Shale Oil & Gas

Sources from the Industry Ministry say that Japan will increase its LNG purchases as an emergency reserve in January.

Two sources from the industry ministry said that Japan, which is the second largest LNG importer in terms of volume, will…
EOG, a producer of shale oil and gas, has topped profit forecasts as production increases

EOG Resources surpassed analysts' expectations for the third quarter profit on Thursday as higher production helped offset a decline in crude prices.
EOG, a producer of shale oil and gas, has topped profit forecasts as production increases

EOG Resources surpassed analysts' expectations for the third quarter profit on Thursday as higher production helped offset a decline in crude prices.

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Exploration

PetroChina will phase out 19 old chemical and refining units to reduce sector glut

Analysts say that PetroChina, a state-owned company, plans to permanently close 19 aging refining and chemicals units in order to reduce overcapacity. This is part of Beijing’s campaign to boost profitability and curb the country’s overcapacity. Due to the rapid electrification, fuel demand in this country's transportation fleet is expected to increase faster than anticipated. Its petrochemical industry is also plagued with excess capacity and low margins.

Drilling

European shares stable as earnings season comes into focus; Italy's Campari falls

European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion. As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low. The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year.

Production

APA's strong natural gas demand helps it beat third-quarter profit expectations

The oil and gas company APA surpassed Wall Street's expectations for the third quarter profit on Wednesday as strong natural gas demand helped offset weaker production of crude oil. The average natural gas price jumped by 26% compared to the previous year to $3.25 for a million British thermal units in the third quarter. This was primarily due to the surge in demand for power from data centers that are dedicated to artificial intelligence (AI) and cryptocurrency.

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