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☆ U.S. won't reach a new record in oil production 'ever again,' says Pioneer Natural Resources CEO
▼ + stars: | 2023-03-09 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Many oil companies have outlined production increases as part of spending plans this year, though oil companies are now in an era of greater fiscal discipline, not shy about signaling they will favor shareholder rewards like stock buybacks over higher production levels. "I think gas prices at the pump are not so bad at this price, so I think it's optimal," she said. The White House has pushed oil companies to use their record profits to ramp up production instead of on buybacks or increasing dividends. Biden said U.S. oil majors invested "too little of that profit" to ramp up domestic production to help keep gas prices down. "Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders."

The dinner with shale producers and OPEC officials continued a tradition that began around five years ago when they were fierce competitors. It has been held in most recent years during the CERAWeek energy conference in the U.S. oil industry capital. Among the other topics that came up were strong oil demand and what U.S. shale producers could do to meet it given what shareholders want, he said. The event comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

March 6 (Reuters) - U.S. energy executives met privately with top OPEC officials on Monday on the sidelines of a Houston conference, people familiar with the matter said, continuing a tradition that began around five years ago when the two groups were fierce competitors. OPEC had viewed shale as an untamed force that undercut its revenue by bringing vast new oil supplies to market. The secretive dinner has been held in most recent years during the CERAWeek energy conference in the capital of the U.S. oil industry. This year's private dinner comes at a tumultuous time for global markets with the war in Ukraine disrupting global oil and gas flows while enriching both producer groups. Fewer OPEC officials are present at this year's annual CERAWeek conference, with ministers from key countries, including Saudi Arabia and Iraq, absent from the attendee list.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

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.

☆ Get ready for a deluge of data next week that will shape the Fed's next moves
▼ + stars: | 2023-01-21 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Within the portfolio, we'll get the latest earnings from Danaher (DHR), Halliburton (HAL), and Johnson & Johnson (JNJ) on Tuesday before the opening bell. While the results will be important as always, we are most interested in the earnings call with analysts and investors. Housing Starts fell 1.4% in December to a seasonally adjusted annual rate of 1.38 million, slightly above the 1.36 million expected. Building permits dropped 1.6% in December to a seasonally adjusted annual rate of 1.33 million, below expectations of 1.37 million. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.

☆ Exxon set to order 5th Guyana oil vessel, sizing up more blocks
▼ + stars: | 2023-01-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp (HES.N) and CNOOC Ltd (0883.HK). Guyana has emerged as the world's fastest-growing oil region since Exxon made its first offshore discovery in 2015. It would be the consortium's largest and most expensive project, outstripping the $10 billion cost of the fourth project. Its oil would start flowing in 2027 and continue for 20 years, according to the Guyana government's estimate. Guyana President Mohamed Irfaan Ali visited India last week to try to entice private companies and the government to join its oil business.

☆ 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.

☆ The 10 biggest winners in the S&P 500 this year were led by an oil giant Warren Buffett owns. The top stocks saw a combined $357 billion increase in market value.
▼ + stars: | 2022-12-31 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Oil stocks dominated the S&P 500's top 10 winners this year as commodity prices spiked. These are the index's 10 best performing stocks in 2022, which added a combined $357 billion in market value. Buffett also owns a stake in Chevron, which was the 17th best S&P 500 performer in 2022 with a gain of about 50%. Combined, the top 10 performing S&P 500 stocks in 2022 added a total of $357 billion in market value. SchlumbergerThe exterior of a Schlumberger Corporation building is pictured in West Houston ReutersTicker: SLB2022 Return: 76.7%Market Value Gained: $33.5 billion5.

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☆ Premarket stocks: Wall Street's biggest winners and losers in 2022
▼ + stars: | 2022-12-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. The energy sector has so far returned more than 60% this year, significantly outperforming every other S&P 500 sector. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date. The energy sector reported the highest year-over-year earnings growth of all 11 sectors, at 137.3%. Elon Musk’s Tesla (TSLA) is also down about 70%, making the auto tech company the third worst performer this year.

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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☆ BP wins contract to market Guyana's share of oil production
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lee SmithNov 25 (Reuters) - BP Plc (BP.L) will market Guyana's share of crude oil produced over the next year from two offshore production platforms, the South American country's Ministry of Natural Resources said. The London-based oil company agreed to market the state's share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Thursday. Through mid-year, Guyana's share of oil production from the consortium composed of Exxon Mobil (XOM.N), CNOOC Ltd (0883.HK) and Hess Corp (HES.N) was worth $307 million. The group markets two crudes: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold. BP will market crude to refiners, provide benchmark and performance comparisons, and help the government understand the behavior and yields of the Liza blend, the ministry said.

☆ Hess CEO says 'OPEC back in driver's seat' as U.S. shale growth slows
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver seat" as the top swing producer amid slowing U.S. shale growth, John Hess, CEO of Hess Corp (HES.N) said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. He said shale oil output is slowing due to investor pressure to focus on returns over growth, inflation and inventory depletion. Reporting by Liz Hampton in Denver and Sabrina Valle in Houston Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Companies Hess Corp FollowNov 17 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) is "back in the driver's seat" as the top swing producer amid slowing U.S. shale growth, Hess Corp (HES.N) Chief Executive Officer John Hess said on Thursday at an investor conference in Miami, Florida. Hess anticipates U.S. oil production will hit around 13 million barrels per day in the next few years and then plateau. U.S. production growth has been slower than anticipated at the beginning of this year due to investor pressure to focus on returns over growth, along with inflation and inventory depletion. The U.S. Energy Information Administration last week cut its forecast for 2023 shale growth by 21%. Now, really OPEC is back in the driver's seat where they are the swing producer," Hess said, cautioning though that OPEC lacked spare capacity to easily boost its production.

☆ Booming Guyana sets offshore oil auction under revamped fiscal terms
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources. The auction will include three deepwater and 11 shallow-water exploration blocks, Vice President Bharrat Jagdeo said in an address. A new profit-sharing agreement that will cover future oil production agreements is under development and will be finalized before the auction ends, he said. Contract terms "shift significantly" the revenue split, with Guyana receiving a "greater share of the proceeds" compared to the existing Production Sharing Agreement terms, Jagdeo said. Each bid must include a development plan that will be considered along with the financial bid, Jagdeo said.

☆ Exxon strikes oil again in Guyana with two new discoveries
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Exxon Mobil Corp (XOM.N) has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, potentially adding more barrels to one of the most closely watched new oil discoveries. Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain. Guyana amounts for one third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm. The about 11 billion barrels of recoverable oil discovered prior to Wednesday's finds, should make the country a global oil power in the coming years, Rystad says. The companies expect total production from Guyana to cross a million barrels per day by the end of this decade.

☆ Exxon strikes oil again in Guyana, raises output target
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Exxon Mobil Corp (XOM.N) has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, adding more barrels to one of the most closely watched new oil discoveries. Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain, but it also hiked a previous output forecast for the third quarter from older discoveries in the region. Guyana amounts for one third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm. The about 11 billion barrels of recoverable oil discovered prior to Wednesday's finds, should make the country a global oil power in the coming years, Rystad says. The companies expect total production from Guyana to cross a million barrels per day by the end of this decade.

☆ Factbox: U.S. companies brace for Hurricane Ian
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +5 min

Sept 28 (Reuters) - Hurricane Ian is set to make landfall in Florida on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. NextEra Energy Inc's (NEE.N) Florida Power & Light Co, the largest utility in the state, deployed nearly 16,000 workers from 27 states to restore power. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ Factbox: U.S. companies gird themselves as Hurricane Ian makes landfall
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +6 min

Sept 28 (Reuters) - Hurricane Ian makes landfall in Florida with Category 4 fury on Wednesday, pushing residents to empty grocery shelves, board up windows and rush to evacuation shelters. Since then, it has been working to redeploy offshore personnel after determining Hurricane Ian no longer posed a significant threat to its assets. A spokesperson said the company was monitoring the hurricane and making adjustments to operations to keep warehouse staff and drivers safe. Costco Wholesale Corp closed nine stores located in Florida due to an impact of Hurricane Ian. CRUISE OPERATORSWalt Disney Co's Disney Cruise Line on Tuesday canceled its Disney Wish ship that was to set sail from Florida on Friday.

☆ EXCLUSIVE Exxon boosts Guyana oil output, undecided on future auction bid - source
▼ + stars: | 2022-09-20 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched first production in 2019 and now controls all output in the tiny nation. Those finds have turned Guyana into an emerging oil power with an estimated 11 billion barrels of recoverable oil discovered so far. But Guyana, which lacks the financial power to develop its natural resources by itself, has struggled to decide how to distribute oil properties outside of Exxon's blocks. It did not say when the new terms would be released, but stressed they will not replace Exxon's current deal. Guyana currently keeps less than 15% of the oil proceeds with the Exxon's consortium keeping the rest while also paying for costs of building the country's oil infrastructure.

☆ Un pod ce datează din anii 1300 a fost descoperit de arheologi pe fundul unui râu din Scoția
▼ + stars: | 2020-10-30 | by ( ) www.jurnal.md time to read: +1 min

Cu o importanță națională istorică și strategică, construcția din Scoția medievală s-a aflat timp de secole sub râul Teviot, fiind considerată ”pierdută”. Reprezentanții Historic Environment Scotland (HES), agenţia culturală din Scoția, au declarat că podul medieval "pierdut" a fost descoperit sub apele râului Teviot după o investigaţie arheologică care a durat doi ani, scrie Xinhua, citată de Agerpres. Folosind datarea cu radiocarbon pentru lemnul podului, experţii au estimat data construcţiei ca fiind mijlocul anilor 1300, devenind astfel cea mai veche rămăşiţă a unui pod datată ştiinţific care a fost descoperită în locaţia sa originală peste unul dintre râurile Scoţiei. Arheologi de la Wessex Archaeology au realizat un studiu şi o evaluare a ruinelor. Probele de lemn au fost apoi trimise la Centrul de Cercetări pentru Mediu al Universităţilor Scoţiene pentru datarea cu radiocarbon.

Persons: HES, David al II - lea al, Edward al III - lea al Angliei, - lea, lea, Geoff Parkhouse Organizations: Agerpres, Society Locations: Scoția medievală, Scoția, Wessex, District

☆ Un pod ce datează din anii 1300 a fost descoperit de arheologi pe fundul unui râu din Scoția
▼ + stars: | 2020-10-30 | by ( ) www.jurnal.md time to read: +1 min

Persons: HES, David al II - lea al, Edward al III - lea al Angliei, - lea, lea, Geoff Parkhouse Organizations: Agerpres, Society Locations: Scoția medievală, Scoția, Wessex, District

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