Deepwater production in the United States is more profitable than shale projects
In the spring, Chevron began developing oil and natural gas at the Ballymore deepwater field in the Gulf of America. This is just one of a series of projects in a key American oil and gas province aimed at producing an additional 300,000 barrels of oil equivalent per day by …
Wood Mackenzie Forecasts Continued Growth in the Permian Basin in the United States
One of the world’s largest oil provinces—the leading shale basin in the United States—continues to ramp up production. According to Wood Mackenzie analysts, crude oil and condensate production in the basin is expected to increase by 200,000 barrels per day this year, reaching 6.6 million barrels per day, despite operators …
Trump Promises to Increase Oil Production: “Drill, Baby, Drill!”
Trump is pouring out promises: when he becomes president of America, oil production will increase and the cost of energy will fall. The candidate for the post of American leader from the Republicans, Donald Trump, on Thursday again made campaign promises. At his press conference, he said that one of …
Marathon Oil’s Net Profit Increased by Almost 20% in the Second Quarter
In the second quarter of 2024, the American oil company Marathon Oil increased its net profit and revenue, and also confirmed the annual production forecast. In April–June, the company‘s net income increased to $349 million, or 62 cents per share, from $287 million, or 47 cents per share, a year …
Argentina’s YPF Sells Assets to Develop a “Dead Cow”
Argentina‘s state oil company YPF SA plans to get rid of a number of businesses and a share in the capital in order to finance work on the country‘s largest shale field Vaca Muerta (Dead Cow). The sale of half of the shares in the Refinor refinery has already started, …
Occidental Petroleum Reduces Rig Count In Permian Basin
Occidental’s costs are reduced by drilling activity, but it will be able to cover part of the debt from the purchase of CrownRock. Capital spending on shale production and exploration will be cut by $320 million and two drilling rigs in the U.S. Permian Basin will be idled this year, …
US Oil Production Will Now Grow at Half The Rate
In the new year, US oil production will grow at half the rate it did last year. This forecast was announced by EOG Resources. U.S. oil production rose 900,000 barrels per day in 2023, EOG President Billy Helms said in a presentation to investors. “Given the high volume of production …
American Shale Producers Continue to Absorb Each Other
According to Reuters, ConocoPhillips would like to buy CrownRock for $10-15 billion But ConocoPhillips is not the first contender for the hand of this shale company. Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources also wanted to compete for her favor, but were unable to reach an agreement. However, …