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Oklahoma drilling stays strong despite a 2-rig drop; Cana Woodford up 2, Granite Wash down 1, others mostly unchanged or steady.

Oil and gas drilling remains strong in Oklahoma

While the latest Baker Hughes rig count reported a drop of 2 rigs in Oklahoma to 50, most of the strong oil and gas drilling plays in the state still saw continued activity.

A breakdown of the oil plays showed only one with a decline of activity and that was the Granite Wash, which according to the Baker Hughes rig count, slipped by one rig to 14. None of the other oil plays in the state showed any decline, so the overall drop of two is admittedly confusing.

Otherwise, the Cana Woodford saw a pickup of 2 rigs for a total of 20. The Ardmore Woodford remained at 3 rigs while the Arkoma Woodford stayed at one.

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Source: OK Energy Today

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Gov. Greg Abbott signed new laws to support Texas oil and gas and promote long-term growth in the Permian Basin.

Abbott signs bills to boost Texas oil and fight Permian Basin theft

Governor Greg Abbott on Thursday signed into law a suite of bills. It is aiming to strengthen the state’s oil and gas industry and driving long-term economic development in the Permian Basin.

The ceremonial event was held at the Permian Basin Petroleum Museum. Abbott hailed the legislation as a turning point for both the energy sector and the West Texas region it powers.

“Today is a defining moment for the Permian Basin. The future of this region, and the future of Texas,” Abbott said. “We are bringing the full weight of the law to crack down on oil theft. In the Permian Basin, we protect the critical role energy development plays in fueling our economy.

The legislative package includes Senate Bills 494, 529, and 1806, House Bill 48, and a $123 million Beacon Budget Appropriation. Together, the measures focus on both crime prevention and economic expansion, with lawmakers and energy executives rallying behind the effort.

At the center of the anti-crime measures is Senate Bill 494, which establishes a petroleum product theft task force, and House Bill 48, which creates an organized oilfield theft prevention unit within the Texas Department of Public Safety. The goal: to combat the growing threat of organized criminal activity targeting oil pipelines and storage tanks — theft that state officials say has siphoned millions of dollars from the region.

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Source: News4SA

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Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

Goldman expects OPEC+ output hikes to end in August

Goldman Sachs expects OPEC+ to make its final production hike in August at the now standard level of 411,000 barrels daily.

In a recent analysis, the bank highlighted the current dynamics of the oil market, indicating that the fundamentals surrounding oil supply and demand remain relatively robust. Despite ongoing concerns about a potential slowdown in global economic activity, recent data has shown stronger-than-expected performance in various sectors. This resilience in hard global activity metrics, coupled with the seasonal uptick in oil demand typically associated with the summer months, suggests that any anticipated decline in oil consumption is unlikely to be severe enough to warrant a significant reduction in production levels. As such, market participants are closely monitoring these trends, particularly in light of the upcoming decision on production levels scheduled for July 6th.

Furthermore, the interplay between these factors may lead to a reconsideration of strategies among oil-producing nations as they evaluate their output in response to both market signals and geopolitical considerations. The bank’s insights imply that while cautious optimism prevails, the potential for a sustained increase in production remains on the table. Producers may view the current environment as an opportunity to capitalize on existing demand, thus influencing pricing and supply dynamics in the coming months. This perspective underscores the importance of closely watching economic indicators and seasonal patterns as they impact the broader oil market landscape.

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Source: Oil Price

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oil prices rise

Oil prices rise after Ukrainian strikes on Russia

OPEC+, the cartel of oil producers, agreed over the weekend to crank up production. Instead of falling, Brent oil prices rise about 3% to start the week, at a shade under $65 a barrel.

Prices in the global energy markets are experiencing an upward surge, a trend that analysts attribute to a combination of factors, notably Ukraine’s recent drone strikes targeting military airports within Russian territory. These strategic attacks have heightened tensions and introduced a sense of unpredictability into the market, leading to concerns about the stability of Russian oil production and supply chains. Additionally, there is a concerted effort among U.S. lawmakers to further isolate Russia economically by implementing stricter measures aimed at cutting Russian oil from global markets. This push reflects a broader strategy to weaken Russia’s financial position in the ongoing conflict while simultaneously seeking to ensure that other nations align with the sanctions regime.

The Parallel Development as Oil prices rise up

In a parallel development, Russian and Ukrainian officials are scheduled to engage in talks in Istanbul today, a meeting that could potentially pave the way for diplomatic progress. However, the backdrop of escalating military actions, particularly the drone strikes, creates an atmosphere of mistrust that may undermine the prospects for a breakthrough in negotiations. The prospect of peace in Ukraine remains a complex and contentious issue, as any resolution could theoretically lead to a relaxation of the stringent Western sanctions currently imposed on Russian energy exports. Such a shift could have significant implications not only for the dynamics of the conflict but also for the global energy landscape, affecting prices and supply chains across various markets. As the situation evolves, stakeholders are closely monitoring developments, aware that the interplay between military actions and diplomatic efforts will ultimately shape the trajectory of both the conflict and the global economy.

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Source: The Wall Street Journal

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New USGS study finds 473M barrels of oil, 27T cubic feet of gas in WY, CO, UT—signaling major boost for U.S. energy supply and economy.

DOI says new USGS study finds ‘significant’ undiscovered oil, gas resources

In a statement posted on its website recently, the U.S. Department of the Interior (DOI) announced the release of a new U.S. Geological Survey (USGS) assessment “identifying significant undiscovered, technically recoverable oil and gas resources in the Mowry Composite Total Petroleum System”.

The DOI noted in the statement that the assessment estimates the presence of 473 million barrels of oil. Moreover, it is 27 trillion cubic feet of natural gas. It pointed out that these are resources “that could help bolster domestic energy supply and fuel local economies”.

A fact sheet posted on the USGS website stated that the USGS “assessed undiscovered, technically recoverable conventional and continuous (unconventional) oil and gas resources in the Early to Late Cretaceous (Albian to Coniacian) Mowry Composite Total Petroleum System (TPS) in the Southwestern Wyoming Province in Wyoming, Colorado, and Utah”.

In its statement, the DOI noted that, since exploration began in the 1950s, the Mowry Composite system has produced approximately 7.3 trillion cubic feet of natural gas and 90 million barrels of oil.

The DOI pointed out in its statement that the USGS previously assessed undiscovered energy resources in the Mowry Composite Total Petroleum System in 2005. It added that the Southwestern Wyoming Geologic Province, where the Mowry is located, “also produces abundant additional oil and gas from other formations, such as the Lance Formation, Lewis Shale, and the Mesa Verde Group”. None of these are accounted for in the latest USGS assessment, the DOI highlighted.

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Source: Rigzone

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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.

Return of Peak Oil

The term “return of 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.

What is Peak Oil?

But let’s begin with the basics. “Peak oil” doesn’t mean we are running out of oil. It means that we have hit a maximum level of oil production, and after that point, production begins to decline.

The concept was popularized in the 1950s by geophysicist Shell M. King Hubbert, who predicted that U.S. oil production would peak around 1970. That prediction was initially correct, but it didn’t account for the eventual surge in unconventional oil—especially from shale—which temporarily reversed that decline decades later.

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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 basin growth 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.

The U.S. supermajor generated $13.0 billion in cash flow from operations in the first quarter, down from $14.7 billion for the same period of 2024.

First-quarter earnings were helped by production growth in the Permian and Guyana, additional structural cost savings, and favorable timing effects. These mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments, and higher expenses from growth initiatives, Exxon said.

Upstream earnings increased by $1.1 billion from a year earlier to $6.8 billion, thanks to continued growth in the Permian and Guyana, as well as structural cost savings.

Exxon’s net production jumped by 20% to 4.6 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer.

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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.

Oil Price Slump – Refiners defy with strong Q1 profits on solid margins

Despite oil price slump, 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.

For now, we are witnessing cheap crude and stable demand for gasoline, diesel and jet fuel, which is, in turn, allowing refiners to profit from the widening crack spreads. In other words, refiners are minting money on the crack spread.

So far for the quarter, we’ve seen a mixed bag, despite the overall boost for refiners.

Marathon Petroleum posted a Q1 loss, citing weaker-than-expected margins, seasonal maintenance, and unplanned downtime as key drags on performance. Conversely, Chevron’s refining unit outperformed, helping the company meet analysts’ expectations despite a soft crude price deck.

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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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