EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023

In the August STEO, EIA estimate for U.S. crude oil production will average 11.9 million barrels per day (b/d) in 2022 and 12.7 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. STEO Highlights Estimate EIA STEO Current Yr Crude Forecast (Bpd) Aug: 11.86M (prev 11.91M) Forward Yr Crude Forecast (Bpd): 12.70M (prev 12.77M) Current Yr Dry NatGas Forecast (Bcf/d): 96.59 … Continue reading “EIA Forecasts Record Yearly U.S. Crude Oil Production of 12.7 million b/d in 2023”

Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake

Houston based Occidental Petroleum reported better than expected second-quarter earnings Tuesday and announced it had paid down $4.8 billion in debt and set to return more cash to shareholders. Occidental has been riding the surge in global crude oil prices topping Street forecasts thanks in part to its foothold in the shale-rich Permian Basin of West Texas and New Mexico. Billionaire investor Warren Buffett’s Berkshire Hathaway has been boosting his bet on OXY just as activist Carl Icahn sold the last … Continue reading “Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake”

All Schlumberger Divisions Posted Double Digit Revenue Growth Revising Outlook Higher

The world’s largest oil fields service company Schlumberger reported better than expected earnings Friday. $SLB increased its full fiscal year outlook as it’s EPS soared 66%. SLB stock rose to $35.07 +1.44 (+4.28%) on the news. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices. Growth was driven by its core divisions. The oil service giant followed mixed results from its peers Halliburton (HAL) on Tuesday beat earnings estimates. Baker … Continue reading “All Schlumberger Divisions Posted Double Digit Revenue Growth Revising Outlook Higher”

EIA Raises 2022 Oil Production Forecasts, says OPEC Production Returned to Pre-Pandemic Levels

In the June STEO, EIA raised its estimate that 2022 crude oil production will increase 730k bpd vs 720k bpd a month ago and sees 2023 output increasing 1050k bpd vs 940k a month ago. The EIA estimate that U.S. production of crude oil and other liquids averaged 19.9 million b/d in May, which was within 3% of January 2020’s record high production of 20.5 million b/d. The EIA also estimate that OPEC crude oil and other liquids production has … Continue reading “EIA Raises 2022 Oil Production Forecasts, says OPEC Production Returned to Pre-Pandemic Levels”

Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin

With natural gas hitting highs not seen since 2008 and WTI crude oil around $115bbl the Dallas-based portfolio company of EIV Capital and Denham Capital, Canes Midstream LLC closed on the acquisition of Cogent Midstream LLC. The Cogent assets are located in the southern portion of the Permian’s Midland sub-basin. The Cogent system spans 10 Texas counties, with most of the infrastructure located in Reagan and Irion counties.  The acquired assets include 520 million cubic feet per day of processing … Continue reading “Canes Midstream Expands Oil and Natural Gas Portfolio with Acquisition of Cogent Midstream in Southern Midland Basin”

Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises

The world’s largest oil fields service company Schlumberger reported better than expected earnings Friday. Higher demand for its services and equipment, as producers capitalize on a rebound in crude and natural gas prices. Growth was driven by its core divisions: Well Construction and Reservoir Performance. SLB also announced a 40% increase in its quarterly cash dividend, from $0.125 per share to $0.175 per share. Schlumberger Ltd NYSE: SLB Reported Before Open Friday $0.39 EPS Beat $0.36 EPS AND $5.8 Bil Missed $5.9 Billion as Forecast in … Continue reading “Schlumberger Well Construction and Reservoir Performance Lead Earnings With Higher Oil and Gas Price Rises”

EIA Raises 2022 Oil Production Forecasts To End Persistent Global Oil Inventory Draws

In the June STEO, EIA raised its estimate that 2022 crude oil production will average 11.8 million b/d, up from a forecast average of 11.1 million b/d in 2021. EIA expects rising production will end the persistent global oil inventory draws that have occurred

EIA Sees Lower U.S. Consumption of Natural Gas Due To Higher Prices

EIA STEO expects U.S. consumption of natural gas will average 82.9 billion cubic feet per day (Bcf/d) in 2021, down 0.4% from 2020. The decline in U.S. natural gas consumption is a result of less natural gas consumed for electric power generation because of higher natural gas prices compared with last year.

EIA Raises 2021 Oil Demand Forecasts, Lowers 2022 Consumption

EIA STEO raised its forecast for 2021 world oil demand up 180,000 up to 5.5M.  In 2022 it sees world oil demand to decrease by 180K to 3.65M BPD. At the same time sees crude oil output in 2021 to fall 270K to 11.04M  and t in 2022 unchanged increase by 820K to 11.86M.