Latest From Hart Energy

US Emergency Oil Reserve Drops to Lowest Level Since 1987

Crude oil stockpiles in the U.S. Strategic Petroleum Reserve fell to 538 million barrels, the lowest since 1987, data from the U.S. Department of Energy showed.

Norway’s Hammerfest LNG Plant Extends Outage Another Week

Europe’s only large-scale LNG plant, at Melkoeya island just outside the Arctic town of Hammerfest, can process 18 million cubic meters of gas per day when fully operational.

What’s Affecting Oil Prices This Week? (May 16, 2022)

According to Stratas Advisors, the question remains: when will oil prices break out of their current pattern and in which way will they break—below the lower support level or upwards to new highs?

What’s Affecting Oil Prices This Week? (May 16, 2022)

In its latest oil price forecast, Stratas Advisors says the price crude oil will continue to drift sideways with a downside bias before the inflection point is reached.

IndustryVoice: Streamline Flare Systems Analysis by Using a Single Platform

Improve accuracy and save time during pressure safety studies by eliminating the need for multiple applications.

Grey Rock Agrees to $1.3 Billion Business Combination with Paul Ryan-backed SPAC

Grey Rock will contribute oil and gas assets in the Permian Basin, Bakken, Eagle Ford Shale, D-J Basin and Haynesville Shale plays to form Granite Ridge Resources.

Tellurian Hires Former McDermott COO Samik Mukherjee as Keith Teague Retires

Mukherjee will be responsible for all Tellurian’s asset projects including the construction and operations of Driftwood LNG

Saudi Arabia Set for Oil Output Capacity Above 13 Million Barrels Per Day by 2027

Prince Abdulaziz bin Salman said production could be maintained at that level should market demand require it.

Exxon Challenges California County's Denial of Oil Trucking Permit

Exxon asserts that the board's action effectively prevents the company from restarting three offshore drilling platforms and refinery operations shut down.

Marketed: EOG Resources Operated Eagle Ford Properties

EOG Resources Inc. retained RedOaks Energy Advisors for the sale of certain operated properties located in the Eagle Ford consisting of operated HBP leasehold with significant running room in Atascosa County, Texas.

Brazil’s Petrobras Slashes Plan to Sell Four Concessions

The sale process, which had been in binding phase since late 2018, has been called off “considering the alignment of the concessions to the company’s strategy,” Petrobras said.

Saudi Aramco Net Profit Soars 82% in Q1 on High Oil Prices

Saudi Aramco, which is at par with Apple Inc. as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from $21.7 billion a year earlier.

Expert: Energy’s Stock Market Boom Just the Start of a Supercycle

Despite the efforts of the divestiture movement, the oil and gas sector’s 12-month performance clobbers that of the market as a whole.

New Orleans-based Black Bay Energy Capital Closes Second Fund at $210 Million

Black Bay is a private equity firm based in New Orleans focusing on investments in the North American energy sector requiring up to $30 million of equity capital.

British Funds Tell Texas: Emission-cut Vows Matter for Our Reputation

At stake with the new Texas law are assets including $1.4 billion that Man Group of London runs for the Teacher Retirement System of Texas, and $59.7 million the system has with abrdn of Edinburgh.

Ontario Teachers to Invest Up to $1 Billion in Macquarie Offshore Wind Unit

Under a deal with Macquarie’s newly launched offshore wind developer, Ontario Teachers’ Pension Plan will invest up to $1 billion into the development of offshore wind farms in South Korea, Taiwan, Japan, Ireland and Britain.

Marketed: Lincoln Energy Partners D-J Basin Producing, Undeveloped Minerals

Lincoln Energy Partners retained Meagher Energy Advisors for the sale of D-J Basin producing and undeveloped minerals in Colorado’s Weld, Adams and Arapahoe counties and Laramie County, Wyoming.

Reframing the Narrative: Energy Transition to Societal Transformation

Baker Hughes’ vice president of energy transition, Allyson Anderson Book, discusses the company’s corporate pivot.

Wilks Brothers-backed ProFrac Sees Tepid NASDAQ Debut

ProFrac’s listing comes at an inopportune time, with equity markets bleeding from fears of aggressive monetary policy tightening by the Federal Reserve and impacts of the Russia-Ukraine war.

Oil Jumps 4% as US Gasoline Prices Hit Record High, Stock Markets Soar

WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.

US Drillers Add Oil, Gas Rigs for Eighth Straight Week

Even though the combined rig count has climbed for a record 21 months in a row through April, weekly increases have mostly been in single digits and oil production is still far below pre-pandemic record levels.

TotalEnergies, Duke Win Leases in Latest US Offshore Wind Auction

A trade group noted that the winning bids for the wind lease sales offshore North and South Carolina were 17 times higher than a winning bid in the same region five years ago.

Japan’s JERA to Buy Two US Thermal Power Stations from Stonepeak

The plants are the Canal thermal power station in Massachusetts and the Bucksport thermal power station in Maine, JERA said.

Devon Energy Named World’s Fastest Growing Oil and Gas Brand

Following the completion of its merger with WPX Energy and increasing focus on ESG, Devon Energy’s brand value has tripled to $2.3 billion, a new report shows.

Marketed: Kaiser-Francis Operated Well Package, Divide County, North Dakota

Kaiser-Francis Oil Co. retained EnergyNet for the sale of operated working interest in North Dakota wells plus leasehold acreage located in the Spyglass area in Divide County.

Dynamic Routing: A New Shale Operating Model

Eagle Ford Shale operator Ensign Natural Resources has taken the operate by exception model a step further into the future, by developing what the company refers to as a dynamic routing operating model.

Latest Venture Global LNG Deals Advance Second Louisiana Facility

The Petronas and Exxon Mobil contracts follow purchase agreements with China Petroleum & Chemical and New Fortress Energy for the plant.

Canada Banks Face 'Greenwashing' Claims Over Sustainable Financing

The central bank and financial regulator have already warned that a lack of preparedness by the banks could expose them and investors to "sudden and large losses." 

Canada in Talks With Heavy Emitters to Cement Future Carbon Price Hikes

Some sands producers say lack of pricing certainty has held them back from making significant investments in emission reduction projects like carbon capture and storage.

Chevron Signs Deal to Explore Lower Carbon Opportunities in Indonesia

Chevron is looking at potential businesses in new geothermal technology, carbon offsets through nature-based solutions, carbon capture, utilization and storage (CCUS), Pertamina said.