Oil Prices ///

Industry at a glance

Craig Fleming

Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment.

The Last Barrel: What a difference a war makes

Craig Fleming

The dire predictions by executives and consulting firms about the short-term/long-term effects of Covid-19 on the industry were overwhelming. The unrelenting onslaught of “we will never recover” or “nothing will ever be the same” seemed short-sighted

Oil steadies as EU stalemate deepens on Russian oil embargo

Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass.

Saudi Aramco’s profit soars as oil prices and output jump

Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine.

Saudi Aramco becomes world’s most valuable stock as Apple drops

Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.

Oil companies spend on investors, not output, prolonging crude crunch

Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.

OPEC fails to increase oil output amid capacity troubles

The OPEC cartel – which has struggled for many months to revive oil supplies halted during the pandemic – effectively failed to increase output at all in April as members remained plagued by capacity constraints.

Chevron raises Permian Basin oil production growth target to 15%

Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages.

Oil and gas expansion accelerates as outlooks improve significantly

Michael Plante, Kunal Patel

Compared to fourth-quarter 2021, the Dallas Fed’s survey found that U.S. E&P activity surged in first-quarter 2022. However, there are still a few question marks that will linger through the year.

The last barrel: U.S. industry adapts to new normal

Craig Fleming

Despite WTI surging to an 11-year high of $108.50/bbl in March, U.S. shale operators resisted ramping-up drilling activity and remained disciplined with capital expenditures.

Whitecap Resources plans more gas drilling in late 2022 as prices surge

Whitecap Resources Inc., a Canadian conventional and shale driller, plans to increase natural gas activity in the second half of the year to capitalize on a surge in prices, Chief Executive Officer Grant Fagerheim said.

Big Oil’s huge Russia writedowns eased by cash from $100 oil

Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting.

Oil falls below $100 as China’s lockdowns imperil demand outlook

Oil dropped at the start of the week on concerns that a spreading Covid-19 outbreak in China will impact consumption even further.

Pemex to make its own debt payments this year as crude rallies

Mexico’s state-owned oil giant Petroleos Mexicanos will resume paying its debt maturities this year, ending a government policy of covering its amortizations to help the beleaguered driller shore up its finances, according to a Finance Ministry official.

AADE fluids conference opens with financial keynote and rig count forecast

Spears & Associates Managing Director Richard Spears’ talk, titled, How extreme financial discipline impacts drilling activity in 2022 and 2023, outlined what has caused oil companies to display uncharacteristic financial restraint, despite surging oil prices.

Oil gains as Libya shuts its largest oil field amid protests

Oil rose with the shutdown of Libya’s biggest oil field in an already under-supplied market overshadowing signals that China’s lockdowns are weighing on its economic growth.

Oil posts a weekly gain as EU considers a ban on Russian oil

Oil rallied Thursday afternoon after a report that the European Union is moving toward adopting a phased-in ban on Russian oil.

IEA nations add 60 million barrels to Biden’s oil-stock release

U.S. allies in the International Energy Agency will deploy 60 million barrels of oil from their emergency stockpiles, bolstering the 180-million-barrel release of crude reserves already announced by President Joe Biden.

More drilling permits needed to ease gas prices, oil companies tell Congress

Executives at some of the world’s biggest oil companies will tell a U.S. congressional hearing on high gasoline prices that they need the government’s help in securing more drilling permits to help lower consumers’ costs.

World Oil editorial: Biden’s latest energy move confuses the public even more

Staff

For the second time in a week, U.S. President Joe Biden managed to confuse the American public, taking advantage of the average person-on-the-street’s lack of knowledge about the global oil market.

Oil & gas market report expects continued demand increases this year

A new market update report shows the U.S. oil and gas (O& G) industry can expect to see continued demand recovery and positive effects from the passage of the Infrastructure Investment and Jobs Act, but regulatory environments tightened last year.

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