NorthAmOil - North America Oil & Gas

ExxonMobil, Chevron report strong financials, beating expectations

ExxonMobil posted first-quarter 2023 earnings of $11.4bn, compared with $12.8bn in the final quarter of 2022. Its most recent earnings, at $2.79 per share, were the company’s best-ever start to a year.

Suncor to buy TotalEnergies’ oil sands assets for $4.1bn

Suncor Energy has agreed to acquire TotalEnergies’ Canadian operations for CAD5.5bn ($4.1bn), plus additional potential payments up to an aggregate maximum of CAD600mn.

Southwestern sees lower production in 2023, strong long-term fundamentals

Gas driller Southwestern Energy said that despite lower production forecast for 2023, demand fundamentals remain bullish. The company drills gas and natural gas liquids (NGLs) in Appalachia and the Haynesville.

Appeals court up-ends environmentalists’ bid to undo 2021 Gulf leases

Offshore oil and gas drilling leases covering 6,880 square kilometres in the US Gulf of Mexico will remain in place, said a federal appeals court in Washington DC.

Pioneer beats profits forecasts, sees inflation waning in the Permian

Pioneer Natural Resources, Texas’ largest oil producer, has reported a profit for the first quarter that has beat estimates. A senior executive has also said that inflation is waning in the Permian Basin, where Pioneer is the top operator.

Well costs have peaked, says Diamondback

Diamondback Energy missed profit forecasts because of lower oil prices, but a senior executive says that well prices seem to have peaked.

Biden administration could pause decision on EV biofuel programme

The administration of US President Joe Biden may delay giving manufacturers of electric vehicles tradeable credits under the US Renewable Fuel Standard (RFS) programme.

Reports suggest Iran’s seizure of tanker is retaliation for US effort to arrest vessel carrying Iranian oil cargo

JERA agrees to purchase LNG from Venture Global in 20-year deal

Under the terms of the free on board deal, JERA will buy roughly 1mn tpy of LNG from the Venture Global-operated CP2 project to be located in Cameron Parish, Louisiana.

Rio Grande LNG to be financed soon, says NextDecade CEO

NextDecade Corp. CEO Matthew Schatzman says that a positive final investment decision is likely to be made on the Rio Grande LNG facility soon after the Federal Energy Regulatory Commission’s order reaffirming its approval.