EIA: US oil production reached record high in June
The U.S. crude production reached a record in June. It increased by 133,000 barrels a day, to 13,58 million bpd. This is according to the latest data from the Energy Information Administration's Petroleum Supply Monthly. The EIA reported that crude production in Texas, the top producer, increased by 11,000 barrels per day to reach 5.72 million barrels per day, its highest level since April. New Mexico's second largest producer saw its output rise by 40,000 bpd over the past month to 2,24 million bpd. This was the highest level since March. According to the EIA, the output of the U.S.
Increasing US LNG Exports to Catalyze Shale Production Growth
U.S. liquefied natural gas exports will soar by roughly 10% a year through 2030 as energy firms double their LNG production capacity, according to analysts, providing a shot in the arm to the country's maturing shale industry which has seen growth slow and costs rise.The U.S. is the world's largest oil and natural gas producer, but many of its best drilling locations have been tapped. While oil production is expected to plateau or fall in coming months, gas remains a bright spot for the industry thanks primarily to the country's booming exports.U.S.
Constellation Energy exceeds profit expectations on robust power demand
Constellation Energy, a major U.S. energy company, beat Wall Street expectations for the second-quarter adjusted profits on Thursday. This was due to rising demand from data centres and lower interest costs. Constellation and other independent power companies have benefitted from the record-high electricity demand. This is further fueled by the expansion of Big Tech’s energy-intensive, data center. Constellation signed several long-term agreements with giant technology companies for their data centers, including one with Meta, and another with Microsoft, which will reopen the former Three Mile Island nuclear plant in Pennsylvania.
EIA data show that US oil production rose to record levels in May.
The U.S. Energy Information Administration reported on Thursday that U.S. crude production reached a record 13,49 million barrels per day in May, despite concerns about oversupply pushing the price of the commodity to its lowest level in four years. Donald Trump, the U.S. president, has called repeatedly for increased oil production in the United States, whose output has already reached record levels each of the last two years. He has also taken steps to accelerate and expand drilling on federal land. OPEC+ producers have also increased their output since May in an effort to regain market share lost to U.S. shale drilling companies.
Air Products lowers its earnings forecast amid weak helium sales and LNG impact
Air Products reported a lower-than expected fourth-quarter profit and lowered its earnings expectations for the full year on Thursday as weak helium demands, project exits, and the impact from a previous LNG business sale continued weighing on volumes. U.S. Manufacturing remained slow in June, which eroded consumer and business confidence and affected demand for Air Products gases and related products. Chemical industry is facing a weaker demand on key markets such as China and Europe. According to data compiled and analyzed by LSEG, the company forecast fourth-quarter adjusted EPS between $3.27 and $3.47.
US gas companies EQT and Range increase output plans for 2025
EQT, a U.S.-based energy company, and Range Resources, a U.S.-based oil company both expect to produce additional natural gas by 2025 in order to meet the rising demand without increasing planned expenditure. Energy analysts predict that demand for liquefied gas for powering data centers and export to other countries will continue to reach record levels in the coming years. Dennis Degner, CEO of Range, told analysts during a call to discuss earnings on Wednesday that the company is "extremely well-positioned" to support these initiatives.
EQT exceeds profit expectations on higher natgas sales and prices
EQT Corp, a U.S. energy company, beat Wall Street expectations for adjusted second-quarter profit on Tuesday. The higher natural gas prices, and increased sales volume, helped to send its shares up by 1.6% during extended trading. The company has also increased its production forecast for the full year to reflect Olympus' $1.8 billion purchase. According to the U.S. Energy Information Administration, higher natural gas prices in 2025 compared to last year has supported production levels. Energy sector is benefiting from the increase in demand for gas due to LNG exports, and increased power consumption because of hotter temperatures.
Blackstone's COO: Blackstone will invest $25 billion in Pennsylvania data centres and natural gas plants
Gray, Blackstone's President and Chief Operation Officer, said that the company plans to invest $25 Billion in data centers and power plants throughout Pennsylvania. Gray spoke at a Tuesday panel discussion at the Energy and Innovation Summit held in Pittsburgh. Gray stated that Blackstone has identified several locations to build these energy-intensive data centers. The private equity firm plans to also partner with an electric company to build multiple natural gasoline power generation facilities in Pennsylvania to fuel the centers.
Google signs $3 billion US Hydropower Deal in Largest Clean Energy Agreement
Google announced on Tuesday that it had agreed to purchase up to 3 gigawatts (or more) of hydroelectric power in the United States, forming the largest corporate clean energy pact ever for hydroelectricity. This comes as Big Tech continues its expansion of data centers, which are notoriously energy-hungry. The agreement between Google and Brookfield Asset Management includes initial power purchase agreements totaling $3 billion for electricity generated by two hydropower plants in Pennsylvania. Semafor, a Tuesday report…
Google signs $3 billion US Hydropower Deal in Largest Clean Energy Agreement
Google announced on Tuesday that it had agreed to purchase up to 3 gigawatts (or more) of hydroelectric power in the United States, in what is the largest corporate clean energy pact ever made. This comes as Big Tech continues its expansion of data centers, which are notoriously energy-hungry. The agreement between Google and Brookfield Asset Management includes initial power purchase agreements totaling $3 billion for electricity generated by two hydropower plants in Pennsylvania. After nearly two decades stagnation…
US energy company EQT settles lawsuit for $167.5 Million
According to a filing made by plaintiffs in federal court on Thursday, U.S. Energy Company EQT has agreed to pay $167.5 Million to settle a lawsuit brought by investors who alleged that EQT had overstated its benefits from its $6.7 Billion merger with Rice Energy. Officials from EQT did not respond to a request for comment immediately. The case includes the Eastern Atlantic States Carpenters Annuity Fund (the plaintiff), the Eastern Atlantic States Carpenters Pension Fund (the defendant) and the Cambridge Retirement System.
Amazon will invest $13 billion over 5 years in Australia's Data Center Infrastructure
Amazon announced in a Saturday blog post that it will invest A$20 Billion ($12.97 Billion) between 2025 and 2029 in Australia to expand, maintain, and operate its data center infrastructure. This investment is expected to boost the country's artificial-intelligence capabilities. Amazon has made its largest technology investment in Australia. The funding will be used to support new server capacity, as well as generative AI workloads. It added that the company will also invest in three new solar farm in Victoria and Queensland. The three farms will have a combined power of over 170 megawatts.
CEO Seeking to Build Philadelphia LNG Terminal Meets with White House
The CEO of a company seeking to build a liquefied natural gas terminal near Philadelphia told Reuters on Wednesday he met officials at the White House this week to "provide intelligence" about the project in the works for years despite local opposition.Penn America Energy Holdings wants to export 7.2 million tons a year of LNG from a site near Philadelphia to markets in Europe and Asia. Franc James, the CEO, said he had a meeting at the White House on Tuesday and that the company is considering several locations other than the original site in Chester, Pennsylvania.A source close to the talks also said James met with White House personnel.
The White House meets with the CEO of a company seeking to build a Pennsylvania LNG terminal
The CEO of the company that wants to build a terminal for liquefied gas near Philadelphia said on Wednesday that he had met with officials at the White House in this week to provide "intelligence" about the project, which has been in the works despite local resistance. Penn America Energy Holdings plans to export 7.2 millions tons of LNG per year from a facility near Philadelphia to European and Asian markets. Franc James said that he met with the White House Tuesday, and the company is looking at other locations than Chester, Pennsylvania. James also met with White House staff, according to a source familiar with the discussions.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024. EIA data show that crude oil production in Texas, which is the top oil producing state in the United States, increased by 50,000 barrels per day (bpd) from February to 5,71 million bpd, the highest level since November 2024.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February. The data revealed that Texas, the top oil producing state, increased its output by 41,000 barrels per day (bpd) in February, bringing it to 5.62 millions bpd. This was the first increase since October.
EQT will spend less and produce more US natgas by 2025
EQT Energy, the second largest natural gas producer in the United States, will reduce its capital expenditure but increase energy production by 2025. Range Resources, on their part, said they would keep both output and spending relatively constant from 2024. Companies released their first quarter earnings reports and spending plans on Tuesday. The U.S. Gas Prices are forecast to increase in 2025. This year, companies will likely pull out record amounts of gas. EQT plans to spend between $1.950 and $2.70 billion in maintenance capital by 2025, producing approximately 6.03-6.30 BCFED per day.
Capital Power expands in PJM market with $2.2 Billion deal
Capital Power Corp, a Canadian power producer, announced on Monday that it will buy two natural gas-fired power plant operators in the PJM Market for approximately $2.2 billion. The agreement comes as electricity prices in PJM (the largest power market in the United States) are increasing rapidly, and demand for electricity is continuing to rise due to the proliferation of energy-hungry AI data centers, and the electrification and modernization of buildings and transportation. Capital Power announced that it had agreed to buy the power plant operators Hummel Station Intermediate Holdings III…
GE Vernova will supply turbines for a planned natgas plant in Pennsylvania by 2026
GE Vernova is helping to transform Homer City Generating Station, a coal-powered power plant in Pennsylvania, into a campus of natural gas powered data centers by providing seven turbines that will produce almost 4.5 gigawatts. The project should begin generating power in 2027. It will be the largest natural-gas power plant in the U.S. once it is completed. This surpasses Florida Power & Light West County Energy Center's capacity of almost 3.8 GW. Homer City Redevelopment, the company in charge of this project, released…
US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S. record oil production for December by about 40,000 barrels per day to 13.45million bpd. The oil output in Texas, which is the largest U.S. state for oil production, dropped by 105,000 barrels per day (bpd) to 5,58 million bpd. This was the lowest level of the last three years.