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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices will probably remain 'rangebound' in 2024, says financial services firmDan Pickering, CIO of Pickering Energy Partners, says "if we do see an upside move in prices, it's probably because something bad is happening in the world, primarily in the Middle East or the Russia-Ukraine crisis."
Persons: Dan Pickering Organizations: Pickering Energy Partners Locations: Russia, Ukraine
But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.
Persons: Hess, ” Chevron, “ Hess, , Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, , Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe
After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources. On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026. Two of Sheffield's most significant insights were the major role technology would play in reshaping U.S. oil production and the recognition that big oil companies would eventually control the Permian, he said.
Persons: Scott Sheffield, Eduardo Munoz, Texas oilman Scott Sheffield, Dan Pickering, Sheffield's, Bryan Sheffield, Scott, Boone, Daniel Yergin, Sheffield, Darren Woods, he's, Doug Sheridan, He's, Bruce Vincent, Bryan, Arathy Somasekhar, Gary McWilliams, Marguerita Choy Organizations: Natural Resources Company, REUTERS, Rights, Natural Resources, Sheffield, Exxon Mobil, Pickering Energy Partners, SCHOOL Oil, Atlantic Richfield Co, Tehran school's American, Formentera Partners, Amoco Corp, Energy, Exxon, DoublePoint Energy, EnergyPoint Research, Swift Energy, Thomson Locations: New York, Texas, U.S, TEHRAN, Atlantic Richfield, Iran, Tehran, West Texas, Boone Pickens, South Texas, Sheffield, Houston
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo answer to a 'meaningful' supply shock in the Middle East other than SPRs and high prices: CIODan Pickering, CIO of Pickering Energy Partners, says "Venezuela's not the answer."
Persons: Dan Pickering, Venezuela's Organizations: Pickering Energy Partners
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We worry about demand' if price of crude oil hits $100 per barrel, says Dan PickeringDan Pickering, Pickering Energy Partners CIO, joins 'Closing Bell Overtime' to talk the rising cost of crude oil and natural gas and what that means for the energy markets moving forward.
Persons: Dan Pickering Dan Pickering Organizations: Pickering Energy Partners
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil price will not remain in the triple digits, but in the $80-90 range: AnalystDan Pickering of Pickering Energy Partners says that oil prices will remain "higher for longer".
Persons: Dan Pickering Organizations: Email, Pickering Energy Partners
Storage tanks and oil processing facilities operate beside the Arabian Sea at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. The upcoming OPEC+ meeting in Vienna will result in an oil production cut "of some historic kind", said CIO of Pickering Energy Partners, Dan Pickering. Asia-Pacific markets are mixed after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year. Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day. Brent crude futures settled at $90.04 a barrel, closing above the $90 mark for the first time since November.
Persons: Dan Pickering Organizations: Pickering Energy Partners, Brent, . West Texas Locations: Saudi, Ras Tanura, Saudi Arabia, OPEC, Vienna, Asia, Pacific, Russia
Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.
Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial services firm explains what's behind the 'upward pressure' on oil pricesDan Pickering, CIO of Pickering Energy Partners, cites diminishing expectations of a recession and reduced OPEC supply as factors.
Persons: what's, Dan Pickering Organizations: Financial, Pickering Energy Partners
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt will take much higher oil prices to get us beyond the peak in production: Pickering Energy CIODan Pickering, CIO of Pickering Energy Partners, joins 'The Exchange' to discuss conditions tightening in the oil market, strains on production growth, and the global energy picture.
Persons: Dan Pickering Organizations: Pickering Energy, Pickering Energy Partners
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy companies looking at consolidation to counter slow growth, says Pickering Energy CIODan Pickering, Pickering Energy Partners CIO, and Dan Primack, Axios Business editor, join 'The Exchange' to discuss cash in private equity, M&A activity ramping up, and massive industrial mergers underway.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy fundamentals look better than energy prices right now, says Pickering Energy Partners CIODan Pickering, CIO of Pickering Energy Partners, joins 'The Exchange' to discuss a pull back in the energy sector, cash-flow levels among energy providers, and top energy names for growth.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're bullish but expect volatility in oil markets over the next few months: Financial services firmDan Pickering of Pickering Energy Partners says "the fundamentals are good, the sentiment is nervous."
Oil prices surge, markets narrow odds on Fed hike
  + stars: | 2023-04-03 | by ( Wayne Cole | ) www.reuters.com   time to read: +3 min
Brent oil futures jumped $5.16 to $85.05 a barrel on news output would be cut by around 1.16 million barrels per day, while U.S. crude climbed $4.88 to $80.55. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024. The rise in oil prices is bad news for Japan's trade balance given it imports most of its energy. The lift in the dollar and yields nudged gold prices down nearly 0.5% to $1,958 an ounce .
Oil prices jump in blow to global inflation hopes
  + stars: | 2023-04-03 | by ( Wayne Cole | ) www.reuters.com   time to read: +4 min
Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by around 1.16 million barrels per day, while U.S. crude climbed $4.17 to $79.84. The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia. "That means that oil markets may potentially see around 1% of global oil supply or more being curtailed from May." The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. The rise in oil prices is bad news for Japan's trade balance given it imports most of its energy.
HOUSTON, April 2 (Reuters) - OPEC producers' unexpected 1.15 million barrel per day production cut could lift global oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. The output reduction "will firm prices meaningfully," said Dan Pickering, co-founder of the Houston-based firm. "We will probably get a $10 (per barrel) move in crude," Pickering said in an interview. Saudi Arabia and other producers disclosed voluntary cuts ahead of Monday's OPEC ministerial monitoring meeting that was expected to endorse existing production levels. Reporting by Gary McWilliamsOur Standards: The Thomson Reuters Trust Principles.
Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in 2018. Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend. The Saudi energy ministry said the kingdom's voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.
Reaction: OPEC output cuts to roil markets
  + stars: | 2023-04-02 | by ( ) www.reuters.com   time to read: +3 min
The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a lot of optimism on oil for the second half of 2023, says financial services firmDan Pickering of Pickering Energy Partners says there's "a lot of optimism in the back half of the year among analysts," and he's leaning toward bullishness, "but it's been slow in coming."
Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets have been looking for a 'thawing' in U.S.-China relations, says JPMorganJames Sullivan of JPMorgan, Dan Pickering of Pickering Energy Partners, and Brian Arcese of Foord Asset Management discuss U.S. President Joe Biden's State of the Union Address.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Energy Aspects' Amrita Sen and Pickering Energy Partners' Dan PickeringDan Pickering, chief investment officer at Pickering Energy Partners, and Amrita Sen, co-founder and head of research at Energy Aspects, join 'The Exchange' to discuss growing oil demand in China, 2023 projections for oil and opportunities in small cap energy stocks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil outlook is largely dependent on China's reopening, says Energy Aspects' Amrita SenDan Pickering, chief investment officer at Pickering Energy Partners, and Amrita Sen, co-founder and head of research at Energy Aspects, join 'The Exchange' to discuss growing oil demand in China, 2023 projections for oil and opportunities in small cap energy stocks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil companies entering a potential recession with the strongest balance sheets they've had in years, says proSam Margolin, Wolfe Research, and Dan Pickering, Pickering Energy Partners, join 'Power Lunch' to discuss their respective outlook for energy in the coming year.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrent oil prices could be around $85 a barrel for the next five years, says financial services firmDan Pickering of Pickering Energy Partners says $85 "feels like a good equilibrium price in a world that's probably squeezing out Russia for the next five years."
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