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Oil and Gas Industry Earned $4 Trillion Last Year, Says IEA Chief

The global oil and gas industry profits in 2022 jumped to some $4 trillion. It is from an average of $1.5 trillion in recent years. This is what the head of the International Energy Agency (IEA), Fatih Birol said on Tuesday.

Despite those profits, countries depending on oil and gas revenue should prepare to reduce their reliance on petroleum. This is as demand is going to fall in the longer term, Birol told a conference in Oslo while speaking via video link.

“Especially the countries in the Middle East have to diversify their economies. In my view, the COP28 (climate summit) could be an excellent milestone. It will change the destiny of the Middle East countries” Birol said.

“You cannot anymore run a country whose economy is 90% reliant on oil and gas revenues. It is because oil demand will go down,” he added.

United Arab Emirates as an OPEC Member Oil and Gas Industry

This year’s United Nations climate talks will be hosted by the United Arab Emirates, a member of the OPEC group of oil-producing countries.

The United Arab Emirates comprises seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah, and Umm Al-Quwain – located along the southeast coast of the Arabian Peninsula. The country covers an area of around 84 thousand square kilometers and has a population of around 9.5 million. More than one million people live in the capital, Abu Dhabi. Arabic is the country’s official language.

Since the discovery of oil in the UAE, the country has become a modern state with a high standard of living. The currency is the dirham.

The United Arab Emirates President is HH Sheikh Mohammed bin Zayed Al Nahyan. The country joined OPEC in 1967.

Did you know?

  • Desert Park in the Sharjah Emirate is a center for the breeding of the endangered Arabian leopard. It is thought that very few of these cats exist in the wild.
  • The first commercial oil was discovered in 1958 – onshore in the Bab-2 well and offshore at Umm Shaif.

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Source: Reuters

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Permian Strategic Partnership: oil and gas has a “positive impact” on communities across Permian Basin

Permian Strategic Partnership (PSP) President and CEO Tracee Bentley made a compelling case. It is for the positive impact of oil and natural gas production. The impact on local communities during her testimony before the U.S. House Subcommittee on Energy and Mineral Resources at The University of Texas Permian Basin Midland Campus on Feb 13.

The hearing “Federal Energy Production Supports Local Communities,” shows an opportunity for Bentley. They are to showcase the Permian Strategic Partnership’s extensive contributions towards education, healthcare, and workforce initiatives. This was helping them to strengthen the communities where the PSP operates.

In her remarks, Bentley highlighted the PSP’s nearly $125 million worth of investments and $975 million in collaborative investments for the Permian Basin. In 2022 alone, the PSP invested $32.6 million in education, workforce, healthcare, and road-building initiatives. These programs will support crucial social and economic infrastructure in both West Texas and Southeastern New Mexico.

“Our work is made possible through our members’ vision and long-term commitment to our region and communities,” Bentley said. “By supporting responsible energy development, you are supporting our efforts and investment in an area that the U.S. and the world will rely on for decades to come.”

Permian Strategic Partnership Focus

The Permian Strategic Partnership has focused significant efforts on improving public education, healthcare, and workforce development since its founding five years ago. The partnership of twenty oil and gas companies operating in the Permian Basin in West Texas and Southeastern New Mexico has invested over $47 million in education initiatives across the Permian Basin, supporting local public schools, universities, teachers, and students.

“Our work for future generations begins with investing in education. Polling of PSP’s member company employees has shown that public education is the single greatest factor in evaluating a location change, and it is equally important to families already living in the Permian Basin,” Bentley said.

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Source: World Oil

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Oil and Gas Companies Moving Into Permian Basin in $100M String of Deals, as Region Expands

Oil and gas companies and producers based on the Texas side of the Permian Basin looked to capitalize on the growth. Growth in the New Mexico portion of the region, looking to buy lands in the southeast corner of the state.

Permian Resources Corporation announced an agreement. They will see it purchase about 4,000 leasehold acres and 3,300 royalty acres, mostly in Lea County for $98 million.

The lands were estimated to produce about 1,100 barrels of oil equivalent per day. It is 73 percent oil according to a company announcement.

The price reflected about $8,000 per leasehold acre and $7,000 per royalty acre. This is what the release read, including operated and non-operated assets the company said it could include in future trading.

James Walter, co-chief executive officer at Permian Resources said the move was part of a broader effort by the company to manage its portfolio and shift its footprint to areas of the basin expected to bring higher production and revenue returns.

The Price Reflection

The price reflected about $8,000 per leasehold acre and $7,000 per royalty acre, the release read, including operated and non-operated assets the company said it could include in future trading.

James Walter, co-chief executive officer at Permian Resources said the move was part of a broader effort. This is by the company to manage its portfolio and shift its footprint. They will shift to areas of the basin. There is an expectation to bring higher production and revenue returns.

He said the deal included 45 operated locations and was expected to generate about $100 million. Take note that this is in net cash proceeds.

The company also planned to divest oil and gas properties on the Texas side of the basin in Reeves County, Texas. This is along the New Mexico border.

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Source: Carlsbad Current-Argus

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TIPRO Report Finds Texas Leading in Oil and Gas Production, Activity

The Texas Independent Producers & Royalty Owners (TIPRO) Association’s eighth edition of its State of Energy Report found Texas in the driver’s seat. This is when it comes to oil and gas production and oil industry-related jobs for 2022. Oil production in Texas was 1.83 billion bbl in 2022.

New Mexico with 534 million bbl was a distant second, followed by North Dakota with 393 million bbl. Texas also led the country in natural gas production with a record 11.2 Tcf produced in 2022. This is followed by Pennsylvania with 7.6 Tcf. The Lone Star state had the highest rig count in the country in 2022. It has an average of 380 active rigs. The number of rigs in Texas increased from 332 in January 2022 to 410 in December 2022.

The Texas Oil and Natural Gas Industry

The Texas oil and natural gas industry paid a record $24.7 billion in state taxes. This includes state royalty payments in 2022. Royalty funds support all aspects of the state economy. This includes schools and education, first responders, and transportation infrastructure investment.

“Despite facing a number of unique challenges, including supply chain bottlenecks, inflationary pressures, workforce shortages, and an adversarial federal policy environment, the US oil and gas industry continued to offer significant economic support in 2022,” said Jud Walker, chairman of TIPRO and president and CEO of EnerVest Ltd. “Oil and natural gas development, led by Texas operators, will play an important role in meeting growing global energy demand for decades to come under any realistic scenario.”

The report found the state’s oil and gas industry supported a total of 948,943 direct jobs in the US last year, with total direct and indirect jobs tied to the industry exceeding 19 million. The US oil and natural gas sector paid a national annual wage averaging $120,665 during 2022, 74% higher than average private sector wages. Payroll in the US oil and gas industry meanwhile totaled $114 billion and direct Gross Regional Product (GRP) was $854 billion in 2022 or around 3% of the nation’s economy.

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Source: JPT

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Oil and Gas Saw Record Profits in 2022

Last year, President Biden slammed Exxon Mobil for making “more money than God”. But guess what, oil and gas saw record profits in 2022.

That moment underlined a sharp turnaround from 2020 when the pandemic slashed oil prices and ground energy companies to a near-halt. That year, Exxon posted a $22B loss — its first in decades.

Last year, though — as global demand skyrocketed while supply remained tight, especially amid Russia’s invasion of Ukraine — the industry boomed.

Here comes the scrutiny

The record profits have sparked renewed pressure on the industry, which has plowed ahead with tens of billions of dollars in dividends and stock buybacks, per NPR.

On Tuesday, the White House called out oil companies for this, and President Biden has previously threatened higher taxes on energy companies that don’t reinvest money into increasing supply.

Interestingly, Europe has imposed a 33% tax on “surplus profits” from energy firms to redistribute to consumers. Exxon sued to block that tax, which it estimates would cost ~$1.8B for 2022.

What about renewables?

Some oil giants are reportedly scaling back renewable energy plans as they look to maintain high-performing legacy oil-and-gas businesses, per The Wall Street Journal.

But that doesn’t mean companies aren’t transitioning away from gas in the long term. BP has said it plans to reduce fossil-fuel production by 40% from 2019 levels by 2030, though it’s also considering dialing back investments in solar and wind.

Along those lines, this week, Cathie Wood’s asset management firm Ark Invest released its popular “Big Ideas” report for 2023. The group forecasts that by 2030, with the rise of EVs, oil demand for cars could dip 30%.

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Source: the HUSTLE

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USA Oil and Gas Employs Almost 1 Million in 2022

The USA oil and gas industry employed 948,943 professionals in 2022.

That’s according to the Texas Independent Producers & Royalty Owners Association’s (TIPRO) latest State of Energy Report, which noted that this figure represented a net increase of 39,721 direct jobs compared to 2021, subject to revisions. There were 358,776 direct U.S. upstream sector jobs in 2022. This marks a net increase of 32,627 jobs compared to 2021, the report outlined.

The largest sector by employment in the U.S. oil and gas industry was Support Activities for Oil and Gas Operations. It has 199,552 workers in 2022. Next is Oil and Gas Pipeline and Related Structures Construction (129,949), Natural Gas Distribution (111,918), and Crude Petroleum Extraction (82,628). This is what is in the report. The largest gains in jobs in 2022 occurred in Support Activities for Oil and Gas Operations, with a net increase of 23,039 jobs compared to 2021, followed by Drilling Oil and Gas Wells (9,489), and Oil and Gas Field Machinery and Equipment Manufacturing (2,450), the report highlighted.

According to the report, 21 percent of jobs were held by individuals between the ages of 25-34, 28 percent were held by those between 35-44, 23 percent were held by those between 45-54, 19 percent were held by those between 55-64, and five percent were held by those who were 65 or older. The oil and gas industry was said to have paid a national average wage of $120,665 in 2022, which the report noted was 74 percent higher than the average private sector wage in the U.S.

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Source: Rig Zone

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Woodside Nearly Doubles Revenue as Fossil Fuel Giants Cash in on Oil and Gas Prices

Fossil Fuel Giants Cash in on Oil and Gas Prices? Woodside Energy’s quarterly revenue has nearly doubled. It was just in a year! Thanks to strong gas pricing following a similar announcement from oil and gas giant Santos last week.

Woodside on Wednesday reported an 81% jump in its fourth-quarter revenue despite recent declines in oil prices.

The company’s high performance is likely down to the fact that most of Woodside’s LNG sales are linked to oil prices on a three to six-month lag.

The giant also profited from the acquisition of BHP Group assets, and benefits from exposure to gas hubs with strong prices like the Japan-Korea Marker (JKM) in Asia and the Netherlands’ TTF – in 2022, 23% of Woodside’s LNG was sold at prices linked to gas hub indexes, according to Reuters.

Despite this, fourth-quarter revenue was down 12% from the third quarter, riding lower prices and reduced trading activity.

CEO Meg O’Neill said oil production in the fourth quarter, a record 51.6 million barrels of oil equivalent (boe), was the highest annual production in the company’s history. O’Neill linked the company’s record performance to asset reliability.

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Source: Renew Economy

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Oil Prices Hit 7-Week High on Stronger China Outlook

Oil prices rose by around 1per cent on Monday to a seven-week high, extending last week’s gains on the back of a stronger outlook thanks to an expected economic recovery in top oil importer China this year.

Brent crude was up US$1.28, or 1.5per cent, at US$88.91 a barrel at 11:06 a.m. EST (1606 GMT). The session high was US$88.99 a barrel, the highest since Dec. 1.

U.S. West Texas Intermediate (WTI) crude rose 76 cents, or 0.9per cent, to US$82.40. The session high was US$82.64 a barrel, the highest since Dec. 5.

Last week Brent rose 2.8per cent while the U.S. benchmark logged a 1.8per cent gain.

Asian trading was slower because of the Lunar New Year holiday, but analysts said that optimism over China’s reopening is likely to drive oil prices higher.

Sukrit Vijayakar, director of Mumbai-based energy consultancy Trifecta, said the market wants to preserve long positions in case Chinese growth resumes.

Data shows a solid pick-up in travel in China after COVID-19 curbs were eased, ANZ commodity analysts said in a note, pointing out that road traffic congestion in the country’s 15 key cities so far this month is up 22per cent from the same period last year.

Crude Oil Prices

Crude oil prices in much of the world’s physical markets have started the year with a rally as China has shown signs of more buying and traders have worried that sanctions on Russia could tighten supply.

“While the (China) reopening itself will no doubt prove to be complicated, particularly over the holiday season, early indications suggest there has been a rise in activity, meaning the economy could perform better,” said OANDA analyst Craig Erlam.

Brent is expected to move back into a range between US$90 and US$100 as the oil market tightens, Erlam said.

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Source: Oil & Gas 360

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Oil production picking up in second-largest U.S. shale field

Oil production in South Texas, home of the second largest U.S. shale field, is going to rise as much as 4% this year. It is as higher prices spur more drilling and as U.S. crude exports set new records.

Output in the Eagle Ford shale field tanked in 2020. On the other hand, it has returned to growth with an average increase per month. It is about 17,000 barrels per bay (bpd) in the back half of 2022, according to U.S. government data. Its gains will help keep U.S. output rising as the Permian basin, the largest U.S. shale field has slowed rapidly in the last year.

Output in the Eagle Ford is going to rise between 25,000 to 40,000 barrels per day. This is what Alexandre Ramos-Peon said. He is the head of shale well research at Rystad Energy.

“Over the past few months, oil and gas production in South Texas have been showing new signs of life”. An analyst at RBN Energy, said in a report.

The number of rigs drilling for oil in the Eagle Ford rose to 69 in the week of Jan. 13, the highest since March 2019, up from 43 a year ago, according to the latest data from Baker Hughes.

Devon Energy Corp closed on a $1.8 billion deal in September that doubled its presence and will increase the proportion of oil from its wells in the Eagle Ford to 60% from 49%, RBN Energy said.

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Source: Reuters

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Oil Prices Rally As Confidence In A Global Economic Rebound Grows

Oil prices rally extended Tuesday’s gains into Wednesday. It is rising by 1% in early European trade. It is as market sentiment turned bullish on hopes that China’s reopening would boost demand growth. With that, major economies may avoid recessions.

The U.S. benchmark, WTI Crude, was trading up by 0.95% at $81.00 as of 9:05 CET. Brent Crude, the international benchmark, was rising by 0.76% at $86.60. This is a building on the gains from Tuesday. We saw the strongest settlement in Brent since early December.

Signs of cautious optimism about a recovery in economies and oil demand had started to emerge. This is what OPEC Secretary General Haitham Al-Ghais said on Tuesday. All thanks to the Chinese reopening. The most recent GDP data out of China, while pointing to the lowest economic growth since the 1970s, beat the consensus estimate.

“The good outweighs the bad with the outlook for China’s economic future.  China’s latest swathe of economic data points provide significant optimism that their reopening momentum could impress throughout the year,” Ed Moya, Senior Market Analyst, The Americas, at OANDA, said on Tuesday.

Yet, Moya warned that “China reopening optimism induced oil rally might have a little more in it, but it should stall out soon. Energy traders are probably a couple of dollars away from massive technical resistance.”

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Source: Oil Price

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