LA county, America's largest, sees gas prices hit record high
Los Angeles County saw a new record in average gas prices on Tuesday as the price of...
Los Angeles County saw a new record in average gas prices on Tuesday as the price of crude oil remains over $100 a barrel, signaling the cost to fill up at the pump won't be easing soon enough for drivers.
The average price for the largest U.S. county by population rose 2.3 cents to $6.011 — nearly 17 cents more expensive than it was a week ago, $1.224 higher than one month ago, and $2.085 greater than one year ago, according to figures from the American Automobile Association.
California has the highest fuel prices in the country, partially due to the higher taxes for environmental regulations and infrastructure. Governor Gavin Newsom pledged financial relief to try to help people during the rising gas prices.
Rockcliff Energy LLC, a private equity-backed natural gas explorer, has been speaking with advisers as it evaluates takeover interest from rival U.S. shale drillers, people with knowledge of the matter said. The Houston-based company could seek $4 billion or more in a sale, the people said. Deliberations are at an early stage, and there’s no certainty Rockcliff will conclude any transaction, according to the people who requested anonymity because the information isn’t public.Representatives for Rockcliff and its Houston-based backer Quantum Energy Partners didn’t immediately respond to requests for comment.
Founded in 2015, the company pumps the daily equivalent of more than 1 billion cubic feet of gas from the Haynesville Shalein East Texas. Last week, its Quantum affiliate Trace Midstream agreed to sell gas gathering and processing assets to Williams Cos. for $950 million.
Lower 48 Oil, Natural Gas Permitting Climbs in February, Led by Permian, DJ and Eagle Ford
Lower 48 oil and natural gas permitting activity has picked up since the beginning of the year,...
Lower 48 oil and natural gas permitting activity has picked up since the beginning of the year, climbing by 9% through February from a year ago, according to Evercore ISI.
There were 188 more permits issued in February month/month (m/m). However, permitting was still down by half from February 2019, on the cusp of the Covid-19 pandemic.
Drilling permits issued in January and February combined were up 50% from the first two months of 2021, analysts said.
Global markets face a squeeze on diesel, leading traders have warned, with Europe most...
Global markets face a squeeze on diesel, leading traders have warned, with Europe most at risk of a “systemic” shortage that could lead to fuel rationing.
The heads of one of the largest commodity trading houses and the biggest independent oil trader both estimated as much as 3mn barrels of oil and its products a day could be lost from Russia as a result of sanctions, following the country’s invasion of Ukraine. The corporate leaders were speaking at the FT Commodities Global Summit in Lausanne, Switzerland on Tuesday.
Those imports mean that Russian supplies account for about 15 percent of Europe’s diesel consumption.
Quick Take: Potential Sale of Exxon Mobil’s Bakken Assets
Exxon Mobil Corp. has been reported to be in the process of interviewing bankers to...
Exxon Mobil Corp. has been reported to be in the process of interviewing bankers to work on the sale of its assets in the Bakken shale play in North Dakota. Bloomberg News reported that insiders believe the sale price could be around $5 billion.
The oil giant has been in the process of cutting costs, generating about $3 billion from divestitures in 2021. In 2018, the company said it planned to generate $15 billion from the divesture of assets. Exxon Mobil launched a sale process for its assets in the Barnett Shale in November, which was expected to generate $400 million-$500 million. In December, the company was reported to be in advanced talks to sell its 5,000 wells in the Fayetteville Shale to Presidio Petroleum LLC.
Data shows that Exxon Mobil’s oil production in the Bakken fell by almost half, from 3.177 MMbbl per month in mid-2019, prior to the pandemic, to 1.763 MMbbl per month in late 2021. If Exxon Mobil does decide to pursue a deal, it would follow the $6 billion “merger of equals” between Whiting Petroleum Corp. and Oasis Petroleum Inc. on May 7.
