ConocoPhillips has entered into an all-stock transaction valued at $17 billion to acquire Marathon Oil, a move aimed at bolstering its shale assets amidst a significant wave of consolidation in the oil and gas industry. The deal will augment ConocoPhillips’ inventory by 2 billion barrels of resources in the U.S., expanding its presence across shale… Continue reading ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets

On Tuesday, U.S. crude oil prices increased by over 1% following last week’s decline as the market anticipates a key upcoming OPEC+ meeting. The meeting, scheduled for Sunday, will be held virtually to review the group’s production policy. Currently, several OPEC+ members are voluntarily withholding 2.2 million barrels per day from the market to support… Continue reading U.S. crude oil gains more than 1% as market looks to OPEC+ meeting on production levels

The Biden administration’s plan to sell 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve is unlikely to significantly impact pump prices as the summer driving season begins, according to market analysts. The Department of Energy announced that the sale is intended to maximize its effect on prices before the Fourth of July… Continue reading Biden’s gasoline sale likely won’t have a major impact on summer pump prices

Crude oil futures experienced a rebound on Thursday following a three-day decline, although they remain on track for a weekly loss. U.S. crude oil has fallen by 2.4% for the week, while Brent, the global benchmark, has seen a decrease of 1.8%. Current energy prices show the West Texas Intermediate July contract at $78.04 per… Continue reading Oil prices bounce back after three-day decline but still on pace for weekly loss

Orsted, a Danish renewable energy developer, secured a substantial $680 million investment from JPMorgan for two significant U.S. projects, marking a pivotal moment as the Biden Administration’s climate-focused legislation, the Inflation Reduction Act (IRA), stimulates a surge in clean energy endeavors across the nation. The investment from JPMorgan will primarily support Orsted’s Eleven Mile Solar… Continue reading Denmark’s Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects

The Biden administration has announced a strategic move to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in an effort to boost fuel supplies and ease rising prices at the pump ahead of the July 4th holiday and summer driving season. This decision aims to address the recent surge in gasoline… Continue reading Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4

Crude oil futures continued their decline for a third consecutive session, marking a week of losses leading up to a significant OPEC meeting scheduled for June. Both U.S. crude oil and the global benchmark Brent have dipped over 2% for the week, reflecting softening prices in anticipation of the upcoming meeting. Today’s energy prices show… Continue reading Oil prices extend losing streak, on pace for third daily decline

Exxon Mobil is currently engaged in a prolonged battle with two environmentally focused activist investors, Arjuna Capital and Follow This, which has led to significant repercussions, including losing the support of the California Public Employees’ Retirement System (CalPERS). CalPERS, a substantial $484 billion pension fund manager with a $1 billion stake in Exxon, announced in… Continue reading Exxon faces opposition from CalPERS after ‘devastating’ anti-ESG activist suit

Crude oil futures experienced a decline of over 1% on Tuesday due to the lack of significant market drivers to support prices. U.S. crude oil and the global benchmark Brent have been trading within a narrow $3 range throughout May, following a sell-off from April highs. This sell-off occurred as traders reduced the geopolitical risk… Continue reading Oil prices drift lower but remain stuck in narrow range as market struggles to find catalysts

Oil prices experienced an uptick on Thursday following a second consecutive week of declining U.S. crude stockpiles and signs of easing inflation. According to the Energy Information Administration, U.S. crude inventories fell by 2.5 million barrels last week, driven by increased refining activity, suggesting a possible rise in demand. In the energy markets, West Texas… Continue reading Oil prices rise as crude inventories fall and U.S. inflation eases

VANCOUVER, BC, May 16, 2024 /PRNewswire/ – TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) (“TAG Oil” or the “Company“) is pleased to announce initial production test results on its BED4-T100 (“T100“) horizontal well, which tested at 800 barrels of oil per day (“BOPD“). The T100 well has demonstrated encouraging results following a multi-stage hydraulic fracture stimulation targeting… Continue reading TAG Oil Announces Successful Production Test Results from BED4-T100 Horizontal Well

U.S. crude oil prices remained steady on Wednesday following a notable decline in domestic stockpiles, which fell by 2.5 million barrels, surpassing expectations of a 543,000 barrel draw projected by analysts. However, earlier in the session, oil prices experienced a downturn after the International Energy Agency revised down its global demand growth forecast by 140,000… Continue reading U.S. crude oil holds above $78 a barrel as stockpiles fall