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Once dismissed, "peak oil" is resurging as U.S. production slows, sparking fresh concerns about future supply and its global economic impact.

The return of peak oil

The term “peak oil” has sparked debate for decades, fueling speculation and more than a few forecasts of doomsday scenarios. But for all the noise, it remains a largely misunderstood concept. That’s unfortunate, because peak oil—both in theory and in practice—still carries serious implications for the global economy and energy markets.

The phrase was very popular 20 years ago but then faded when the shale revolution gathered steam. But all booms eventually end, and a growing number of voices are suggesting that peak production in the U.S. may soon be upon us.

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Source: Oil & Gas 360

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ExxonMobil beats Q1 estimates as Permian and Guyana growth offset weak oil prices; EPS hits $1.76, net production up 20% after Pioneer deal.

Permian Basin growth fuels ExxonMobil’s quarterly success

First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices.

Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the uncertain market environment.

Exxon reported on Friday first-quarter earnings of $7.7 billion, down from $8.2 billion in the first quarter of 2024. Earnings per share (EPS) slipped to $1.76 from $2.06, but beat the consensus estimate of $1.73.

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Source: Oil & Gas 360

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Global refiners post strong Q1 profits as margins rebound, with some doubling to $16/bbl despite falling oil prices.

Refiners defy oil price slump with strong Q1 profits on solid margins

Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude.

All in all, we’re looking at refining margins for the first-quarter of this year that are better than 2024, even as upstream margins weaken and the industry at large expresses concern over a cooling global oil demand outlook.

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Source: Oil & Gas 360

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BP once aimed to lead the shift to renewable energy, is now on board with President Trump’s mantra of “drill, baby, drill".

BP plans to boost its US oil and gas production by more than 50% by 2030

BP, the oil company that once aimed to lead the shift to renewable energy, is now on board with President Trump’s mantra of “drill, baby, drill,” The Wall Street Journal writes. Learn more about BP plans in this post.

The London-based energy company announced Tuesday it was aiming to boost its U.S. production of oil and gas by more than 50% by the end of the decade. The announcement to boost production comes as BP has cut its green spending while repivoting toward fossil fuel investments.

In February, the company said it would boost oil and gas production and cut investments in clean energy. On Tuesday, BP announced that a senior executive in charge of green energy investments would leave the company and would not be replaced.

“We’re pretty tightly aligned with the president,” Chief Executive Murray Auchincloss said in an interview, adding that the company plans to raise U.S. production from 650,000 barrels a day to more than 1 million by 2030.

“It’s both in oil and gas onshore and oil and gas in the Gulf of America,” he says, using Trump’s preferred name for the Gulf.

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Source: Business Report

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Trump moves to fast-track 10 mining projects, propose metal refineries on military bases under pro-mining push, per Mining.com.

Trump eyes sovereign wealth fund to back US mining

Washington is eying the possible creation of an American sovereign wealth fund (SWF). This is to compete with China’s state-controlled extractive industries by directly investing in miners. With that, both domestic and foreign as the administration scrambles to collect new critical minerals allies. Learn more why Trump eyes sovereign wealth fund.

The plan, revealed Thursday by Interior Secretary Doug Burgum, who is advising the campaign on energy and national security. It would mark a dramatic shift in how Washington supports resource development. “We should be buying equity in these companies,” Burgum told CNBC on Thursday, citing strategic concerns over China’s grip on the global critical minerals supply chain.

“We should be taking some of our balance sheet and making investments. The U.S. may need to make an “equity investment in each of these companies that’s taking on China in critical minerals,” CNBC cited Burgum as telling a Hamm Institute for American Energy conference this week.

An American SWF would be similar to those found in Saudi Arabia and Norway. It is where they hold significant stakes in mining and energy assets worldwide. Trump allies argue that public investment could catalyze U.S. supply chain security. This is particularly in sectors key to clean energy and defense.

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Source: Oil Price

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Taiwan vows to buy more U.S. oil and gas amid tariff talks with the Trump administration, says President Lai Ching-te.

Taiwan to pledge more US oil and gas imports to avoid tariff

Taiwan is pledging to buy more U.S. oil and gas, which is a focus of the tariff talks with the Trump Administration, Taiwanese President Lai Ching-te said on Tuesday.

“Increasing purchases from the United States, including natural gas, oil, and other essential national energy sources, is not only the next focus of the tariff negotiations between Taiwan and the U.S., but also an important part of Taiwan’s efforts to strengthen its energy autonomy and resilience,” Lai’s office said, as carried by Reuters.

Currently, Taiwan’s imports of LNG from the United States account for about 10% of all its LNG imports.

Earlier this year, Taiwan’s state-held oil and gas company CPC Corporation signed a letter of intent to invest in the $44-billion Alaska LNG export project in the U.S. and buy LNG from it.

But as Taiwan saw firsthand, commitments and contracts to buy more U.S. energy will not necessarily spare any buyer from tariffs.

Taiwan was slapped with a 32% tariff, which has been halted for 90 days, although it had just made big commitments to invest in the U.S., including in U.S. energy projects.

Unfortunately for Taiwan, in any negotiations with deficit-fixated President Trump, the value of its exports to the U.S. – predominantly semiconductors – vastly outstrips the value of the goods it imports from America.

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Source: Oil Price

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US shale's not dead—just evolving. Despite low oil prices, innovation & resilience could spark a major comeback, says Energy Secretary Wright

Shale is about to make a comeback for the ages: Energy Secretary

Oil prices are sagging like a tired trampoline, and U.S. shale producers are feeling the bounce—just not in a good way. With WTI dancing around $60 and analysts wringing their hands over breakeven levels near $65, you’d be forgiven for assuming the shale patch was in full panic mode.

But U.S. Energy Secretary Chris Wright—former CEO of Liberty Energy and now the government’s top oil whisperer—seems utterly unbothered.

“The U.S. shale industry is going to survive and thrive,” Wright declared this week in Abu Dhabi, where optimism apparently flows as freely as the crude. “In 2015 and 2016 oil prices twice hit $28 [per barrel], and what happened? What did the U.S. shale industry do in that time—innovate, get smarter, drive their costs down, and that’s what’s happening right now.”

Now, we could roll our eyes—after all, shale execs are notorious for saying things like “we’re cash flow positive now, really!” right before announcing layoffs and asset sales. But what if Wright’s not just blowing smoke?

History favors shale’s prospects of survival

The shale industry did survive the 2014–2016 oil price collapse. Admittedly, it was barely. And there were some individual players that couldn’t keep their heads above water. But overall, US shale emerged leaner, meaner, and with a few more gray hairs. Costs dropped. Frac stages multiplied like rabbits. Wells got longer, and so did the breakeven charts in investor decks. Could we see a similar cycle of innovation again, or has innovation reached its peak? The latter scenario would be hard to argue.

But it’s possible. As Wright admitted, “investment decisions are going to be tailored if prices stay this low for a long period of time.” Translation: the rig count will take a hit, and Wall Street won’t be lining up to throw money at growth. But shale’s not dead.

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Source: Oil & Gas 360

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USEDC to deploy dedicated rig on new acreage as part of its 2025 plan to invest up to $1B in US oil and gas projects.

USEDC expands Permian footprint as part of $1B investment

U.S. Energy Development Corporation (USEDC), a Fort Worth-based exploration and production company focused on developing oil and gas projects. It is for itself and its partners. It has acquired ~20,000 net acres in Reeves and Ward Counties, Texas. The position includes a substantial proved producing component and multi-year drilling inventory to supplement the firm’s existing footprint in the area. This landmark transaction marks the largest single acquisition in the company’s 45-year history and significantly expands its total Permian Basin holdings. Let’s learn more about how USEDC expands Permian footprint.

Dedicated Drilling Rig

“This transaction greatly enhances the overall quality and resilience of our portfolio, supplementing our reserves with additional proved producing assets, adding years of multi-bench drilling inventory, and expanding our operated economies of scale,” said Jordan Jayson, CEO and chairman of USEDC. “These factors position USEDC for sustained, efficient growth and reinforce our commitment to delivering long-term value for our partners.”

USEDC plans to run a dedicated drilling rig on the acquired acreage. It is making this acquisition a key component of USEDC’s 2025 plan to invest up to $1 billion in U.S. oil and gas properties. In 2024, the firm deployed about $850 million in operated and non-operated oil and gas projects in the basin. The firm’s team continues to evaluate opportunities that align with its disciplined investment strategy and can deliver value to our partners.

RBC Richardson Barr advised on the process and Willkie Farr & Gallagher LLP advised USEDC on the acquisition.

Increased Citibank, N.A. Credit Facility</strong>

Concurrent with this acquisition, USEDC completed an increase in the borrowing base and commitments. This is under its syndicated revolving credit facility led by Citibank, N.A. It is from $165 million to $300 million. The upsized revolving credit facility provides USEDC with significant financial flexibility to support its continued growth and has a maximum credit amount of $500 million.

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Source: Oil & Gas 360

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Oil and gas companies are increasingly focusing on near-field or ILX to reduce costs and risks in a challenging market environment.

Oil and Gas Explorers Focus on Near-Field Plays

Increasing financial constraints, a low commodity price environment and a shrinking pool of prospective basins have transformed how Oil and Gas Explorers for new barrels. Across the globe operators are prioritizing low-risk, low-cost near field or infrastructure-led exploration (ILX) prospects instead of expensive, high-risk exploration plays. ILX, although not a recent phenomenon, is a reliable avenue that capitalizes on existing production hubs and pipeline networks to commercialize smaller discoveries that might otherwise remain untapped.

As price volatility, growing sustainability pressures and rigorous capital discipline take center stage, Rystad Energy predicts little growth of exploration budgets this year, standing at around $50 billion. According to the company’s analysis, Indonesia, the US and Norway will emerge as ILX hotspots this year.

The global oil and gas industry is now confined to a handful of highly prospective basins, with explorers increasingly prioritizing low-cost, near-field prospects that can deliver quick returns. Conventional exploration spending has declined significantly, from its peak of over $117 billion annually in 2013 to around $50 billion per year in recent years. Unlike greenfield projects that require significant capital for standalone infrastructure, ILX benefits from lower development costs, shorter lead times, and reduced emissions. The strategy has so far proven to be a success, with the last five years boasting nearly 900 ILX wildcat wells drilled, achieving a 42% exploration success rate over this period, significantly exceeding the global exploration success rate of 32%.

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Source: Oil Price

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Trump admin to skip environmental reviews for oil, gas leases in US West, easing drilling rules amid likely legal challenges.

U.S Green Analyses on Western states’ Oil, Gas Leases

The Trump administration said on Thursday that it will no longer require environmental impact statements. This is for oil and gas leases across the U.S Green Analyses West. It is a step toward lifting green hurdles to drilling that environmental groups will likely challenge in court.

The Interior Department said in a release that it will no longer require its Bureau of Land Management to prepare environmental impact statements. This is for about 3,244 oil and gas leases across Colorado, Montana, New Mexico, North Dakota, South Dakota, Utah, and Wyoming.

Environmental impact statements are analyses of the impacts of federal actions. It will have a significant effect on the environment. They are for major projects under the bedrock 1970 U.S. environmental law, the National Environmental Policy Act.

U.S. President Donald Trump has long sought to fight NEPA’s requirements. On January 20, his first day back in office, he signed an executive order aiming to speed up energy permitting by requiring the head of the White House’s Council on Environmental Quality to propose doing away with its NEPA requirements, including consideration of greenhouse gas emissions of major projects.

Interior said that the BLM is evaluating options for compliance with NEPA for the oil and gas leasing decisions.

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Source: Oil & Gas 360

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