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(Bloomberg) — U.S. shale giants stung by billions of dollars in hedging losses are spending big bucks to ditch their positions in a risky bet that prices stay high. Companies including Pioneer Natural Resources Co. and EOG Resources Inc. are poised to post historic profits when they report earnings this week. But those windfall earnings would be... Continue Reading →
(Bloomberg) — After driving up prices for everything from steel pipes to frac sand to labor, inflation has finally ensnared the centerpiece of oilfield equipment: the drilling rig. Rig prices are spiking in the U.S. compared to the rest of the world, promising profits at multiyear high for oilfield contractors. Three of the world’s biggest operators told investors... Continue Reading →
(Reuters) - U.S. energy firms last week added oil and natural gas rigs for a record 21 months in a row as high prices and prodding by the federal government prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose three to 698 the... Continue Reading →
(Reuters) - When Jeremy Davis was laid off from his oilfield job in Texas in 2020, he did not want to leave the industry after 17 years in oil and gas. But his next jobs brought one mishap after another. He was hospitalized for almost a week following a shift at a chemical manufacturing facility;... Continue Reading →
With efforts accelerating to develop offshore wind farms, there remain many unresolved questions on the scope of U.S. cabotage laws and how specifically the Jones Act will be applied to the construction of the wind farms. While the U.S. has said that it will apply the regulations in a similar fashion to their previous applications... Continue Reading →
(WO) — The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. The U.S. and European countries are planning liquefied natural gas terminals that will be in... Continue Reading →
(Reuters) - Washington and Brazil have discussed the South American nation's role in keeping a lid on global crude prices since Russia's invasion of Ukraine, Brazilian Energy Minister Bento Albuquerque told Reuters in an interview on Wednesday. Brazil, with a current output of around 3 million barrels of oil per day (bpd), has been increasing... Continue Reading →
(Bloomberg) — Halliburton Co. said North American oil and natural gas drillers will lift spending by 35% this year, an increase from the biggest fracer’s pre-Russian war forecast. The oilfield-services giant didn’t directly attribute the spending increase to fallout from Russian President Vladimir Putin’s assault on Ukraine but noted that explorers are pivoting to “short-cycle... Continue Reading →
(Offshore Energy) The invasion of Ukraine has led to tighter gas supplies, higher prices, and an uncertain outlook, resulting in a downward revision to the International Energy Agency’s forecast for gas demand this year. According to the IEA’s quarterly update from late last week, the world’s demand for natural gas is set to decline slightly in 2022... Continue Reading →
(Reuters) Oilfield services firm Halliburton posted an 85% rise in first-quarter adjusted profit on Tuesday as a rally in crude prices boosted demand for its services and equipment. Crude futures climbed to their highest level in more than a decade during the quarter after a slew of Western sanctions against Russia disrupted oil sales from... Continue Reading →
