ExxonMobil plans to boost its Permian Basin production to 2 million barrels...
ExxonMobil plans to boost its Permian Basin production to 2 million barrels per day by 2027, Vice President of Global Exploration John Ardill said at CERAWeek. Also at the conference, ConocoPhillips CEO Ryan Lance said he expects US oil production to level off after topping 14 million bpd, projecting a 300,000 to 400,000 bpd increase in Permian Basin output this year.
Digital tech, collaboration drive value in energy industry
As blockchain, generative AI and other digital technologies make inroads...
As blockchain, generative AI and other digital technologies make inroads into the energy industry, companies are increasingly acknowledging the importance of collaboration in driving value creation, said Blockchain For Energy President and CEO Rebecca Hofmann during a session on digital technology at CERAWeek. Moreover, the integration of advanced analytics and digital solutions is redefining asset optimization, enabling interoperability and smoothing the transition to a dynamic and decentralized grid, according to experts on the panel.
ConocoPhillips CEO Ryan Lance: Upstream M&A Wave ‘Not Done’ Yet
Dealmaking in the upstream oil and gas industry totaled $234 billion in 2023. The trend shows no signs...
Dealmaking in the upstream oil and gas industry totaled $234 billion in 2023. The trend shows no signs of slowing, ConocoPhillips CEO Ryan Lance said at the CERAWeek by S&P Global conference.
Japan hiked interest rates for the first time in 17 years. The...
Japan hiked interest rates for the first time in 17 years. The Bank of Japan raised short-term rates to 0% as the country’s economy finally showed some signs of growth after years of low inflation and wage stagnation. The move means there are no longer any negative interest rates in the world after several European central banks ended their policies in 2022. Bank of Japan Gov. Kazuo Ueda said that the negative interest rates and other measures the country took to boost its economy have “fulfilled their roles.”
MacKenzie Scott is donating $640 million to hundreds of small nonprofits, more than double what she originally pledged.
Coca-Cola said that all 20-ounce Coke bottles will be made from 100% recycled plastic starting this week.
India accounts for 83 of the 100 most polluted cities in the world, according to a new report.
The UN issued a “red alert” on climate change after logging record-breaking increases in global temperatures last year.
Selena Gomez is reportedly considering selling her cosmetics brand at a $2 billion valuation.
Crude oil inventories in the United States fell this week by...
Crude oil inventories in the United States fell this week by 1.519 million barrels for the week ending March 15, according to The American Petroleum Institute (API), after analysts had predicted a 77,000 barrel build. The API reported a large 5.521-million-barrel rise in crude inventories in the week prior.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of March 8. Inventories are now at 362.3 million barrels.
Cushing inventories also rose this week, gaining 325,000 barrels after falling by 998,000 barrels in the previous week.
