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☆ Burgum set to decide on massive pipeline project that’s pitting his rural constituents against GOP megadonors
▼ + stars: | 2024-07-03 | by ( Allison Gordon | Casey Tolan | ) edition.cnn.com time to read: +17 min

Hamm also donated $50 million toward Burgum’s effort to build a presidential library honoring Theodore Roosevelt in North Dakota. CNBC first reported on Burgum’s financial ties with Continental, and the Associated Press previously reported on the politics of the Summit pipeline debate. Gaylen Dewing and Marvin Abraham put up a sign opposing the Summit pipeline east of Bismarck, N.D. in August 2023. Supporters say it will be an economic driver for North Dakota and help reduce emissions across the Midwest. North Dakota landowner Kurt Swenson attends a court hearing related to the pipeline project.

Persons: Donald Trump, Doug Burgum, GOP megadonors, –, That’s, ” Troy Coons, “ It’s, Al Drago, Burgum, ingratiated, Biden, Trump, “, ”, Joe Biden’s, Bruce Rastetter, Harold Hamm, Evan Vucci, Hamm, Theodore Roosevelt, ” Burgum, Rob Lockwood, Gary Tharaldson, Tharaldson, Justin Lane, who’s, Scott Skokos, ” Lockwood, ” Virginia Canter, ” Canter, “ Burgum, Drew Wrigley, Doug Goehring, don’t, Forbes, Sen, Jeff Magrum, Gaylen Dewing, Marvin Abraham, Jack Dura, Derrick Braaten, “ You’ll, Kurt Swenson's, Joe Swenson, Mike Bauman, Bauman, ” Bauman, Terry Wanzek, Mike Haupt, ” Haupt, Kurt Swenson, Kurt Swenson Kurt Swenson, ” Swenson, “ You’re, Swenson, CNN’s Alayna Treene Organizations: CNN, North Dakota Gov, GOP, Bloomberg, Getty, North, of Environmental, Trump, Republican, Associated Press, AP . Pipeline, Carbon Solutions, Midwest Carbon Express, Summit Agricultural, Iowa GOP, Continental Resources, Securities, Exchange, Continental, AP Continental, Burgum, CNBC, Forbes, Washington Post, Dakota Resource Council, North Dakota Industrial Commission, Summit, Rastetter, AP, Conservatives, Sierra Club, Farm, North Dakota Monitor Locations: North Dakota, Laconia , New Hampshire, Lago, North Dakota’s, Burgum, Pittsburgh, Hamm, Roosevelt, spokespeople, Trump's New York City, Washington, Iowa, Tharaldson, Bismarck, Kurt Swenson's North Dakota, Mercer County

☆ ConocoPhillips to Acquire Marathon Oil in $22.5 Billion Deal
▼ + stars: | 2024-05-29 | by ( Bernhard Warner | More About Bernhard Warner | ) www.nytimes.com time to read: +1 min

ConocoPhillips agreed on Wednesday to acquire its smaller rival, Marathon Oil, the latest deal in a wave of consolidation sweeping the oil industry. The all-stock deal values Marathon at $22.5 billion, including debt. Marathon’s operations are in some of the most sought-after oil fields in New Mexico, North Dakota and Texas; it also drills offshore of Equatorial Guinea. Major oil companies have pulled off some of the biggest acquisitions of the past year despite regulatory scrutiny from the Biden administration and volatility in the oil market. The U.S. giants have been harnessing record profits, giving them the firepower to acquire smaller players with operations in oil-rich regions like the Permian Basin, Bakken Shale and in the Gulf of Mexico.

Persons: ” Ryan Lance, Biden Organizations: ConocoPhillips, Marathon Oil Locations: New Mexico, North Dakota, Texas, Equatorial Guinea, U.S, Gulf of Mexico

☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

On Thursday, an American Airlines plane slid off a snowy taxiway in Rochester, New York, after a flight from Philadelphia. Thousands of residents have been without power since Saturday in parts of Oregon’s Willamette Valley after an ice storm caused extensive damage. “We do have a generator that we got last year, and right now it’s running an oil plug-in heater," she said. In Mississippi’s capital city, an estimated 12,000 customers were dealing with low water pressure Thursday, another setback for Jackson’s long-troubled water system. ___Associated Press journalists Jonathan Mattise and Kristin M. Hall in Nashville and Adrian Sainz in Memphis contributed.

Persons: —, it’s, ”, Jamie Kenworthy, I’ve, Ronald Briggs, Crews, Will Compton, “, ” Compton, Aaron Robison, Jackson, Ted Henifin, Jonathan Mattise, Kristin M, Adrian Sainz Organizations: . New, National Weather Service, American Airlines, Portland Public Schools, Authorities, Tennessee Valley Authority, Country Music Hall of Fame, Associated Press, Hall Locations: PORTLAND, Oregon, Tennessee, . New York, New Jersey, Pennsylvania, Rochester , New York, Philadelphia, West Coast, Willamette, Jasper, Lane County, ”, Portland , Oregon, Portland, Nashville, North Dakota’s, Washington, Seattle, In Kansas, Memphis

☆ Legendary oil mogul Harold Hamm eyes the next stage in the US shale oil boom: 'Generation 3' rock
▼ + stars: | 2023-11-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Shale industry legend Harold Hamm is looking to pull crude from "Generation 3" rock. This is a tougher form of rock that was largely neglected earlier in the shale revolution. AdvertisementAdvertisementShale industry legend Harold Hamm is looking ahead to the next potential breakthrough in US crude production. Hamm made a name for himself by applying horizontal drilling techniques to unlock vast amounts of oil in North Dakota's Bakken shale region. According to Bloomberg's calculations, oil drillers need crude prices of $86 or more to make their costliest wells profitable, up 50% since March 2022.

Persons: Harold Hamm, —, Hamm Organizations: Service, Bloomberg, Continental Resources, Exxon, Natural Resources Locations: North, Oklahoma

New drilling technologies during the so-called Bakken Boom turned North Dakota into the nation's second-largest crude oil-producing state from 2012 to 2020. "This sale is a big deal in North Dakota," said Ron Ness, head of the North Dakota Petroleum Council, an industry trade group. "There's a sentimentality to this sale," said Kathy Neset, who runs a prominent North Dakota oil industry consulting firm and counts Hess as one of her largest clients. Chevron could take Bakken production higher than the output targeted by Hess in the future, said Matthew Bernstein, a senior analyst at Rystad Energy. Bakken oil production could drop to 1.15 million bpd from 2026 and be flat through 2030, before entering gradual decline as inventory exhaustion sets in, said Nathan Nemeth, a principal analyst at Wood Mackenzie.

Persons: Dado Ruvic, Hess, Boom, Mike Wirth, Wirth, Ron Ness, Kathy Neset, Matthew Bernstein, Bernstein, Jessie Jones, Jones, Nathan Nemeth, Wood Mackenzie, Stephanie Kelly, Ernest Scheyder, Marguerita Choy, Simon Webb Organizations: Chevron, Hess, REUTERS, Gulf Coast, Reuters Graphics Chevron, North Dakota Petroleum Council, Rystad Energy, Reuters Graphics Reuters, Energy, Thomson Locations: North Dakota, New Mexico, Gulf, Gulf Coast ., Midland, Texas

☆ Chevron and Exxon's latest buys could usher in a new era of oil megamergers
▼ + stars: | 2023-10-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Energy heavyweights Chevron and Exxon Mobil announced shiny new acquisitions this month — and some industry watchers say it could be the start of more multibillion megadeals to come. Chevron on Monday said it's buying Hess for $53 billion in stock, allowing Chevron to take a 30% stake in Guyana's Stabroek Block — estimated to hold some 11 billion barrels of oil. The announcement comes just weeks after Exxon Mobil announced its purchase of shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal. While this marks Exxon's largest deal since its acquisition of Mobil, the merger would also double the oil giant's production volume in the largest U.S. oilfield, the Permian Basin. "The big-money acquisition of Hess by Chevron accelerates the trend of consolidation and big-money deals," energy consultancy Rystad Energy said in a note.

Persons: it's, Hess Organizations: Energy, Chevron, Exxon Mobil, Natural Resources, Mobil, Hess, Rystad Energy, Exxon, Pioneer Locations: Guyana

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

☆ Chevron target Hess beats quarterly profit estimates on production boost
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

New York-based Hess's net production was 395,000 barrels of oil equivalent per day (boepd) in the quarter, compared to 351,000 boepd a year earlier. The company forecast production to be around 410,000 boepd in the fourth quarter. Hess said its worldwide average realized crude oil selling price, excluding hedges, was $81.53 per barrel in the quarter, compared to $71.13 in the preceding quarter and $85.32 a year earlier. Production from Guyana totaled 108,000 boepd, 10% higher compared with the prior-year quarter. Production at the Stabroek oil block is expected to triple to more than 1.2 million barrels per day (bpd) by 2027.

Persons: Dado Ruvic, Hess, China's CNOOC, Seher, Sriraj Organizations: REUTERS, Companies Chevron Corp, Hess Corp, Wednesday, Wall, Chevron Corp, Chevron, Exxon Mobil, HK, Thomson Locations: New York, Guyana, North Dakota, U.S, Bengaluru

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.

Persons: Hess, China’s CNOOC, John Hess Organizations: Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp Locations: Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

☆ Ambitious research yields new atlas of human brain cells
▼ + stars: | 2023-10-12 | by ( Will Dunham | ) www.reuters.com time to read: +5 min

The human brain is complex in terms of its utility - sensing, moving, reading, writing, speaking, thinking and more - and its cellular diversity. The research identified 3,313 cell types, roughly 10 times more than previously known, and the complete set of genes used by each cell type while also mapping their regional distribution in the brain. "The brain cell atlas as a whole provides the cellular substrate for everything that we can do as human beings," said neuroscientist Ed Lein of the Seattle-based Allen Institute for Brain Science, one of the researchers. The various cell types have distinct properties and are likely affected differently in disease, Lein said. "We are only at the very beginning of delineating the complexity of the human brain," said another of the researchers, Bing Ren, director of the University of California, San Diego Center for Epigenomics.

Persons: Denis Balibouse, Ed Lein, Lein, Trygve Bakken, Bing Ren, Will Dunham, Rosalba O'Brien Organizations: Belle Idee University, REUTERS, Rights, U.S, government's National Institutes of Health, Census Network, Allen Institute for Brain Science, Allen, University of California, San Diego Center for Epigenomics, Thomson Locations: Neuropsychiatry, Chene, Bourg, Geneva, Seattle

☆ US oil output from top shale areas to fall for 3rd straight month in October, EIA says
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July. That's because U.S. exploration and production firms were still more focused on returning money to investors and paying down debt than just boosting oil and gas production. U.S. oil and gas production, however, is on track to reach record highs in 2023 and 2024 due in part to rising oil pries. Total gas output in the big shale basins will slip by 0.3 billion cubic feet per day (bcfd) to 98.4 bcfd in October from 98.7 bcfd in September, EIA projected.

Persons: Nick Oxford, Baker Hughes, Scott DiSavino, Shariq, Mark Porter, Leslie Adler, Paul Simao Organizations: REUTERS, U.S . Energy Information Administration, South Texas Eagle, EIA, Thomson Locations: Midland , Texas, U.S, . U.S, Texas, New Mexico, Bakken, North Dakota, Montana, Appalachia, Pennsylvania , Ohio, West Virginia

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsHOUSTON, Aug 24 (Reuters) - A draft environmental impact statement for the Dakota Access oil pipeline is now expected to be released in fall, a spokesperson for the U.S. Army Corps of Engineers said on Thursday. The review was initially expected to be completed last year and earlier was pushed back to spring of this year. A U.S. court last year ordered the federal government to undertake a more intensive environmental study of the pipeline's route under a lake that straddles the border of North Dakota and South Dakota. It is the biggest oil pipeline from the Bakken shale oil basin and can transport up to 750,000 barrels of oil per day from North Dakota to Illinois. "It's a real threat that DAPL could be shut down or shut down to temporarily move it," Lynn Helms, director at North Dakota regulator, Department of Mineral Resources, said last week.

Persons: Edwin Drake's, Brendan McDermid, Lynn Helms, Arathy Somasekhar, Gary McWilliams Organizations: Drake, Titusville , Pennsylvania U.S, REUTERS, Rights, Dakota, U.S . Army Corps of Engineers, South Dakota . Pipeline, Energy, North, of Mineral Resources, Thomson Locations: Titusville , Pennsylvania, U.S, North Dakota, South Dakota, Illinois, Dallas, Missouri, Houston

☆ The intensity of methane emissions from oil and gas sector has declined, study finds
▼ + stars: | 2023-05-23 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The primary component of natural gas is methane, which is odorless when it comes directly out of the gas well. In addition to methane, natural gas typically contains other hydrocarbons such as ethane, propane, butane, and pentanes. The report, which assessed the production-based emissions of more than 300 U.S. producers, found that the methane emissions intensity of natural gas production and the greenhouse gas emissions intensity of oil and gas production vary dramatically across companies. Natural gas producers in the highest quartile of methane emissions intensity have an average emissions intensity that's nearly 26 times higher than producers in the lowest quartile, the study found. And oil and gas producers in the highest quartile of greenhouse gas emissions intensity have an average emissions intensity that is more than 13 times higher than producers in the lowest quartile.

☆ ONEOK shares drop on concerns over Magellan pipeline deal
▼ + stars: | 2023-05-15 | by ( Laura Sanicola | Arathy Somasekhar | ) www.reuters.com time to read: +2 min

(Reuters) - Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File PhotoONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. “The deferral of Oneok’s corporate cash taxes seems like a major deal component,” Mizuho analysts wrote in a research note. “ONEOK and Magellan have geographical overlap among their assets, but their primary businesses are very different,” Morris said.

April 26 (Reuters) - Oil and gas producer Hess Corp (HES.N) on Wednesday topped Wall Street's first-quarter profit estimates and disclosed its consortium with Exxon Mobil Corp (XOM.N) made a new discovery off the coast of Guyana. Hess holds a 30% stake in the consortium, and said the discovery may help justify a new oil project. Production from Hess' share of output in Guyana was 12% above estimates at 112,000 boepd. The company expects current quarter production of between 105,000 boepd and 110,000 boepd due to planned maintenance at the Liza phase 2 platform. On a per share basis, the company reported a profit of $1.13 for the first quarter and an adjusted profit of $1.30.

March 28 (Reuters) - Canada's Crescent Point Energy Corp (CPG.TO) said on Tuesday it would acquire Spartan Delta Corp's (SDE.TO) oil and gas assets in Alberta's Montney region for C$1.7 billion ($1.24 billion). Crescent Point shares dipped 0.7% in Toronto, while Spartan stock gained nearly 8%. Crescent Point said it is looking to reduce net debt by about C$1 billion over the next 12 months and may also sell assets. Crescent Point also produces oil in the province of Saskatchewan. Crescent Point raised its production outlook to 160,000 to 166,000 boepd from the earlier forecast of 138,000 to 142,000 boepd.

Jan 25 (Reuters) - U.S. oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter. Hess has a 30% stake in the Exxon Mobil Corp (XOM.N)-led consortium that is responsible for all production in Guyana. Excluding Libya, the company produced 376,000 boed in the fourth quarter, from 295,000 boed last year, despite weaker production in North Dakota. Bakken operations delivered 158,000 boed in the fourth quarter, about 6% under the midpoint expectations, due to severe winter weather. Hess says it plans to steadily increase production in the basin to 200,000 boed by 2025.

☆ Fangtooth oil discovery may justify Guyana's 7th platform, Hess CEO
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Jan 5 (Reuters) - The Fangtooth oil discovery in Guyana's waters is big enough to potentially require a platform for itself, which would be the seventh in the country, Hess Corp (HES.N) Chief Executive Office John Hess said in a conference on Thursday. The six units will lead to an estimated output of 1.2 million barrels of oil and gas per day by 2027, Hess said. "Fangtooth itself could potentially be the seventh boat," Hess said at a Goldman Sachs energy conference. Hess' operations in Guyana and the Bakken basin in the United States, will take up 80% of the $3.7 billion the company plans to invest this year, the CEO said. The United States can lift total oil production to 13 million to 13.5 million bpd before output plateaus, Hess said.

☆ Shale oil wraps up an underwhelming year, girds for lower growth
▼ + stars: | 2022-12-30 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. gains stifled by inflation, aging wells, investor demandsWeaker shale oil production growth lies ahead for 2023Dec 30 (Reuters) - The shale oil patch this week closes the door on a disappointing year while bracing for weaker output gains in 2023, hamstrung by rising costs, dwindling reserves and pressures to hold down spending. He predicted 300,000 bpd to 400,000 bpd of increased shale production in 2023. Civitas grew volume about 4% year-over-year, and anticipates similar growth this coming year as it prioritizes free cash flow and balance sheet strength over growth. OLD WELLS PUMP LESSPioneer and other shale producers are experimenting with oil recovery techniques that could eventually squeeze more oil out of older wells. In the near-term, Sheffield warned oilfield inflation, which ran around 10% to 15% this year, will persist and limit production growth.

☆ Oil steady as U.S. output ramps up after freeze, China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. The cold also cut oil and gas production from North Dakota to Texas. Russian President Vladimir Putin on Tuesday also signed a decree that bans the supply of oil and oil products to nations participating in the price cap from Feb. 1 for five months. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Exclusive: Shale oil producer Continental Resources names Doug Lawler as CEO
▼ + stars: | 2022-12-06 | by ( Liz Hampton | ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - U.S. shale producer Continental Resources will name operating chief Doug Lawler as its new chief executive officer, according to a person familiar with the matter on Tuesday. Lawler was CEO at shale gas producer Chesapeake Energy (CHK.O) before joining Continental in February. Headquartered in Oklahoma City, Continental is one of the largest U.S. oil and gas shale drillers with a focus on North Dakota's Bakken shale. Lawler ran Chesapeake Energy for eight years, including through a bankruptcy process that it completed in 2021. He has been credited with whittling away at Chesapeake's $13 billion in debt and an ill-timed bet on shale oil just ahead of a oil price crash.

U.S. shale production costs are soaring and there is no sign that tight-fisted investors will change their demands for returns rather than investment in expanding drilling. At Helmerich & Payne (HP.N), one of the largest drilling contractors, its R&D budget will rise only $1 million, from 2022's $27 million. The U.S. government expects overall oil production to reach a new peak next year, but it has several times this year cut its forecasts. Shale production declines rapidly after peaking compared to conventional oil wells, falling about 50% after the first year. Lower production rates are "a longer-term prospect," said Mike Oestmann, chief executive of shale producer Tall City Exploration.

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