U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row, with the rig count rising for a record 19th month in a row, as crude prices soared beyond $100 a barrel for the first time since 2014.
The oil and gas rig count, an early indicator of future output, rose five to 650 in the week to Feb. 25, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
In February, the total oil and gas rig count rose by 40, putting the count up for a record 19th month in a row.
Oil rigs rose by 27 in the month, increasing for an 18th consecutive month, and gas rigs were up 12 in the month, growing for a sixth straight month.
U.S. oil rigs rose two to 522 this week, their highest since April 2020, while gas rigs rose three to 127, their highest since December 2019.
Oil and gas producer Occidental Petroleum Corp. swung to a fourth-quarter profit from a year-ago loss on higher-than-forecast U.S. production and crude prices.
The Houston-based company, one of the top producers in the prolific Permian Basin of West Texas and New Mexico, posted stronger-than-forecast oil and gas output. Shale companies overall have topped expectations on soaring energy prices.
Adjusted earnings of $1.48 per share beat analysts’ consensus forecast for $1.10 per share. The company increased its quarterly common dividend to 13 cents per share. Shares were trading this Friday around 3 PM ET at just under $40 per share.
Exclusive-Quantum Energy offers $2.25 billion debt fund with fossil fuel opt-out
Quantum Energy Partners is raising a $2.25 billion fund that will lend to U.S. oil and...
Quantum Energy Partners is raising a $2.25 billion fund that will lend to U.S. oil and gas firms as well as energy companies transitioning away from fossil fuels, allowing investors to pick whether they back activities that lead to higher greenhouse gas emissions, according to people familiar with the matter.
Heeding these concerns, Quantum decided that its new fund will have two sleeves: a $1.5 billion tranche for lending to oil and gas producers and a further $750 million for companies supporting the transition away from fossil fuels, the sources said. Investors can choose if they want to invest in one or both.
EOG Resources reported fourth-quarter 2021 results. Record quarterly adjusted net income...
EOG Resources reported fourth-quarter 2021 results. Record quarterly adjusted net income was $1.8 billion, or $3.09 per share, and $2.0 billion of free cash flow. Capital expenditures are in-line with guidance while oil production is above guidance mid-point. The Company also declared a regular dividend of $0.75 per share and a special dividend of $1.00 per share.
Chevron said it is monitoring markets after Russia invaded Ukraine and can adjust crude...
Chevron said it is monitoring markets after Russia invaded Ukraine and can adjust crude supply through its trading organization to meet market demand.
Chevron U.S.A., a subsidiary of Chevron, announced it has made a new investment in Carbon Clean. As part of the new investment, Chevron and Carbon Clean are seeking to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in San Joaquin Valley, California.
ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.
