Category: Oil Supply

Oxy revises its offer for Anadarko and enters into an $8.8 billion agreement with Total in connection with the deal. Occidental Petroleum Corporation (Oxy) revealed Sunday that it has jazzed Continue Reading

HOUSTON (Reuters) – Anadarko Petroleum Corp’s board on Monday backed a $38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk Continue Reading

Anadarko Petroleum Corp. said Monday that a $38 billion bid by Occidental Petroleum Corp. was superior to an offer it accepted from Chevron Corp., raising the stakes in the battle Continue Reading

France’s Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil Continue Reading

Occidental Petroleum Corp increased the cash component of its $38 billion bid to acquire Anadarko Petroleum Corp on Sunday, removing a requirement for any deal to receive the approval of Continue Reading

Shale production in West Texas continues to boom–so much so that shale oil and gas producers in the Permian Basin have more than they know what to do with. As Continue Reading

The terminal facilities will handle Permian crude oil and condensate for transport to the Gulf Coast. KBR, Inc. has won a reimbursable front-end engineering design (FEED) and engineering, procurement and Continue Reading

The U.S. added two oil rigs and dropped three gas rigs this week for a net loss of one rig. The U.S. added two oil rigs and dropped three gas Continue Reading

Oil prices crashed mid-week on news that U.S. crude oil inventories spiked, offering evidence that the oil market is not as tight as expected only a few days ago. U.S. Continue Reading

Houston’s Apache Corp. said Wednesday it lost $47 million in the first quarter versus a $145 million profit during the first three months of 2018. Despite the financial loss, Apache Continue Reading

Iran, Venezuela, Libya. The threats to global oil supplies are well known, reading like a laundry list of the world’s hotspots afflicted by sanctions, strife, and civil war.  But over Continue Reading

As the acquisition war rages on over Anadarko, some analysts are suggesting that there will be additional mergers and acquisitions as major oil companies seek to increase their foothold in Continue Reading

Shell is keen to grow its US shale oil portfolio but does not feel pressured to chase new acquisitions, as Occidental and Chevron battle for control of Anadarko’s Permian-rich upstream Continue Reading

New York — HollyFrontier bumped up the amount of sour crude processed in its Permian Basin-fed Navajo refinery in Artesia, New Mexico, in the first quarter of 2019 to 75% Continue Reading

The US active rig count bounced back this week as operators deployed an additional 18 oil and natural gas rigs to lift the total to 1,084 in the week that Continue Reading

The second U.S. shale oil drilling boom has started to cool as a decline in oil prices since the end of the third quarter of 2018 filters through to lower Continue Reading

Highlights Commercial crude stocks up 9.93 million barrels at 470.57 million barrels Imports notch 10-week high at 7.41 million b/d Refinery utilization falls below 90% on Midwest turnarounds New York Continue Reading

Texas has pumped more oil than Iraq, OPEC’s No. 2 producer, for six months in a row, a lead the Lone Star State will keep for the foreseeable future — Continue Reading

Warren Buffett’s Berkshire Hathaway Inc. agreed to inject $10 billion into Occidental Petroleum Corp.’s bid to acquire Anadarko Petroleum Corp. and fight off Chevron Corp. Last week, Houston-based Occidental offered Continue Reading

Warren Buffett’s Berkshire Hathaway has committed to invest US$10 billion in equity in Occidental Petroleum if Occidental completes its proposed acquisition of Anadarko, Occidental said on Tuesday, a day after Continue Reading

Highlights Q1 output was 326,000 boe/d from the three plays First-half 2019 seen flat, but growing later in year Long-term capex plan under $7 billion/year: CEO Lance Houston — ConocoPhillips’ Continue Reading

Anadarko Petroleum Corporation said on Monday that it plans to resume negotiations with Occidental Petroleum after Occidental announced last week a proposal to buy Anadarko at a higher price than Anadarko Continue Reading

Anadarko Petroleum Corp said on Monday it would negotiate with Occidental Petroleum Corp over its $38 billion cash-and-stock bid, after determining it could get a better deal than its agreed Continue Reading

In the months leading up to the Chevron and Occidental (NYSE: OXY) bids for Anadarko Petroleum Corp (NYSE: APC), there were suspicious purchases of Anadarko securities, according to the Securities Continue Reading

Anadarko Petroleum Corp. said it was considering Occidental Petroleum Corp.’s $38 billion offer, weeks after agreeing to be taken over by Chevron Corp. for about $33 billion, raising the likelihood Continue Reading

Four West Texas Energy companies collaborated to open a school in Midland to help alleviate child care challenges in the Permian. While drilling activity in the Permian has been booming Continue Reading

The U.S. dropped a total of 21 oil and gas rigs last week, bringing the rig count under 1,000. Following a weekly loss of 10 oil and gas rigs, the Continue Reading

A new study published today by Rystad Energy forecasts that there will be more than a million kilometers of new oil and gas wells drilled by 2023 globally; the distance Continue Reading

While European oil supermajors are yielding to investor pressure to set emission reduction targets and announcing investments in renewables and EV charging networks, U.S. majors ExxonMobil and Chevron are doubling Continue Reading

After reporting lower than expected earnings, ExxonMobil’s stock price sold off on Friday. The company blamed poor performance on reduced production volumes and a weaker oil price. However, the real Continue Reading

Reuters reported earlier this month that South Korea has been testing WTL, a super-light oil, as a possible substitute for Iranian condensate as it seeks alternatives for those shipments after Continue Reading

Anadarko Petroleum Corp, the U.S. oil and gas exploration and production company that agreed this month to sell itself to Chevron Corp for $33 billion, decided on Sunday to begin Continue Reading

Anadarko Petroleum is preparing to endorse a hostile $55bn bid from its rival Occidental Petroleum, putting its sale to oil major Chevron in jeopardy, according to people with knowledge of Continue Reading

Chevron Corp’s first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and Continue Reading

ExxonMobil is interested in acquiring more assets in the Permian Basin of Texas and New Mexico, the heartland of the US shale oil boom, and could do a substantial deal, Continue Reading

Output gains in the US Permian Basin helped drive first-quarter oil production growth for ExxonMobil and Chevron, the companies said Friday.  Now ExxonMobil’s first-quarter total upstream liquids production rose 5% Continue Reading