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Latest Industry News

By Emalee Springfield 18 Mar, 2024
March 15 (Reuters) - U.S. energy firms this week added the biggest number of oil and natural gas rigs in a week since September, with the oil rig count also rising to its highest in six months, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven to 629 in the week to March 15. Despite this week's rig increase, Baker Hughes said the total count was still down 125 rigs or 16.6% below this time last year. Baker Hughes said oil rigs rose six to 510 this week, their highest since September, while gas rigs rose one to 116. The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021, due to a decline in oil and gas prices, higher labor and equipment costs from soaring inflation and as companies focused on paying down debt and boosting shareholder returns instead of raising output. U.S. oil futures were up over 13% so far in 2024 after dropping by 11% in 2023. U.S. gas futures , meanwhile, were down about 33.7% so far in 2024 after plunging by 44% in 2023. Despite lower prices, spending and rig counts, U.S. oil and gas output was still on track to hit record highs in 2024 and 2025 due to efficiency gains and as firms complete work on already drilled wells. Reporting by Scott DiSavino in New York and Anjana Anil in Bengaluru Editing by Marguerita Choy View on the Reuters Website
By Emalee Springfield 06 Mar, 2024
Crude pipeline volumes for the four biggest US midstream operators logged a record high of 16.5mn b/d in the fourth quarter, according to company data, mostly driven by rising flows from the Permian basin. Overall flows were up by 6pc from the previous quarter and up by more than 50pc from the 10.8mn b/d logged in the first quarter of 2021, which was the low-water mark for the COVID-19 pandemic cycle. Flows remained well above the baseline level of 14.3mn b/d set in the first quarter of 2020 before pandemic-induced demand shocks and a battle for market share between Saudi Arabia and Russia sent crude prices tumbling to historic lows. Permian basin pipeline operators' fates are closely tied to field producers in west Texas and eastern New Mexico, who saw an unprecedented drop in output in April 2020 along with a day of negative pricing at the US pipeline hub of Cushing, Oklahoma. The tides have since turned in the Permian, where rising output drove overall US crude production to an all-time record of 13.3mn b/d in December. ExxonMobil's $59.5bn takeover of US independent Pioneer Natural Resources doubles down on the prolific basin's staying power. US midstream operator Plains All American Pipeline said it expects output from the Permian to set a fresh record high in 2024, synchronizing with oil majors' plans to boost production in the top-performing shale basin. Permian output is expected to grow to 6.4mn b/d in 2024 from 6.1mn b/d in 2023, Plains said in an investor presentation. Place your bets The increase will be mainly driven by efficiency gains, as the number of active rigs in the basin holds at 300-320 horizontal rigs. "Our bet would be on the US [exploration and production companies], that they would figure out how to get higher recoveries" from the Permian basin, Plains executive vice-president Al Swanson said. Plains' projections are in line with recent guidance from top US oil majors, who are targeting longer lateral wells and faster drilling times to squeeze more output from existing infrastructure. Chevron aims to boost Permian output by 10pc this year, while ExxonMobil expects 7pc growth from its operations there. Long-haul volumes on Plains' crude pipelines rose by 17pc from the previous quarter to 1.6mn b/d and were up by 7pc from year-earlier levels. Plains said it expects high utilization on the 670,000 b/d Cactus II pipeline, its joint venture with Enbridge, which runs from the Permian to Corpus Christi, Texas, on the central coast. It also expects rising volumes on its Basin pipeline system from Midland, Texas, to the US midcontinent storage hub at Cushing. The lion's share of gains in output from the top four US midstream operators came from Plains and Energy Transfer, while Enterprise Products Partners' volumes held steady and NuStar volumes were up by 100,000 b/d to 1.3mn b/d. Energy Transfer set record volumes on its crude pipeline system in the fourth quarter as production from the Permian rose. Texas crude transport volumes rose by 39pc from a year earlier to 5.9mn b/d, driven by rising output from the Permian. Crude volumes also got a boost from Energy Transfer's recent acquisitions. Energy Transfer in August agreed to buy Crestwood Equity Partners in a transaction valued at $7.1bn, after moving to purchase Lotus Midstream in March for $1.45bn. The Lotus acquisition assets included the Centurion pipeline that connects Permian producers with the hub at Cushing, and more than 2mn bl of storage capacity in Midland. Volumes on Energy Transfer's Bakken pipeline were higher because of rising output from the Bakken shale in North Dakota, and volumes on its Bayou Bridge system in Louisiana grew because of strong Gulf Coast refinery demand. Energy Transfer's crude exports from its terminals in Nederland and Houston, Texas, fell to 3.4mn b/d, down by 5pc from the previous quarter's record of 3.6mn b/d but up by 16pc from a year earlier. Enterprise Products Partners posted record volumes on its crude pipelines and marine terminals in the fourth quarter. Crude pipeline transportation volumes increased to a record 2.6mn b/d in the fourth quarter, up marginally from the previous quarter and a 32pc increase from a year earlier, with increased flows on its Midland-to-Echo system from the Permian to the Houston area. Enterprise moved a record 1mn b/d at its crude oil marine terminals in the fourth quarter, up slightly from the previous quarter and up by 32pc from a year earlier, with rising volumes at the Enterprise Hydrocarbons Terminal (EHT) on the Houston Ship Channel. "We are seeing more crude across our docks," Enterprise co-chief executive Jim Teague said. By Chris Baltimore View on the Argus Website
By Emalee Springfield 05 Mar, 2024
DUBAI, March 3 (Reuters) - OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd. Russia, which leads OPEC allies collectively known as OPEC+, will cut oil production and exports by an extra 471,000 bpd in the second quarter. Russian Deputy Prime Minister Alexander Novak gave new figures showing that cuts from production will make up a rising proportion of the measure. Oil has found support in 2024 from rising geopolitical tensions and Houthi attacks on Red Sea shipping, although concern about economic growth has weighed. While OPEC+ was widely expected to keep the cuts in place, Russia's announcement could bolster prices further. "There was a surprise from Russia," said UBS analyst Giovanni Staunovo, who called the developments largely expected. "If the Russian cuts are fully implemented additional barrels would be removed from the market. So that is a surprise move no one expected and could lift prices," he added. Brent crude settled $1.64 higher, or 2%, at $83.55 a barrel on Friday, up more than 8% so far this year. OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total. Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions. "The decision sends a message of cohesion and confirms that the group is not in a hurry to return supply volumes, supporting the view that when this finally happens, it will be gradual," analysts at investment bank Jefferies said in a report. OIL SEEN OPENING HIGHER OPEC+ in November had agreed to the voluntary cuts totaling about 2.2 million bpd for the first quarter, led by Saudi Arabia rolling over a cut it had first made in July. "The rollover was anticipated but extending it to the end of the second quarter might come as a surprise," said Tamas Varga of oil broker PVM. "The market is expected to open stronger." For the second quarter, Iraq will extend its 220,000 bpd output cut, UAE will keep in place its 163,000 bpd output cut, and Kuwait will maintain its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd. Kazakhstan said it will extend its voluntary cuts of 82,000 bpd through the second quarter. OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high-interest rates. The total OPEC+ pledged cuts since 2022 stand at about 5.86 million bpd, equal to about 5.7% of daily world demand, according to Reuters calculations. Sources told Reuters last week that OPEC+ would consider extending the latest round of output cuts into the second quarter, with one saying it was "likely". The oil demand outlook is uncertain for this year. OPEC expects another year of relatively strong demand growth of 2.25 million bpd, led by Asia, while the International Energy Agency expects much slower growth of 1.22 million bpd. In a further headwind for OPEC+, the IEA also expects oil supply to grow to a record high of about 103.8 million bpd this year, almost entirely driven by producers outside OPEC+, including the United States, Brazil, and Guyana. Reporting by Maha El Dahan in Dubai, Alex Lawler in London, Vladimir Soldatkin in Moscow and Ahmad Ghaddar; Writing by Yousef Saba; Editing by Jan Harvey, Nick Macfie and Alexander Smith View on the Reuters Website
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