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Last year, President Biden slammed Exxon Mobil for making “more money than God.”

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.

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Source: the HUSTLE

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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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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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Since the initial discovery of oil at Spindletop on January 10, 1901, the financial fortunes of the Texas state government have tended to ebb. Thanks to oil and Gas! For the flow of fortunes of the state’s oil and gas industry. In his biennial official state revenue estimate that precedes each legislative session, Texas Comptroller Glenn Hegar showed that, 122 years later, that relationship has not changed.

On Monday, Hegar delivered the best budget news in the state’s history. The Comptroller reported that legislators will have a record budget surplus of $32.7 billion to work with as they formulate the state’s budget for the 2024-25 biennium.

Writing in the Austin American Statesman, Hegar attributed much of the credit for the happy revenue situation to the state’s oil and gas industry. “Texas revenues over the last 18 months have been remarkable,” Hegar says. “Only three times in the last 30 years has Texas total tax collection grown by double digits over the previous year. Those three increases range from 10 to 13%. By comparison, last year’s increase was a whopping 25.6%…with staggering growth from oil and gas severance taxes.”

The growth in state severance tax collections is not surprising, given that the tax is assessed on the sales value of the production, not as a percentage of volume as is the case in some other states. Thus, the high commodity prices for both oil and natural gas during 2022 were big drivers of this increase.

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Source: Forbes

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Largest oil and gas producers

The tumult of war and climate breakdown has proved lucrative for the world’s leading oil and gas companies, with financial records showing 28 of the largest producers made close to $100bn in combined profits in just the first three months of 2022.

Buoyed by oil commodity prices that soared following the turmoil caused by Russia’s invasion of Ukraine, major fossil fuel businesses enjoyed a bonanza in the first quarter of the year, making $93.3bn in total profits.

Shell made $9.1bn in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8bn, also a near threefold increase on 2021.

Chevron upped its profits to $6.5bn and BP revealed in its highest first-quarter profits in a decade, making $6.2bn. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a 449% increase in profits on last year, to $818m.

The rocketing profits, at a time when inflation has surged in many countries, has prompted several of the companies to return billions of dollars to shareholders via share buybacks and dividends.

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Source: The Guardian

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oil play review

Namibia is currently witnessing what could become one of the most spectacular explorational oil plays in recent memory, and one Canadian driller is at the center of this brand-new, potential blue-sky opportunity. This is what this oil play review and update is all about.

Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) is in the process of attempting to de-risk the potentially huge Kavango basin. Following the encouraging results of their first two test wells, the company is now analyzing the data to determine the size and commercial potential of the basin.

With the exploration efforts in Namibia advancing quickly, Oilprice.com founder James Stafford sat down with one of RECO’s leading geologists Dr. Jim Granath to find out more about the producibility and commercial potential of the encountered hydrocarbon system in RECO’s Kavango basin.

In This interview with Jim we look at the following:
– Why the stratigraphic wells were a huge success
– How the hydrocarbons are stacked in columns from 15 to over 110 meters in height
– The oil and gas they are seeing are far more than normal shows
– The type of oil they are seeing in the wells
– How the geology is similar to the Zagros belt in the Middle East
– Why this is a conventional play

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Source: Oil Price

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The benchmark of current US oil prices, WTI Crude, hit its highest level since November 2014 early on Tuesday. This is after OPEC+ on Monday called off its third attempt to reach an agreement. Discussed is over oil policy management for the coming months.

In Asian trade earlier in the day, WTI Crude touched $76.50 a barrel, narrowing the WTI/Brent Crude spread significantly.

There has been intense talks late last week and attempts at mediation during the weekend. The standoff between the United Arab Emirates (UAE) and Saudi Arabia over the Emirati baseline production level has no resolution.

Then, OPEC Secretary-General Mohammad Barkindo said in a concise statement on Monday that the OPEC+ meeting was called off. The date of the next meeting has not been decided yet.

The oil market immediately jumped on the news. As participants weighed the notion that no deal about how to proceed with oil supply management. It would mean no additional supply from the OPEC+ alliance for August. This is at a time when global oil demand is bouncing back with summer travel and re-opening of economies.

Insights of Analysts

Most analysts expect oil prices to continue rising until OPEC+ meets again, which, according to reports and analyst estimates, could come at some point over the next one to three weeks. There is already talk about whether this will lead to another break-up in the OPEC+ union, after the collapse in March last year. Currently, a complete collapse of the deal is more of a fringe scenario of extremes, rather than a distinct possibility.

“The fallout within OPEC+ means increased uncertainty in the months ahead if a quick resolution is not found, which suggests increased volatility in prices,” said Warren Patterson, Head of Commodities Strategy at ING.

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Source: Oil Price

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canada oil news

At a time, U.S. shale, OPEC+, and dozens of oil producers have laid out blueprints to limit production. This is in a bid to return the global oil industry to its former glory. Now, Canada’s Oil Patch appears to be merely paying lip service. It is to the notion of keeping production subdued. Continue reading for more Canada oil news.

Like everybody else, Canada’s oil and gas producers have been preaching capital discipline. They are assuring investors they have no intention of boosting spending. It is preferring to return capital to investors mainly in the form of dividends and buybacks.

But behind the scenes, Canada’s Oil Patch has been giving a nod and a wink to supply chain partners, telling oilfield services companies to get ready for prime-time action—and soon.

A survey by investment bank Raymond James has revealed that the majority of Canada’s mid-and small-cap oil and gas producers plan to increase their capital expenditure (Capex) this year by a significant margin.

About 51% of oil and gas producers intend to ramp-up production over the coming months if oil prices remain above $60 per barrel with a good 28% of E&P companies saying they have increased their budgets by at least 25%.

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Source: Oil Price

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Oil production from the seven largest U.S. shale regions is set to decline by 46,000 barrels per day (bpd) in April, but output in the biggest and most prolific basin, the Permian, is expected to eke out a production gain next month, EIA data showed.

According to the EIA’s Drilling Productivity Report, shale production is set to drop by 46,000 bpd to 7.458 million bpd next month. All oil-producing regions except for the Permian are expected to see their production drop in April, but the Permian basin should see output rise by 11,000 bpd to 4.292 million bpd, EIA’s latest estimates show.

While the Permian is expected to increase its oil production, the Niobara and Eagle Ford regions are set for the biggest declines, by 15,000 bpd each, next month. Production in the Anadarko region is seen down 14,000 bpd from March to April, while production in the second most prolific region, the Bakken, is expected down by 12,000 bpd to 1.116 million bpd, the lowest level since July last year. Output in the Appalachia region is forecast slightly down by 1,000 bpd, and production in the Haynesville formation is set to remain flat.

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Source: Oil Price

After a year of non-existent liquefied natural gas (LNG) exports from one of the fastest-growing global suppliers, the United States, to the fastest-growing world importer, China, American LNG cargoes started to travel again to China in March this year. Now U.S. exports of LNG are set to grow in the coming years, thanks to the first commercial U.S.-Chinese agreement for term supplies since the trade war that started in 2018 decimated American LNG exports to China, after Beijing slapped tariffs on the super-chilled fuel in retaliation to U.S tariffs on billions of U.S. dollars worth of Chinese goods.

U.S. LNG producer and exporter Cheniere Energy has recently signed a framework agreement with China’s Foran Energy Group to sell 26 LNG cargoes to the Chinese company over the next five years to 2025, Bloomberg reported.

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Source: Oil Price