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☆ Exclusive: Texas producer Ranger Oil explores sale
▼ + stars: | 2022-11-18 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Ranger Oil Corp (ROCC.O) is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said on Friday. Shares in Ranger, which operates in the Eagle Ford shale basin, jumped over 5% on Friday after Reuters reported the company's sale efforts. Ranger Oil did not immediately respond to a request for comment. Ranger had gained around 58% this year, prior to news of its sale efforts. Last year, Penn Virginia Corp bought Lonestar Resources US Inc in an all-stock deal valued at $370 million, and later rebranded the combined company as Ranger Oil.

A sale of Westbrick would mark an exit from the Canadian oil and gas production business for KKR. KKR has owned Westbrick for a decade, longer than most of its investments, making a sale logical, one of the sources said. KKR invested C$250 million in Westbrick when it was a smaller producer in 2012. Apart from Westbrick, KKR's other investments in Canada include gas processing assets and a stake in the Coastal GasLink pipeline under construction. "Anyone who knows me knows that Westbrick has been for sale every day since our existence," he told Reuters via email.

☆ Oil prices fall as Druzhba pipeline resumes flows
▼ + stars: | 2022-11-16 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

BENGALURU (Reuters) -Oil prices fell by more than a dollar on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted and rising COVID-19 cases in China weighed on sentiment. Prices slid into negative territory after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage. Supply to parts of Eastern and Central Europe via a section of the pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. The Energy Information Administration said U.S. crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said.

☆ Oil prices rise 1% after tepid U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

After three days of declines, crude futures rallied after the inflation data supported investor hopes that the U.S. Federal Reserve would temper its interest rate hikes, which could support oil demand. "(Consumer Price Index data) could be the turning point investors have craved," said Craig Erlam, senior market analyst at OANDA. Brent crude rose 94 cents, or 1%, to $93.59 a barrel by 12:52 a.m. EDT (1752 GMT). U.S. West Texas Intermediate crude rose 69 cents, or 0.8%, to $86.52. The U.S. dollar index , as the sunny economic data lured investors away from the safe-haven greenback towards riskier assets including oil.

☆ Bank of Canada: labor market can be cooled without jobless surge
▼ + stars: | 2022-11-10 | by ( Shariq Khan | ) www.reuters.com time to read: +1 min

OTTAWA, Nov 10 (Reuters) - Canada's red-hot labor market can weather an economic slump without seeing a major surge in unemployment, the central bank said on Thursday, ahead of another expected interest rate increase. The bank forecasts growth will stall through the middle of next year. Tightening monetary policy to combat inflation would push up the jobless rate, he added. "But because the labor market is so hot and we have an exceptionally high number of vacant jobs, there is scope to cool the labor market without causing the kind of large surge in unemployment that we have typically experienced in recessions," he said. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

Blackstone Credit is working with an investment bank to explore options for PRI Operating at a time when commodity prices continue to trade at elevated levels after touching multi-year highs earlier in 2022. The sources cautioned a sale of PRI Operating was not guaranteed and the value Blackstone Credit might secure was difficult to estimate given how volatility in commodity prices influences asset valuations. PRI Operating did not respond to comment requests. Founded in 2017, PRI Operating is backed by Blackstone Credit and management. In July, Reuters reported Blackstone Credit and Apollo Global Management were marketing for sale Canadian oil and gas producer Ridgeback Resources.

☆ 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.

☆ Pot producer Canopy sets up holding entity for speedy U.S. market entry
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The pot producer will not right away benefit from the transactions as weed remains federally illegal and Canadian companies that grow or sell marijuana cannot do so in the United States. read moreIn anticipation of the changes, Canopy on Tuesday outlined a complex holding company structure to set up Canopy USA LLC. Canopy USA will now skip the wait and take over the firm right away, it said. Canopy USA will also take over Wana and Jetty, streamlining ownership. Constellation could still choose not to convert its stake, in which case Canopy USA will not proceed with these deals.

☆ Halliburton profit tops Wall Street's estimates as oil activity booms
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

In North America, Miller said demand for services is "stronger than I have ever seen at this point in the year." Halliburton said revenue from North America jumped 9% from the second quarter to reach $2.6 billion. Shares of Halliburton were up 0.78% in pre-market trading at$34.85, after jumping 2% earlier in the morning. "Halliburton continues to benefit from momentum in activity/exposure to pressure pumping in North America, along with higher contribution from international operations," wrote analysts for investment banking firm Jefferies in a note. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates.

☆ Halliburton profit rises as higher oil prices spark drilling demand
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Halliburton Co (HAL.N) posted a rise in profit for the third quarter on Tuesday, wrapping up an upbeat earnings season from the world's top oilfield services providers on strong demand fueled by higher oil prices. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates. Halliburton said its revenue from North America jumped 9% from the second quarter to reach $2.6 billion. Its international revenue rose 3% sequentially to $2.7 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shariq Khan; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

"Looking forward, we see activity increasing around the world - from the smallest to the largest countries and producers," Halliburton Chief Executive Jeff Miller said in a statement. In North America, he said demand for services is "stronger than I have ever seen at this point in the year." Halliburton said revenue from North America jumped 9% from the second quarter to $2.6 billion. "Halliburton continues to benefit from momentum in activity/exposure to pressure pumping in North America, along with higher contribution from international operations," wrote analysts for investment banking firm Jefferies in a note. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates.

☆ EXCLUSIVE Chevron offering minority stakes in three Alaskan oilfields
▼ + stars: | 2022-09-19 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

The company is offering stakes in three oilfields, it confirmed. It holds around 10% in Alaska's Endicott field, 5% in Kuparuk field and 1.2% in Prudhoe Bay. However, at current oil prices, a sale would likely fetch between $450 million and $550 million, according to a Rystad Energy analyst using comparable transactions. The properties offered include interests in pipelines in the Kuparuk and Endicott fields, according to the marketing document. The oilfields that Chevron is offering produce around 9,400 barrels of oil and gas per day.

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