Tag Archives: oil

Oil Jumps Most This Year as Buildup Slows in U.S. Storage Tanks

Crude climbed the most since December as a recent buildup in U.S. storage tanks and terminals appears to be slowing down. Futures gained 2.4 percent in New York on Wednesday after a government report showed American oil inventories rose by 1.84 million barrels last week. That was lower than all but two of 11 estimates in a […]

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U.S. Oil Prices May Climb to $80 This Year

WTI prices haven’t settled at $80 since Halloween 2014 Tightening global supplies and rising demand for crude oil helped prices for the commodity start the year with a bang—hitting their highest levels in more than three years—and many analysts believe the market has the fuel it needs to continue the rally to as high as […]

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New Mexico Moves Up in Oil & Gas Rankings

        ALBUQUERQUE — Thanks to more barrels of oil being pumped monthly from the Permian Basin, New Mexico is among the nation’s top producing states. Industry officials in New Mexico on Wednesday celebrated the latest figures released by the U.S. Energy Information Agency, saying investment by energy companies in the state worth […]

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Oil Prices Post Strongest January Opening Since 2014

Oil prices posted their strongest opening to a year since 2014 on Jan. 2, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 6 a.m. CST (12 GMT) after hitting […]

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US Shale Oil Drillers Set to Kick Off the New Year with Big Production Gains

Crude oil production from seven major shale regions is set to grow by 94,000 barrels a day in January, the Energy Information Administration forecast. Total output from those regions is seen topping 6.4 million barrels a day next month. RBC’s Helima Croft: US shale production is going to come back in 2018 America’s shale drillers […]

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Exxon Profit Nearly Doubles, but Falls Short of Expectations

(Reuters) – Exxon Mobil Corp (XOM.N), the world’s largest publicly traded oil producer, said on Friday its quarterly profit nearly doubled on surging margins at its operations outside the United States, but results fell shy of Wall Street’s expectations. Shares of Irving, Texas-based Exxon fell about 1.9 percent in premarket trading to $79.30. While Exxon’s […]

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New Technology Could Recover More Oil From Early Bakken Wells

Oil companies are applying new hydraulic fracturing techniques to early Bakken wells, a process industry leaders say has the potential to recover more oil without increasing the footprint on the land. Operators are targeting wells drilled between 2008 and 2010, the early years of Bakken development before fracking technology advanced to where it is today. […]

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Texas Oil and Gas Jobs on the Upswing

  Oil companies across Texas increased payrolls by nearly 12,000 jobs in the six months through April. Experts attribute the increase to the industry’s steady recovery along with the shale boom in the Permian basin of West Texas. The latest gain over the last six months pushed the total number of oil and gas jobs […]

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Oil Rises 2% After Saudi and Russia Back Longer Supply Cut

  Oil jumped more than 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the world’s […]

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The DNA of Oil Wells: U.S. Shale Enlists Genetics to Boost Output

A small group of U.S. oil producers has been trying to exploit advances in DNA science to wring more crude from shale rock, as the domestic energy industry keeps pushing relentlessly to cut costs and compete with the world’s top exporters. Shale producers have slashed production costs as much as 50 percent over two years, […]

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Gas Discovery Near North Sea Valemon Field

  Two years after Valemon came on stream Statoil has made a new gas discovery on the field, called Valemon West. The discovery is estimated to contain between 20 and 50 million barrels of oil equivalent. “This is an important discovery for the further development of Valemon,” says Gunnar Nakken, Statoil’s senior vice president for […]

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Big Oil Back on the Acquisition Trail as Outlook Brightens

The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 […]

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