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A coalition of energy companies, along with state and local partners, plans to spend $844 million on roads, education, workforce development, housing, broadband and health care in the region, according to the Permian Strategic Partnership, which assembled the group. View the full article
Much of the progressives' anxiety around the $1T infrastructure bill has coalesced around support for carbon capture. Last month, hundreds of climate groups wrote an open letter calling on Biden to reject carbon capture as a “dangerous distraction” to eliminating fossil fuels entirely. View the full article
Troops from Mozambique and Rwanda retook a port town at the heart of a four-year insurgency that led to the suspension of a $20 billion project by TotalEnergies SE. View the full article
The Biden administration faces the sobering reality that returning to the Iran nuclear deal may no longer be feasible, as the Islamic Republic finds ways to cope with U.S. sanctions and races toward the capacity to build a bomb. View the full article
“Oil is seeing a continued loss of momentum, with sentiment taking a knock,” said Ole Hansen, head of commodities research at Saxo Bank A/S. “Most importantly, worries about the short-term demand outlook as governments respond to a surging delta variant” are weighing on the market. View the full article
Exxon Mobil was suspended from the Climate Leadership Council, a pro-carbon tax group backed by conservation groups and some of the world’s biggest corporations. The move comes just weeks after an Exxon lobbyist was secretly recorded by Greenpeace saying that the oil giant only voiced support for a carbon tax because it knew such a policy would be almost impossible to implement. View the full article
While there are several one-off factors that have pushed gas prices higher, such as supply disruptions, the global economic rebound and a lull in new LNG export plants, there is a growing consensus that the world is facing a structural shift, driven by the energy transition. View the full article
Shale drillers are showing so much financial self-discipline that next year’s oil-production forecasts may be in peril, according to Tudor, Pickering, Holt and Co. View the full article
Exxon Mobil was suspended from the Climate Leadership Council, a pro-carbon tax group backed by conservation groups and some of the world’s biggest corporations. View the full article
The reopening of major economies has triggered a surge in commodity prices, with crude up around 40% this year. In the past two weeks, oil companies such as BP Chevron and Royal Dutch Shell have said they will increase share buybacks and payouts, confident the worst of the pandemic is over. View the full article
Saudi Arabia’s move to push up the cost of its oil in Asia may backfire as an outbreak of the delta virus variant in China damps demand, while the U.S. and Russia offer more competitively priced alternatives. View the full article
The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators. View the full article
Russia is supplying more oil to the U.S. than any other foreign producer aside from Canada as American refiners scour the globe for gasoline-rich feedstocks to feed surging motor-fuel demand. View the full article
Brazil’s state-controlled oil company saw its earnings surge to a record for the second quarter, providing relief to investors who were rattled by a messy management change earlier this year. View the full article
Delta’s spread is challenging the global recovery, which had driven prices of commodities to multiyear highs late last month. The impact of the latest Chinese outbreaks can already be seen, with traffic thinning on some of the country’s typically busy city roads and raising concerns about near-term fuel demand. View the full article
TotalEnergies SE is weighing taking a stake in what will be the world’s largest offshore wind farm, according to people familiar with the matter, as the French oil major continues to flex its green credentials. View the full article
From 2019 to 2020, petroleum consumption decreased in every energy-consuming sector in the United States, including a record 15% decrease in the transportation sector. View the full article
China is renewing restrictions and canceling flights as a Covid-19 resurgence in Asia’s top oil consumer sends jitters across the crude market. View the full article
Callon Petroleum Co. failed to win over investors Wednesday after announcing its biggest-ever acquisition to bulk up in America’s most prolific shale patch. View the full article
With more consolidation brewing in the largest U.S. oil patch, the boss of one of the largest independent shale producers says he’s not interested, and warned that investors are still skittish about deals. View the full article
West Texas Intermediate futures tumbled 3.4% to close at the lowest in more than two weeks. The delta variant of Covid-19 has been detected in almost half of China’s 32 provinces in two weeks, and at least 46 cities have advised residents against non-essential travel. View the full article
The high-performing electric frac solution reduced emissions for Chesapeake by 32% and applied over 25 megawatts of lower-carbon power generation by leveraging Chesapeake’s local field gas network. View the full article
West Texas Intermediate futures slumped 1.9%, after retreating 4.6% in the previous two sessions. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in just two weeks, and at least 46 cities have advised residents not to travel unless strictly necessary. View the full article
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