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(BOE Report) –CALGARY Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesnt already own. The offer is open until Sept. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist.
(Oil & Gas 360) – Publisher’s Note: EOG Resources will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown , August 17-20, 2025. Register to attend. HOUSTON, May 30, 2025 /PRNewswire/ EOG Resources, Inc. ( EOG ) today announced a definitive agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP or Encino) for $5.6 billion, inclusive of EAPs net debt.
This weeks Baker Hughes Rig Count shows that the U.S. decreased by 3 over last week, resulting in a total count of 563 rigs. Canada had a decrease of 2 over last week, resulting in a total Canadian count of 112 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only the Eagle Ford region experienced an increase this week. Meanwhile, 5 regions experienced a decrease this week: The Ardmore Woodford is at 3, down 1.
(World Oil) – Exxon Mobil Corp. said it will be business as usual in its massive Guyana oil field if it loses its arbitration case against Chevron Corp. and Hess Corp. Exxon remains confident it will prevail in the case over the fields ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president , said at the Bernstein Strategic Decisions Conference in New York on Thursday.
(World Oil) –Chevron Corp. plans to lay off nearly 800 employees in the Permian basin, its biggest oil-production operation globally. The bulk of the reductions will come from Chevrons Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission. The filing listed the layoff date as July 15, 2025.
(Oil Price) –Crude oil and natural gas investments in Colombia could rise to $4.68 billion this year, from $4.33 billion in 2024, the countrys oil and gas industry association said, adding that this will not lead to higher production. Today more investment is required to produce the same amount of oil, due to the natural depletion of the fields and the complexity of the operating environment, the president of the Colombian Oil and Gas Association said, as quoted by Reuters.
(Oil & Gas 360) – Electricity Data For The Month Of March Highlights Why Many Are Likely To Soon Be Caught Very Natural Gas Short More energy needed to power the much needing to be done had 3.2% more electricity generated in March than last year. Grid connected electricity generation plus small-scale solar averaged 11.030-billion-kilowatt hours per day (Bkwh/d) in March (Figure 1, red line), 0.338 more than 10.692 last year (blue line) a 3.2% year-over-year (YOY) increase.
(Oil Price) –Kazakhstan cannot reduce its oil production as it has no right to impose output reductions on international firms that are operating more than 70% of Kazakhstans oilfields, Energy Minister Yerlan Akkenzhenov said on Thursday. The republic has no right to enforce production cuts on the three large international consortiums, Bloomberg quoted Akkenzhenov as saying.
(Oil & Gas 360) – Publisher’s Note: Zephyr Energy will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown , August 17-20, 2025. Register to attend. RNS Number : 5083K Zephyr Energy PLC 29 May 2025 Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under theUKMarket Abuse Regulation.
Natural Gas Inventories as of May 23, 2025 The EIA has released its natural gas inventory report, showing a net increase of 101 Bcf as of May 23, 2025. Working gas in storage was 2,476 Bcf as of Friday, May 23, 2025, according to EIA estimates. This represents a net increase of 101 Bcf from the previous week. Stocks were 316 Bcf less than last year at this time and 93 Bcf above the five-year average of 2,383 Bcf.
(Oil Price) –This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the worlds most lucrative oil projects. Guyanas Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China.
(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Cheniere Energy, Inc. (Cheniere) (NYSE: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (Cheniere Marketing), has entered into a long-term Integrated Production Marketing (IPM) gas supply agreement with Canadian Natural Resources Limited. Under the IPM agreement, a subsidiary of Canadian Natural Resources Limited has agreed to sell 140,000 MMBtu per day of natural gas to Cheniere Marketing for a term of 15 years,
(World Oil) – South Africa has officially established its new state-owned oil corporationSouth African National Petroleum Company (SANPC). The launchwhich follows the merger of PetroSA, iGas and the Strategic Fuel Fundsignals the rise of an integrated oil company in South Africa, paving the way for greater accountability, efficiency and profitability in the countrys petroleum sector.
(BOE Report) – Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso, it said on Wednesday. The sale is expected to take place in the last quarter of this year, at a price of 149.19 euros ($168.82) per Esso share before distributions, or 32.83 euros after distributions, Esso said in a statement.
(Oil Price) –Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied, but according to Wood Mackenzie , the Permian is not done yetnot if prices improve. To be sure, the boom days seem to be over.
(World Oil) –Hot weather sparked a string of wildfires around Alberta over the weekend, including some near oil and gas wells operated byCanadian Natural Resources Ltd.and others. Four out-of-controlfireswere burning in Alberta at 4:15 p.m. Monday, including a 2,000-hectare blaze near Swan Hills. The province issued a notice to the towns residents telling them to prepare to evacuate within an hour if needed.
(Investing) –HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds affiliate Red Tree Investments as the starting bid in the auction of shares, aimed at compensating 15 creditors for debt defaults and expro
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