“Drill, baby, drill” is not the central theme in the U.S. shale patch despite President Donald Trump’s best efforts to back the American oil and gas industry with eased permitting and reversal of climate and export-restricting policies.  Most U.S. oil and gas producers are boosting production through consolidation and efficiency gains, instead of drilling additional wells. Many rely on drilled but uncompleted wells (DUCs) to raise output as the U.S. benchmark oil price has dipped by about 15% since President Trump’s…

Democrats' pitch on reining in energy prices helped them handily win Tuesday’s elections, with several candidates promising to freeze utility rates. Democrats also notched seats in Georgia’s utilities commission for the first time in nearly 20 years, a clear rebuke of the Georgia Public Service Commission after it hiked electricity rates six times over the past two years. Georgia Power residential customers are now paying an extra $516 per year on their electric bill from two years ago. But Georgia is hardly alone. Surging electricity…

Not long ago, the UK’s Prime Minister declared his government would turn the country into an “AI superpower”. The EU leadership has similar plans for the bloc—while China and the U.S. race ahead without looking back. Neither the UK nor the EU will catch up soon. Their energy is too expensive. Now, Nvidia’s boss is warning that even the United States’ energy costs may be too high to help it win the race. “China is going to win the AI race.” Jensen Huang made the blunt statement at the Financial Times’…

Saudi Arabia’s Vision 2030 national development strategy establishes the aim of economic diversification, as the government seeks to reduce its reliance on fossil fuel revenues by expanding other economic sectors. In addition to drawing revenue from growing industries, such as construction, ICT, and tourism, the government is encouraging greater energy diversification to boost the country’s long-term energy security.  Saudi Arabia built its wealth on oil, and it remains the second-biggest oil-producing country in the world, with…

Iraq Prime Minister Mohammed Shia Al Sudani has directed his ministry to halt imports of middle distillates such as gasoline, diesel and kerosene, claiming his country has achieved self-sufficiency through increased oil production coupled with ongoing additions of refining capacity.  Iraq has ramped up oil production and exports, partly through the success of its Nasiriyah field as well as increased production quotas within the OPEC+ agreement. Specifically, production at the Nasiriyah field has increased to 80,000 barrels a day by bringing…

In June 2019, the director of the Pentagon’s main intelligence agency made an eyebrow-raising allegation about Russia and its nuclear programs: Moscow is testing its atomic weapons."The U.S. government, including the Intelligence Community, has assessed that Russia has conducted nuclear weapons tests that have created nuclear yield,” Lieutenant General Robert Ashley said.China may also be conducting its own tests, Ashley added, possibly by using “zero-yield” methods in which no actual atomic explosion -- a fission chain…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

According to Trump, his big achievement a week ago when he announced the trade truce with China, was getting Beijing to agree to remove export limitations on rare earth minerals, which, as most now know, are so critical for US companies to make everything from cell phones, to cars, and military equipment. And yet, as discussed on a few occasions this week, it feels like the cracks in this latest trade deal are already starting to show, whether it is Beijing ordering Trump what he can't talk about, or quietly ring-fencing its domestic data center…

After months of twists, delays, and rival bids, MEG Energy shareholders have officially approved the long-awaited takeover by Cenovus Energy, clearing one of the final hurdles in an $8.6 billion deal that will reshape Canada’s oil sands sector. At a special meeting this week, 86% of MEG shareholders voted in favor of the acquisition—well above the two-thirds threshold required. The vote marks a decisive end to a saga that began back in the spring, when Strathcona Resources launched a hostile bid for MEG but was rebuffed by its board.…

The US ambassador to the UK has warned Britain’s sky-high energy prices threaten to undermine its status as a major global economy. Speaking at an event at the Savoy Hotel on Wednesday, Warren Stephens described UK energy prices, which are among the highest in the world, as the “chief obstacle” to growth. “Energy costs in the United Kingdom are too high on which to run an industrialized economy,” Stephens said. “Every business I meet, in every sector, complains to me that energy costs make the UK an expensive,…

While TC Energy slightly missed analyst estimates of its third-quarter earnings, the Canada-based pipeline operator expects North American natural gas demand to surge in the medium to long term, thanks to soaring U.S. LNG exports and “unprecedented power demand from data centres and coal-to-gas conversions.”   TC Energy has 58,100 miles of network of natural gas pipelines, which supplies more than 30% of the natural gas consumed daily across North America’s markets.  TC Energy also currently generates approximately…

While TC Energy slightly missed analyst estimates of its third-quarter earnings, the Canada-based pipeline operator expects North American natural gas demand to surge in the medium to long term, thanks to soaring U.S. LNG exports and “unprecedented power demand from data centres and coal-to-gas conversions.”   TC Energy has 58,100 miles of network of natural gas pipelines, which supplies more than 30% of the natural gas consumed daily across North America’s markets.  TC Energy also currently generates approximately…

A Ukrainian drone strike has knocked the Lukoil-operated Volgograd refinery offline, halting one of Russia’s largest fuel processing hubs as Ukraine continues with its campaign to take advantage of Moscow’s downstream vulnerability to long-range attacks.  The Thursday attack, confirmed by regional authorities and company sources, ignited fires in the refinery’s main crude distillation unit and hydrocracker, forcing a full suspension of operations pending assessment, according to Reuters.  The CDU-5 unit, which handles…

Suspected pirates boarded an oil tanker in the Indian Ocean off Somalia’s coast on Thursday as maritime security agencies flag renewed Somali pirate activity in the region. The Hellas Aphrodite oil tanker was illegally boarded on Thursday morning local time, the United Kingdom Maritime Trade Operations (UKMTO) agency said. The Master of the vessel has reported being approached by one small craft on its stern. The small craft fired small arms and RPGs towards the vessel. Unauthorized personnel of the small craft have boarded the vessel, UKMTO…

Canada’s Liberal government on Tuesday proposed a C$2 billion ($1.4 billion) sovereign fund for critical minerals, alongside hundreds of millions in new mining industry spending and an expansion of exploration tax credits, according to the federal budget released on April 1. The initiative aims to bolster domestic supply chains, attract global investment, and strengthen national security by securing a reliable supply of critcal minerals essential for defense, semiconductors, and clean energy technologies. Core Budget Measures Target Critical…

ConocoPhillips (NYSE: COP) on Thursday raised its quarterly dividend by 8% as it reported better-than-expected earnings for the third quarter.  ConocoPhillips, the biggest U.S. independent oil and gas producer, reported adjusted earnings of $2 billion for the third quarter, or $1.61 per share. The EPS easily beat the analyst consensus estimate of $1.41 earnings per share in The Wall Street Journal.   Higher oil and gas production and reduced costs helped ConocoPhillips partly offset the lower oil prices and price realizations.  …

ConocoPhillips (NYSE: COP) on Thursday raised its quarterly dividend by 8% as it reported better-than-expected earnings for the third quarter.  ConocoPhillips, the biggest U.S. independent oil and gas producer, reported adjusted earnings of $2 billion for the third quarter, or $1.61 per share. The EPS easily beat the analyst consensus estimate of $1.41 earnings per share in The Wall Street Journal.   Higher oil and gas production and reduced costs helped ConocoPhillips partly offset the lower oil prices and price realizations.  …

Central Asian leaders are traveling to Washington for a summit with President Donald Trump, carrying a diverse agenda that extends beyond trade topics.  Uzbek President Shavkat Mirziyoyev was the first regional leader to land in Washington, arriving on November 4. He was due to meet with US lawmakers and corporate executives on November 5 before participating the next day in the White House summit, which is occurring under the C5+1 format.  Trump is widely expected to focus summiteers’ attention on his pet issue – expanding US access to…