Devon Energy exceeds third-quarter profit expectations
Devon Energy beat Wall Street's expectations for the third quarter profit on Wednesday as it benefited from increased output. The company was able to benefit from a 26% increase in U.S. Natural Gas prices from the previous year during the period of July-September, due to a surge in demand for data centers and an increase in exports of liquefied gas. Energy sector is benefiting from the increase in demand for LNG and increased power consumption as a result of hotter temperatures. Devon's third quarter production increased to 390,000.0 barrels of crude oil per day from 335,000.0 boepd one year earlier.
Utility AEP increases capital spending plan to meet demand for data center power
American Electric Power increased its five-year investment plan from $54 billion to $72 billion Wednesday to meet the unprecedented demand for power by customers such as data centers and industries. In premarket trading, shares of the company increased by 3.2%. U.S. utilities have increased their capital budgets to meet the growing demand from technology companies who are building data centers for complex AI-related tasks. AEP stated that the plan is supported by 28 gigawatts in new load, backed by agreements with customers, an increase of 4 GW from July, as well as 190 GW more of load requests, at different stages of development.
ONEOK reports higher third-quarter profits as acquisitions payoff
ONEOK, the U.S. oil and gas pipeline operator, reported a higher profit in the third quarter on Tuesday. This was due to the robust volumes in Rocky Mountain Region as well as the effect of a number of acquisitions. ONEOK has diversified its portfolio over the last two years through acquisitions, including a Gulf Coast NGL pipe system from Easton Energy as well as Medallion Midstream, EnLink Midstream, and Medallion Midstream. ONEOK acquired the remaining 49.9% of NGP XI Midstream Holdings' stake in the Delaware Basin Joint Venture in June for $940 million.
Expand Energy, a Natgas producer, posts a quarterly profit as production surges
Expand Energy, the U.S. natural-gas producer, reported a profit on Tuesday for the third quarter, compared to a loss a year ago, due to increased production and higher commodity prices. The average U.S. Natural Gas prices increased by more than 26 percent year-on-year in the third quarter. This was due to strong LNG exports, and a growing demand driven by AI-focused data centres. Expand Energy was created after Chesapeake Energy acquired Southwestern Energy in 2013, creating the largest independent natural gas producer of the U.S.
US upstream oil and natural gas dealmaking falls for the third consecutive quarter amid low prices
Enverus, an analytics firm, said that the persistently low oil price kept buyers away from the sector during the third quarter. According to Enverus's latest report, merger and acquisition activity is down for the third consecutive quarter. This marks a dramatic departure from the blockbuster deals of recent years, such as Exxon Mobil's $60 billion deal with Pioneer Natural Resources, which will close in 2023, and Chevron’s $53 billion purchase by rival Hess this year. Enverus reports that the total value of deals in 2023 was a record-breaking $192 billion. This figure dropped to just $105 billion by 2024. U.S.
US crude stockpiles rise, fuel inventories fall, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles increased while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 3.7 millions barrels, to 420.3million barrels for the week ending October 3. This was a far cry from the 1.9 million barrels analysts had predicted in a recent poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 763,000 barges in a week. The U.S. crude futures remained positive despite the higher-than-expected increase in inventories.
EIA: US crude and fuel stocks rise due to lower demand
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate inventory levels increased last week, as demand and refining activity slowed. The EIA reported that crude inventories increased by 1.8million barrels, to 416.5million barrels for the week ending September 26. This was compared to analysts' expectations in an online poll of a one-million barrel increase. According to the EIA, crude stocks at Cushing, Oklahoma's delivery hub dropped by 271,000 barrels during the past week. The oil futures continued to fall following the higher-than-expected increase in stocks.
BP and Total Deepen Commitments to US with Major Projects
BP and TotalEnergies, two European oil and natural gas companies, deepened their commitments towards the United States on Monday. BP approved a $5 billion offshore field for oil production and TotalEnergies bought into a gas field onshore. The goal of U.S. president Donald Trump to capitalize on hydrocarbon resources in the United States is aligned with increased investment in U.S. production of oil and gas. BP is increasingly reliant upon the United States for its oil and natural gas business, following a February strategic overhaul that shifted spending from renewables towards hydrocarbons. BP has pledged to increase U.S.
TotalEnergies sells 50% of its North American solar portfolio and invests in U.S. Gas assets
TotalEnergies said it would sell half of its North American solar portfolio for $950 million in a deal announced on Monday. It also stated that it plans to invest in US gas-producing assets, which will help it secure future supplies. The sale of the stakes is in line with the strategy of the French oil giant to develop renewable energy projects, then sell them to raise cash to invest in its natural gas portfolio. The company announced that it would receive $950 millions from the sale of its assets to investment firm KKR, as well as a refinancing by a bank.
EIA: US crude inventories drop sharply after net imports reach record lows
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles declined sharply as net imports plunged to a new record low, while exports jumped to a nearly two-year high. The EIA reported that gasoline inventories declined unexpectedly during the week ending September 12 while distillate stocks rose more than expected. The EIA reported that crude stocks dropped by 9.3 millions barrels to 415.4 million last week, as opposed to the analysts' expectation in a poll of a draw of 857,000 barrels. U.S. crude oil exports increased by 2.53 millions barrels per day to 5.28million bpd. This is the highest level of U.S.
EIA: US crude inventories drop as exports increase
NEW YORK - U.S. crude stockpiles declined last week, as exports increased, and gasoline and distillate stocks also decreased, according to the Energy Information Administration on Wednesday. The EIA reported that crude inventories dropped by 3 million barrels, to 423.7 million in the week ending August 1. This was higher than the analysts' polled expectation of a draw of 591,000 barrels. The EIA reported that crude exports increased by 620,000 barrels a day (bpd), to 3.3 millions bpd. Stockpiles fell. The net U.S. imports of crude oil fell by 794,000 barrels per day. Bob Yawger is director of energy futures for Mizuho.
Devon Energy's profit forecast for the second quarter was missed due to low oil prices
The U.S. oil-and-gas producer Devon Energy narrowly missed Wall Street's expectations for the second quarter profit on Tuesday as lower commodity prices offset an increase in production. As a result of the growing demand for natural gas, the company has also announced two new supply agreements. Benchmark Brent crude oil prices dropped during the quarter of April-June compared to a year ago, due to a combination of growing market insecurity caused by tariffs, weak demand globally and an increase in supply from OPEC+. The average realized price was $36.30 for a barrel of oil-equivalent (boe) in the period reported, down from $44.29 last year.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season — an industry term for the binding process pipeline companies use to notify shippers of available capacity and solicit bids — brings Enbridge closer to formally sanctioning its proposed expansion of its Mainline network…
US crude, distillate inventories rise, gasoline draw down, EIA says
Updates include the price reaction and background data on refineries. The Energy Information Administration reported on Wednesday that U.S. crude oils and distillates inventories increased last week while gasoline stocks fell. The EIA reported that crude inventories increased by 7.7 millions barrels, to 426.7million barrels for the week ending on July 25. This was compared to analysts' expectations based on a poll of a 1.3million-barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 690 000 barrels. Crude futures dipped after the large and unexpected buildup, but recovered.
Expand Energy, a US-based natgas producer, reports a second-quarter profit despite higher prices and output.
Expand Energy, the U.S. natural-gas producer, reported a profit for its second quarter on Tuesday. This was compared to a loss in the same period last year, due to higher production and commodity prices. After-hours, shares of the company rose 2.4% to $101,76. Expand, previously Chesapeake Energy became the largest independent natural gas producer in the United States after its $7.4-billion acquisition of Southwestern Energy was completed in October 2024. The company has also benefitted from the higher U.S. Natural Gas prices. These have recovered from multi-year lows reached last year.
US crude, gasoline stockpiles fall, distillates build, EIA says
The U.S. Energy Information Administration reported on Wednesday that crude oil and gasoline stocks in the United States fell last week. This was due to stronger demand and increased exports. Meanwhile, distillate inventories rose. The EIA reported that crude inventories dropped by 3.2 millions barrels, to 419,000,000 barrels for the week ending July 18. This was double the expectation of analysts in a survey who expected a 1.6-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 455,000 barges in the past week. The EIA reported that U.S.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy. Sources cautioned, however, that there is no guarantee of a deal and the talks could end without an agreement. The sources also spoke under condition of anonymity in order to discuss private discussions. ConocoPhillips refused to comment.
EIA: US crude stocks fall as exports increase; fuel demand falls
EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system, not to mention its central location, far from the international shipping routes.
US Supreme Court tests which courts can hear EPA Cases
Wednesday, the U.S. Supreme Court set rules for determining when cases challenging the actions of the U.S. Environmental Protection Agency relating to air pollution or greenhouse gas emissions are heard by regional appellate courts or a Washington appeals court that hears many regulatory cases. The ruling of 7-2 held that the U.S. Court of Appeals District of Columbia Circuit and not the 5th U.S. based in New Orleans, should hear the lawsuits challenging actions by the U.S. Environmental Protection Agency related to air pollution and greenhouse gas emissions.