Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels
02/27/2024
This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
Brent crude saw a modest increase of 0.75% to $82.96, a $0.30 rise from the previous Tuesday, while the U.S. benchmark WTI went up by 1.05% to $77.85, gaining $0.10 from last week.
Cushing's oil inventories rose by 668,000 barrels this week, adding to the previous week's 512,000 barrel increase.
The Department of Energy (DoE) also highlighted a rise in the Strategic Petroleum Reserve (SPR) by 0.7 million barrels as of February 16, reaching a new high of 359.5 million barrels since May 2023.
Oil prices climbed before the API's announcement, fueled by expectations that U.S. refineries would boost operations post-maintenance, potentially reducing crude stockpiles. Market prices also found support from ongoing tensions in Russia and the Middle East.
Gasoline stocks also grew by 415,000 barrels this week, contrasting sharply with the previous week's 7.23 million barrel decrease. Current gasoline reserves are roughly 2% lower than the five-year average for this season, as per the latest Energy Information Administration (EIA) data.
Meanwhile, distillate stocks dropped by 2.908 million barrels, following a 4.016 million barrel decrease the week before. This places distillates 7% below the five-year average for the week ending February 9.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
$113 Million Transaction Baytex Energy Sells Off Crude Oil Holdings in Western Canada
Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).
Exploring ESG in Upstream Operations: Examining Achievements, Obstacles, and Emerging Patterns
ESG considerations are becoming increasingly essential for companies operating in the upstream sector. Failure to address ESG concerns may result in financial and reputational risks, given the growing focus from investors, regulators, and other stakeholders. Companies must prioritize ESG performance and engage with stakeholders to address concerns and mitigate risks. By doing so, they can improve their reputation, attract investment, and contribute to a more sustainable future
Exxon Mobil recently completed its acquisition of Pioneer Natural Resources, a deal worth about $60 billion. This transaction, which is the biggest in shale oil history, significantly changes the competitive landscape in the Permian Basin, a major oil field. This marks Exxon Mobil's largest deal since its $84.4 billion merger with Mobil Corp. in 1999. With this acquisition, Exxon Mobil's production in the Permian Basin will double to 1.3 million barrels of oil equivalent per day.
OXY has been the leader in Permian Basin production for the past five years. Currently, the Houston-based oil and gas company is deepening its presence in the basin with a $12 billion acquisition of CrownRock, adding over 94,000 acres in the Midland Basin and increasing its oil output by about 170,000 barrels per day. Occidental announced an increase in its proved reserves to 4.0 billion barrels of oil equivalent by the end of December 2023, up from 3.8 billion the previous year. Activities in the Permian largely fueled this rise. Occidental added approximately 303 million barrels through infill development projects as well as new discoveries and the further development of existing fields brought in another 153 million barrels.
TotalEnergies kicked off 2024 with a net income of $5.7 billion in the first quarter, marking a modest 3% increase from the same period last year and a 13% rise from the previous quarter. This growth occurred despite experiencing drops in both the volume and price of gas sales over the year and the quarter. Their adjusted net earnings, which exclude one-time or unusual items, were $5.1 billion. This represents a significant 22% decline compared to last year and a slight 2% drop from the last quarter. The company's earnings before tax, depreciation, and amortization reached $11.5 billion, while their cash flow from operations significantly decreased to $2.2 billion, falling by 58% from last year and a steep 87% from the previous quarter. TotalEnergies also recorded $644 million in impairments.