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Over the next 12 months, US Energy plans to invest over $750 million, primarily targeting projects in the Permian region.

US Energy Development Corporation to invest $750 million on Permian projects

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U.S. Energy Development Corporation (U.S. Energy) is expanding its operations in the prolific Permian basin. U.S. Energy is poised for significant growth and development in one of the most productive oil and gas regions in the United States.

Over the next 12 months, the company expects to deploy upwards of $750 million, with the majority of this capital earmarked for projects in the Permian.

Following closely on the heels of its success with the JT Morris pad, U.S. Energy brought its Westway 2122 two-well pad online in mid-June. Similar to JT Morris, the Westway project was completed under budget and ahead of schedule.

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Source: Oil & Gas 360

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The oil and gas industry has experienced a number of booms and busts over the past few decades, but for now, it appears to be flush with cash.

Oil and gas companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace

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Last year, the demand for loans from fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022.

From a climate perspective, this may sound like good news because the drop in bank lending to oil, gas and coal companies should mean less investment and less production over time.

The reality, however, is that oil and gas companies don’t need a lot of loans because they’re generating so much money these days from their underlying businesses, said Andrew John Stevenson, senior analyst at Bloomberg Intelligence. And that trend is likely to continue through the end of the decade, he said.

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Source: Fortune

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Despite the Biden administration's ambitious climate goals, the oil & gas industry in the US has seen unprecedented growth and profitability.

US oil and gas companies profits skyrocket as the US becomes the energy supplier of choice

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Despite the Biden administration’s ambitious climate goals, the oil and gas industry in the United States has seen unprecedented growth and profitability. The top 10 listed oil and gas producers in the US have reported a combined net income of $313 billion in the first three years of President Biden’s term (Financial Times), this is three times the $112 billion generated during the same period under President Trump.

This surge in profitability can be attributed to several factors, including record-high production levels as well as significant cost reduction particularly in the oil rich Gulf of Mexico. In December 2023, US oil production reached 13.5 million barrels per day, surpassing all previous records. According to the US Energy Administration, by 2024 the US will reach the daily production of 14 million barrels per day. Additionally, natural gas production exceeded 105 billion cubic feet per day for the first time. These achievements have solidified the US as a global energy leader, with the country now ranking as the second-largest exporter of crude oil and the largest exporter of liquefied natural gas (LNG), overtaking Qatar.

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Source: FX Street

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Exxon, Chevron and Oxy led the way in a blockbuster year for Texas oil mergers amid a consolidation wave that is projected to continue.

How a spree of oil and gas mergers are setting the stage for 2024

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Last year was big for Texas oil companies as they jockeyed for access to petroleum-rich plots of the Permian Basin and branched into new territories.

Recent megadeals struck by Chevron and Exxon put pressure on others in the oil industry to catch the consolidation wave, potentially kicking off a new round of mergers and acquisitions that could have a profound impact on Houston for years to come. Additionally, milestone acquisitions made by Exxon and Occidental Petroleum in the carbon capture space also set the stage for Houston to be ground zero for the growing industry.

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Source: Houston Chronicle

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war

Oil’s rising price poised to boost energy sector

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Crude oil prices surged over the summer as OPEC curtailed production, followed by the outbreak in early October of the Israel-Hamas war, which sparked fears of greater military conflict throughout the region. While higher oil prices may prove challenging for overall equity performance, energy stocks appear poised to benefit if commodity prices resume their ascent.
Oil’s surge and drop: Oil prices had risen following the eruption of violence in the Middle East, but have since fallen. West Texas Intermediate closed at $80.44 on Nov. 1 vs. $82.79 on Oct. 6, but will increase by more than 10% next year, according to U.S. Energy Information Administration forecasts. However, the EIA notes that its forecasts don’t take into account impacts from recent geopolitical events. Natural gas prices were recently $3.44 per million BTU compared to $3.34 on Oct. 6.

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Source: Pensions&Investments

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Texas energy expected to be key in meeting global demand

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As 2023 gets underway, the Energy Information Administration is offering its annual short-term energy outlook for the early part of the year.

Among the trends the report has identified are rising natural gas production, increasing liquefied natural gas exports and high winter electricity prices.

So, asked the Texas Independent Producers and Royalty Owners Association, what does this mean for Texas?

“Global production will continue to rise in the coming years and the Permian Basin will play a critical role in meeting energy demand here and abroad,” responded Ed Longanecker, TIPRO president, in an email to the Reporter-Telegram.

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Source: mrt

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