Exxon strikes oil again in Guyana, raises output target
Exxon Mobil Corp has made two new discoveries at the Sailfin-1...
Exxon Mobil Corp has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, adding more barrels to one of the most closely watched new oil discoveries.
Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain, but it also hiked a previous output forecast for the third quarter from older discoveries in the region.
Guyana amounts for one-third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm.
U.S. stocks finish mostly lower with Nasdaq tumbling 2%
Stocks ended mostly lower, though the Dow Jones Industrial Average appeared to cling to a tiny gain Wednesday,...
Stocks ended mostly lower, though the Dow Jones Industrial Average appeared to cling to a tiny gain Wednesday, with the market unable to fully shake off weak earnings from tech behemoths Microsoft Corp. MSFT, -7.72% and Google parent Alphabet Inc. GOOG, -9.63%GOOGL, -9.14%. The Dow DJIA, +0.01% ended with a gain of just over 3 points, or less than 0.1%, according to preliminary figures. If the gain holds, the blue-chip gauge will have extended its winning streak to four sessions. The S&P 500 SPX, -0.74% ended with a loss of 0.7%, while the Nasdaq COMP, -2.04% shed 2%. Microsoft ended the day with a loss of 7.7%, while Alphabet shares dropped more than 9%. The tech sector fell 2.2%, while communications services, which includes Alphabet, dropped 4.7% to lead the way lower.
The energy sector is off to a higher start, supported by strength in the...
The energy sector is off to a higher start, supported by strength in the crude complex. U.S. equity futures are lower as disappointing results and warnings from Microsoft and Alphabet sparked losses in mega-cap companies and raised fears of slowing economic growth.
WTI and Brent crude oil are slightly up in morning trading despite signs of rising inventories. U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, above expectations from five analysts polled by Reuters. Rising stockpiles reinforce fears of a global recession that would further cut demand, weakness in which has also been apparent in softer Chinese crude import data.
Natural gas futures fell on record output and forecasts for less demand than previously expected.
The oil and gas industry entering 2022 could have been described as cautiously optimistic, and that phrase...
The oil and gas industry entering 2022 could have been described as cautiously optimistic, and that phrase holds true as the industry nears 2023.
Deloitte’s 2023 Oil and Gas Industry Outlook sees an industry that is flush with cash exercising capital discipline as it works to produce more energy while heading toward a lower carbon future.
Just a year ago, the industry was starting to emerge from the pandemic and was cautiously optimistic about the future. Now, Kate Hardin, executive director of Deloitte’s Research Center for Energy and Industrials, said the industry is “still cautiously optimistic, but they’re cautious about different factors.”
At a recent summit in Japan, US Ambassador to Japan Rahm Emanuel, Alaska Gov. Mike Dunleavy, Sen. Dan...
At a recent summit in Japan, US Ambassador to Japan Rahm Emanuel, Alaska Gov. Mike Dunleavy, Sen. Dan Sullivan, R-Alaska, and other Biden administration officials promoted Alaska Gasline Development's proposed Alaska LNG export project and its potential to help meet Japan's energy needs. "This action-oriented Alaska LNG Summit is an outgrowth of these meetings that we believe will advance the prospects of the Alaska LNG project," said Sullivan.
