(by Reuters) Oil prices were little changed on Friday in a see-saw session, retreating from session highs and headed for weekly declines on lingering questions about whether OPEC will extend output cuts at its May meeting. The market also questioned whether an extension would reduce a global crude glut enough to boost prices. U.S. oil prices have lost ground in eight of the last 11...Read more w/video
(by Matt Zborowski) The US tally of active drilling rigs increased by 13 to 870 during the week ended Apr. 28, marking the 12th double-digit rise during 15 straight weeks of gains, according to Baker Hughes Inc. data. The count is now up 466 units since the nadir of the drilling downturn on May 20-27, 2016, and at its highest point since Aug. 28, 2015. Since its last decline, the count is up 211...Read more [Oklahoma +3 to 127]
(by Laura Legere/Harrisburg Bureau) Russ Forba opened his natural gas royalty statement on Monday and got a bitter surprise. Mr. Forba was featured in a Post-Gazette article on Sunday describing nine months when Chesapeake Energy Corp. calculated that the costs of piping and marketing the Marcellus Shale gas extracted from beneath his family's northeastern Pennsylvania farm...Read more
(by Ryan Handy) Houston-based Phillips 66 saw an improvement in its first quarter earnings in 2017, following a disappointing year in which the company's profits fell 75 percent from 2015. Phillips on Friday reported profits of $535 million for the first quarter, compared to a $163 million gain during the fourth quarter of last year. Phillips attributed some of the gain to its new liquefied...Read more
(by Collin Eaton) Exxon Mobil Corp.'s profit more than doubled in the first quarter, as its oil-production business swung back from a loss amid rising crude prices, the company said Friday. The Irving, Texas-based oil company made $4 billion, or 95 cents a share, in the first quarter, compared to $1.8 billion, or 43 cents a share, in the same three-month period last year. Its revenue...Read more
(by David Hunn) Chevron posted double-digit increases in revenues and profits on Friday, boosted by good news in most business sectors, including U.S. and international oil production. Revenues rose $9 billion or 42 percent over the same quarter last year to $33.4 billion. Income swung to $2.7 billion in profits after the California company posted losses of $725 million in the first quarter...Read more
(by Dan Elliott/AP) DENVER -- Colorado regulators have found no sign of natural gas leaks after a fatal explosion at a home near a gas well, but they are still running tests, officials said Thursday. Two people died and a third was badly burned when the house exploded on April 17 in Firestone, 30 miles north of Denver. The house was within 200 feet of a well producing mostly gas...Read more
(by Collin Eaton) Ever since OPEC began cutting oil production, drilling in the United States has surged. Norwegian consultancy Rystad Energy estimates $100 billion in investment funds has flowed into the U.S. shale industry over the past year, propping up domestic drilling by 60 percent. So-called completion activity -- procedures like hydraulic fracturing that stimulate shale wells...Read more
(by Reuters) Crude prices fell more than 1 percent on Thursday as the restart of two key oilfields in Libya pumped more crude into an already bloated market. U.S. gasoline futures also led the complex lower, falling to the lowest in at least eight years for this time of year after inventories rose by the most in nearly three months and demand remained weak. Benchmark Brent crude was...Read more w/video

Working gas in storage was 2,189 Bcf as of Friday, April 21, 2017, according to EIA estimates. This represents a net increase of 74 Bcf from the previous week. Stocks were 358 Bcf less than last year at this time and 299 Bcf above the five-year average of 1,890 Bcf. At 2,189 Bcf, total working gas is within the five-year historical range...Read more | Natural Gas Weekly Update
(by John Kemp) LONDON -- U.S. refineries processed a record volume of crude last week, making a small dent in the country's bloated crude stocks but resulting in a big build-up of refined product inventories. U.S. refineries have ramped up crude processing by 1 million barrels per day (bpd) over the last four weeks and 2 million bpd over the last nine weeks, according to the U.S...Read more
(by Reuters) Oil prices rebounded from earlier losses on Wednesday after data showed a larger-than-expected falloff in U.S. crude inventories, a salve for investors after several days of declines on worries about the slow pace of global efforts to reduce a glut. U.S. commercial crude inventories fell by 3.6 million barrels to a total of 528.7 million barrels in the week through April 21, the Energy...Read more w/video

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.6 million barrels from the previous week. At 528.7 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.4 million barrels last week, and are near the upper limit of the average range...Read more (.pdf)

(by John Kemp) LONDON -- U.S. oil and gas drilling costs have started to rise in response to a surge in activity and are set to increase further as the slack in the rig market declines. Drilling costs increased by 7 percent between November 2016 and March 2017, according to preliminary data on producer prices from the U.S. Bureau of Labor Statistics. The increase has offset only a...Read more
Crude oil production in the Permian Basin is expected to increase to an estimated 2.4 million barrels per day (b/d) in May, based on estimates from EIA’s Drilling Productivity Report. Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oil prices fell. As production in other regions fell throughout most of 2015...Read more
(by David Hunn) The first quarter of 2017 set a record with $73 billion in announced U.S. oil and gas mergers and acquisitions, nearly triple the same period last year, according to a recent report from the London consulting firm PricewaterhouseCoopers. More companies also prepared last quarter to go public, signaling a potential increase in initial public offerings this quarter...Read more
BOSTON -- According to Energy Security Analysis' North America Watch, production of crude oil from the Permian basin will continue to outpace pipeline capacity in the region, keeping pressure on WTI Midland prices relative to WTI Houston. This constraint should be alleviated by the fourth quarter as new pipeline projects come online. ESAI Energy estimates production from the Permian...Read more
(by Adam Levine-Weinberg) After initially aiming to boost crude oil prices to $55 a barrel, key OPEC members like Saudi Arabia, Kuwait, and Iraq have now set their sights on $60 a barrel oil. This target -- along with rumors that OPEC would extend the production cuts announced last November -- helped spur an oil rally earlier this month. However, crude prices have fallen back toward $50...Read more
(by Christopher Helman) Bud Brigham's headquarters is on the west side of Austin perched above the Colorado River. He's been based there for 20 years, happily removed from the oil capital of Houston. The mood in his office was decidedly casual -- fitting for this college town. And why not? Brigham recently closed on the sale of Brigham Exploration (and its 80,000 acres in the Permian...Read more
HOUSTON -- Noble Energy, Inc., announced that, following the overwhelming approval by the stockholders of Clayton Williams Energy, Inc., of the acquisition of Clayton Williams Energy by Noble Energy, the transaction closed and became effective immediately after market close on April 24, 2017. In conjunction with the closing, Clayton Williams Energy became a wholly owned subsidiary...Read more