No more storing up for a rainy day. Yesterday, the U.S. Congress told the federal government to stop its shipments of 70,000 barrels of oil per day to the U.S. Strategic Petroleum Reserve. The reserve, which is composed of four major containment locations on the Gulf Coast, currently holds 702 million barrels of petroleum, and can hold a further 25 million barrels at full capacity. President Bush originally requested in 2001 for the SPR to reach a minimum 700 million barrels. The facilities at the time held only 545 million barrels, and have steadily grown during the last decade. Despite reaching and then surpassing the original goal, Bush responded to Congress' measure by arguing that halting shipments to the SPR would have minimal effect on oil prices. True, but come on Bush, it's an election year. You're going to deny our legislators an opportunity a great chance to make a historic media-friendly empty gesture? –Stephen Payne, Editor, Oil and Gas Investor This Week; email@example.com
Brad Gray on Diversified’s Strategy Past Appalachia [WATCH]
2023-03-30 - Diversified Energy’s Brad Gray sat down with Pietro Pitts at Hart Energy’s DUG Haynesville Conference in Shreveport to talk about what Diversified is doing to set itself apart from other E&Ps and future plans as the company expands outside of the Appalachian Basin.
SM Energy Announces $0.15/Share Quarterly Cash Dividend
2023-03-30 - SM Energy's board of directors announced the quarterly cash dividend of $0.15/share of common stock outstanding will be paid out to stockholders on May 5.
Brazil's Ministry Asks Petrobras to Reassess Decision on Suspending Signed Sales
2023-03-29 - Considering the election of a new management team appointed by CEO Jean Paul Prates and the preliminary analysis, the ministry requested the firm to take "the necessary measures for a better evaluation of the issue."
Validere Brings Onboard Karen Marsh as Senior Advisor of Carbon Strategies
2023-03-28 - A former senior environmental engineer for the EPA, Karen Marsh brings 15+ years of experience to her new role as Senior Advisor, Carbon Strategies for Validere.
Ecopetrol Names Alberto Consuegra as Interim CEO
2023-03-27 - Colombia state energy giant Ecopetrol has appointed COO Alberto Consuegra Granger as interim CEO, effective April 1, to replace Felipe Bayón Pardo who steps down on March 31.