Production ///

Texas natural gas production falls as freezing weather sets in

Texas natural gas production dropped for the second time this month because of freezing temperatures settling over the state.

Russia missing OPEC targets as some members struggle to keep pace

Russia may be able to deliver only about half of its scheduled increases in crude production over the next six months, joining the ranks of OPEC+ nations that are struggling to ramp up even as fuel demand rebounds from the pandemic.

Libyan oil output recovers to nearly a million barrels per day

Libya’s oil production is rising gradually after a blockade of its western fields ended and ports in the east re-opened, according to the OPEC member’s energy minister.

Liberty Lift acquires Corral Oil Field Services

Liberty Lift announced the asset acquisition of Corral Oil Field Services LLC in Andrews, Texas. Corral is a family-owned and -operated artificial lift company specializing in the service, repair, and sale of pumping units and related artificial lift equipment in the Permian basin.

EIA expects shale to drive record U.S. oil production in 2023

U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output.

Equinor takes $1.8B impairment on North Sea Mariner field

Equinor ASA will make a $1.8 billion impairment on its Mariner field after slashing reserve estimates for the U.K. North Sea oil deposit.

U.S. backs Mediterranean power projects to meet Europe’s energy needs

The U.S. is backing natural gas and low-carbon power sources as it seeks to improve the eastern Mediterranean’s energy ties to Europe and promote stability in the region.

Canadian oil exports to Asia reach record with new U.S. link

Canada's oil sands producers were able to export a record amount of crude to overseas markets thanks to a new link to the U.S. Gulf Coast.

U.S. oil majors’ stock prices return to pre-pandemic levels

A rally in oil prices lifted U.S. energy stocks to the highest since the pandemic emerged more than two years ago.

EOG ready to raise shale oil output to meet market demand

EOG Resources Inc., one of the biggest U.S. shale oil producers, is ready to ramp up output as soon as this summer if the market demands it.

Permian’s biggest oil producer closes 2022 hedges in bullish outlook

Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin, closed out almost all its hedges for this year, indicating a bullish outlook for crude prices.

Oil prices rise on skepticism of OPEC’s production plan

Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend.

Struggling African producers put OPEC output pledges into question

OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members.

Iraq approves sale of Exxon oil field to state-owned firm

Iraq approved a state company’s potential purchase of Exxon Mobil Corp.’s interest in a huge oil field in the south of the country.

OPEC commits to more oil supply as global demand grows

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.

Defying U.S. sanctions, Venezuela doubles crude oil exports

Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions.

Gazprom misses 2021 gas export targets, straining European markets

Russian gas giant Gazprom PJSC missed its own “conservative” target for 2021 exports to Europe, and those capped flows contributed to the continent’s worst energy supply crunch in decades.

Damaged pipeline cuts Libya’s oil output by 200,000 barrels per day

Libya expects its oil production to drop by another 200,000 barrels a day over the next week as workers try to fix a damaged pipeline.

Russia’s weak December oil production signals lack of capacity

Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity.

OPEC to increase oil output as 2022 demand confidence grows

OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand.

FireBird Energy acquires Midland basin assets from Chevron

FireBird Energy has completed an acquisition of operated assets located in the Midland Basin from Chevron U.S.A. Inc. and Chevron Midcontinent, L.P. Leaseholdings included in the transaction total approximately 21,000 acres.