next year.
Devon (DVN) expects the deal to be immediately accretive to all relevant per-share metrics in the first year, including earnings, cash flow, free cash flow and net asset value.
Exxon Mobil's stock surges toward first record close in 8 years as oil, natural gas prices rally
Shares Exxon Mobil Corp. rallied 1.5% in morning trading Wednesday, enough to put them into record territory...
Shares Exxon Mobil Corp. rallied 1.5% in morning trading Wednesday, enough to put them into record territory for the first time in eight years. The rally for the oil and gas giant's stock comes as crude oil futures climbed 1.0% toward a three-month high and as natural gas futures jumped 3.3% toward a 14-year high. Exxon Mobil's stock was headed for a record close for the first time since June 23, 2014, when it closed at a record $104.38, according to Dow Jones Market Data.
