Oil rose to a three-month high, closing above a key technical barrier, as signs of a tighter crude market outweighed the prospect of another Federal Reserve hike. West Texas Intermediate settled above $78 a barrel as OPEC+ cuts begin to materialize, reducing global supplies. Adding to the intraday rally was an outage at Exxon’s Baton Rouge refinery, where a catalytic cracker that makes gasoline may be down for several weeks. The disruption during the high-demand summer driving season also pushed the 3-2-1 crack, a measure of the profitability of turning crude into fuel, to the highest since March. Benchmark US…
Author: Automotivedealernews.com
Chevron Corp. reported better-than-expected earnings as production in the Permian Basin soared to a record and the oil giant said it waived the mandatory retirement age for Chairman and CEO Mike Wirth. While adjusted earnings of $3.08 per share were above the Bloomberg consensus, net income fell to $6 billion, according to a statement on Sunday. It is the fourth consecutive quarter of lower results for Chevron, which have fallen to almost half the level of a year earlier, when oil prices rose after Russia invaded Ukraine. The second-quarter earnings, which were initially released on July 28, come as Chevron…
A meeting of the Group of 20 energy ministers in India ended without consensus on phasing out fossil fuels, adding to slow progress on climate diplomacy ahead of key meetings this year. While some countries agreed on the need to phase out the continued use of oil and gas, others argued that emissions concerns could be addressed through carbon removal technologies, according to the meeting’s outcome document. “A couple of countries in the Middle East felt that emissions problems could be addressed with technologies like carbon capture, use and sequestration (CCUS) or other abatement technologies,” Raj Kumar Singh, India’s energy…
The US Department of the Interior (DOI) is holding the first sale of wind energy leases in the Gulf of Mexico, with the auction taking place on August 29, the agency said in a news release. The areas to be auctioned by the Bureau of Ocean Energy Management (BOEM) have the potential to generate approximately 3.7 gigawatts (GW) and power nearly 1.3 million homes with renewable energy, the DOI said. The three lease areas include 102,480 acres on the shores of Lake Charles, Louisiana, and two areas on the coast of Galveston, Texas, comprising 102,480 acres and 96,786 acres, respectively.…
Chesapeake Energy Corporation has achieved recertification of its Marcellus Shale natural gas production operations by two third-party certifiers, the company said in a news release. Chesapeake’s natural gas production in the Marcellus, which averaged approximately 4.4 billion cubic feet (Bcf) of crude natural gas per day in the first quarter of 2023, received an A grade below the MiQ methane emissions standard and an A- grade on Equitable Origin’s EO100 standard for responsible energy development, which focuses on environmental (ESG, social) performance and performance. According to its website, MiQ is a global non-profit partnership between SYSTEMIQ and RMI launched in…
Mexico Pacific and the government of the state of Sonora have signed a collaboration agreement that supports the liquefied natural gas (LNG) export facility of the company Saguaro Energia, located in Puerto Libertad, Sonora, Mexico, Mexico Pacific said in a press release. As part of the agreement, the government of Sonora has pledged to “pave an efficient path” to build the project, including the timely and ongoing issuance of state and municipal permits, according to the news release. With government support, Mexico Pacific said it expects construction to begin this year. “We are pleased to enhance our strategic relationship with…
Wellesley Petroleum has flagged two wildland wells in production license 1148 in the North Sea, 15.5 miles northwest of the Troll field. License operator Wellesley drilled wells 35/10-10 S and 35/10-10 A, the Norwegian Petroleum Directorate said in a statement. According to the statement, the primary exploration objective of well 35/10-10 S was to test for oil in Middle Jurassic reservoir rocks in the Etive and Oseberg Formations in the Brent Group. The secondary exploration objective of well 35/10-10 S was to test for oil in the Early Jurassic Cook Formation. The objective of the evaluation well 35/10-10 A was…
In natural gas markets, warmer-than-average winters often translate into oversupply conditions, as heating demand draws less gas from storage than would normally be expected. When compounded by rapid increases in domestic soft gas production and exports, the result is an even greater oversupply. That’s exactly how the Canadian gas market ended the most recent heating season, facing a substantial oversupply of gas that, if it persists, could cause domestic gas storage to reach capacity well before the start of the next heating season. However, when it comes to natural gas markets, or any other market, expect the unexpected. Gradual improvement…
The US Department of Energy (DOE) has awarded $29.9 million in the fourth rollout of a grant to protect the nation’s power grid. The Grid Resilience State and Tribal Formula Grants have now awarded a total of nearly $354 million of the five-year, $2.3 billion program. The latest disbursement covers three states, three tribal nations and an Alaskan Native Corp. Projects include investments in technology and manpower. “All communities deserve clean, affordable energy for their homes and businesses, a need that is only exacerbated during extreme weather events like the historic flooding and heat waves affecting parts of the country…
The Italian multi-utility Hera Group has received support from the European Investment Bank (EIB) worth 515.3 million dollars (460 million euros) for more than 60 projects. The loan will cover almost 60 percent of Hera’s total investment of 896.2 million dollars (800 million euros) in projects aligned with the taxonomy of the European Union and the goals of the 2030 agenda of the United Nations. The projects planned by the Hera Group aim to help the communities that use its services to progress in the green transition. The funds, according to the EIB, will be used by the company to…