Industry Trends ///

Neptune Energy says projects are progressing well in its Q1 report

In reporting its first-quarter 2021 results, Neptune Energy said that its production growth momentum in Western European operations is on track for 2021.

Railroad commissioner: Texas industry will prevail

The events of this year have encouraged Railroad Commissioner Jim Wright to expand his goal to include the mission at the heart of RRC: to minimize waste of Texas' natural resources.

Major Exxon investor joins activist battle to reform oil giant

British insurer Legal & General Group Plc became the largest-yet Exxon Mobil Corp. investor to support an activist campaign to overhaul the oil giant’s board and make its climate goals more ambitious.

African Energy Chamber calls for more US-Africa energy investments

U.S. companies stand to play a significant role in the road to a lower-carbon future on the continent, and to continue leading some of the most important markets in the energy industry.

Bonanza Creek, Extraction announce $2.6 billion merger to become Civitas Resources

Bonanza Creek Energy and Extraction Oil & Gas will combine in an all-stock merger of equals, a deal worth about $2.6 billion, the companies announced. The combined company will be called Civitas Resources, Inc. and will be the largest pure-play energy producer in Colorado’s Denver-Julesburg (DJ) Basin.

Oil traders work to avert shortages from U.S. pipeline hack

The shutdown of America’s largest fuel pipeline after a cyberattack is threatening to send gasoline prices to the highest in seven years as suppliers work to stave off shortages from Atlanta to New York with tankers and barges.

Big Oil braces for climate votes as investor pressure mounts

Climate change looms large for Royal Dutch Shell Plc, BP Plc and Total SE, with investors at all three energy giants calling for greater action. Shareholder resolutions on cutting carbon emissions are set to dominate this month’s AGMs, even as the companies talk up their own, competing proposals.

Newfoundland and Labrador’s Noia CEO comments on the Premier’s economic Recovery Team Report

Noia CEO Charlene Johnson said the Premier’s Economic Recovery Team report highlights the need for a competitive regulatory regime that allows the Newfoundland and Labrador offshore oil and gas industry to successfully bring projects to market.

Survitec acquires personal protective equipment provider Hansen Protection

Survival technology leader Survitec today announced it has acquired Hansen Protection, a leading European provider of personal protective equipment. The transaction reinforces Survitec as a leader for survival technology across the maritime, defense and government, energy, and aerospace markets.

U.S. LNG players tout carbon capture in bid to boost green image

U.S. LNG developers seeking to burnish their green credentials and boost their competitiveness on a crowded global stage are touting a costly and largely untested technology: carbon capture.

ConocoPhillips, Diamondback see natural gas-price gain from Texas freeze

ConocoPhillips and Diamondback Energy both got a boost from surging natural gas prices in the first quarter, as a February deep freeze in the central U.S. stoked demand for the heating and power-plant fuel.

Saudi Aramco follows Big Oil rivals with bumper earnings

Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.

Private equity shale specialist EnerVest fires 111 workers

EnerVest Ltd., a private equity firm that specializes in shale drilling, fired 111 people at its Houston headquarters, citing “challenging times for the industry.”

Valaris emerges from bankruptcy

Offshore drilling company Valaris Limited and the Valaris Group announced the company emerged from Chapter 11 bankruptcy at the end of April.

Exxon rebounds to first profit since 2019 on crude surge

Exxon Mobil snapped a record streak of losses as rising oil and natural gas prices bolstered one of the biggest dividends in the S&P 500 Index.

Oil crown jewels no longer off limits in Mideast amid deal surge

In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them.

Shell pays down debt as profit surges by more than expected

The energy giant became the latest oil major to restore earnings to pre-pandemic levels, thanks to a sharp recovery in the prices of crude, natural gas and chemicals.

Oil surges with U.S. demand bump driving global rebound optimism

Oil advanced to the highest in over a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.

Big Oil sees cash rolling in, but investors won’t get it yet

After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed.

Oil and gas companies hedging production farther into the future

Hedging remains a mainstay activity for many oil and gas producers, and some crude producers are hedging their crude production farther out into the future than they have in recent history.