In the May STEO, EIA estimate natural gas consumption for electricity generation this summer (May–September) just off last year’s record pace and averaging about 38 billion cubic feet per day (Bcf/d), just down from 39 Bcf/d recorded last year. The EIA increased natural gas consumption for electricity generation from last month by about 2% for 2023 and 3% for 2024 because of their methodology change which results in more CDDs, and in more U.S. electricity generation during the summer. High … Continue reading “EIA Sees U.S. Natural Gas Power Demand Just Off Record Highs This Summer”
EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024
In the May STEO, EIA expects energy demand growth to bring the global oil market into balance between Q3 2023 and Q1 2024. EIA estimated global liquids fuel production to increases by 1.5 million b/d in 2023 compared with 2022 primarily because of growth from non-OPEC producers. Excluding production from Russia, which is forecast to fall by 0.3 million b/d in 2023, they expect non-OPEC liquid fuels production to increase by 2.2 million b/d in 2023 and by an additional … Continue reading “EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024”
Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs
Houston oil producer and shale exploration company Marathon Oil reported better than expected first quarter earnings after the close Wednesday. MRO reported adjusted earnings of $420 million or $0.67 per share for the period. Ahead of analysts $0.60 per share expectations. The company’s revenue for the quarter fell 4.0% to $1.68 billion from $1.75 billion last year. Marathon Oil Corporation NYSE: $MRO Marathon Oil Q1 23 Earnings: Highlights Production U.S. Equatorial Guinea Ensign Natural Resources As previously announced, Marathon Oil … Continue reading “Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs”
Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue
Pioneer Natural Resources reported better than expected first quarter earnings after the close Wednesday. However, PXD missed estimates with revenue. Pioneer Natural Resources is pure Permian basin play and has been subject to takeover speculation from ExxonMobil in the past month. First quarter oil production averaged near the top end of guidance at 361,316 B/D and still expects full year production at 670,000 To 700,000 BOE/D. Pioneer is the largest oil producers in the Permian Basin and was conservative in … Continue reading “Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue”
Oil Field Services Giant SLB Reports Weaker Cashflow & Plateauing North American Activity
The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected first quarter earnings Friday before the market opened. However, $SLB stock was down 4% after the release with concerns about reported weaker-than-expected cash flow and activity in the North American onshore market may plateau this year. Earnings per share were 63 cents, compared with an average estimate of 60 cents among analysts surveyed by FactSet. Revenue was $7.74 billion, compared with expectations for $7.44 … Continue reading “Oil Field Services Giant SLB Reports Weaker Cashflow & Plateauing North American Activity”
EIA Sees U.S. Natural Gas Inventories 6% Above Five-Year Average After Injection Season
In the April STEO, EIA estimate natural gas inventories will end the injection season (April–October) at 3.8 trillion cubic feet, 6% above the five-year average. This follows the mild winter weather in the first quarter of 2023 (1Q23). Natural gas inventories ending the withdrawal season (November–March) 19% higher than the five-year (2018–2022) average. This was also helped by Freeport being shut down as and such LNG exports curtailed as a result. The Freeport terminal accounted for around 20% of all … Continue reading “EIA Sees U.S. Natural Gas Inventories 6% Above Five-Year Average After Injection Season”
EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada
In the April STEO, EIA estimate global liquids fuel production will increase by 1.5 million b/d in 2023 because of strong growth from non-OPEC countries, which (excluding Russia) increase by 2.3 million b/d in their forecast. Non-OPEC production growth is largely driven by USA, Brazil, Canada and Mexico. EIA had already accounted for some of the reduction in crude oil output from OPEC countries (Russia’s 0.5 million b/d cut) in their latest production cuts. EIA reduced their forecast for OPEC’s … Continue reading “EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada”
EIA Sees U.S. Natural Gas Demand in Q1 2023 Lowest Since 2018
In the March STEO, EIA estimate U.S. consumption of natural gas to average 99.1 billion cubic feet per day (Bcf/d) in the first quarter of 2023 (1Q23), down 5% from 1Q22. This would be the lowest for any quarter since 2018. The decline in consumption is the result of very mild temperatures reducing heating demand demand. The largest decline is in residential and commercial consumption, which EIA expect will be 11% less in 1Q23 than in 1Q22. STEO Natural Gas … Continue reading “EIA Sees U.S. Natural Gas Demand in Q1 2023 Lowest Since 2018”
Back from the Brink Occidental Petroleum Has Most Profitable Year Ever in 2022
Houston based Occidental Petroleum had its most profitable year ever, with an annual net income of over $12.5bn, almost double its previous record. The company is back from the brink after the Andarko Takeover. Oxy cut debt levels by $10.5bn, or 37 per cent, during the year. For the fourth quarter reported Monday after the close that net income rose to $1.7B, or $1.74/share, from $1.3B, or $1.58/share, in the year-ago quarter, shy of $1.61 analyst estimates. The company announced … Continue reading “Back from the Brink Occidental Petroleum Has Most Profitable Year Ever in 2022”
Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend
The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings Friday before the market opened. SLB increased its quarterly dividend by 43%, raised it to 25.0 cents a share from 17.5 cents a share. Higher demand for its services and equipment, as producers capitalize on the global energy crisis and higher crude and natural gas production. Growth was driven by its core divisions. The oil service giant’s peers Baker Hughes (BKR) … Continue reading “Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend”