Oil jumps 5% as Hormuz tanker attacks escalate, US Gulf hurricane shuts in production
Market volatility increased as geopolitical tensions in the Middle East and hurricane preparations in the US Gulf led to production cuts and shipping disruptions, pushing Brent and WTI crude prices higher.
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Crescent Energy to acquire Eagle Ford assets from Devon for $4.2 billion
Following a series of acquisitions since June 2023, Crescent Energy said it will become the second-largest Eagle Ford producer by integrating assets from Devon Energy while retaining current rig levels.
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LNG market tightens into winter as Europe pulls US cargoes, China reopens contract talks
New capacity outside the Middle East offsets some losses, but inventories remain low, raising winter risk concerns.
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EIA: US crude oil inventories down 3.2 million bbl
At 424.1 million bbl, US crude oil inventories are 1% above the 5-year average for this time of year, the Energy Information Administration report indicated.
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Chevron restructures Bakken midstream agreements, transfers Hess Midstream stake
Executives said the restructuring will lower Chevron’s Bakken cost structure while positioning Hess Midstream as an independent multibasin operator.
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Cenovus to build oil sands business via Athabasca acquisition
The planned CAN$5.7 billion purchase would add about 45,000 boe/d of production, the majority of which will be close to Cenovus’ Christina Lake, May River, and Thornbury operations.
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Centalion acquires Haynesville gas assets from Silver Hill
Silver Hill Energy is currently producing about 300 MMcfd from the Texas and Louisiana assets.
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Energy Transfer expands Delaware basin footprint with $2.625 billion deal
Vaquero owns a 300-mile pipeline network and a natural gas processing complex with 675 MMcfd capacity in the Texas Permian’s southern Delaware basin, with acreage to expand total capacity to 1.2 bcfd.
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ConocoPhillips’ chairman sees oil price floor rising towards $70/bbl
With the oil market experiencing elevated prices driven by supply disruptions and geopolitical risks notably in the Middle East, ConocoPhillips chairman Ryan Lance emphasized a rising price floor and increased US production potential.
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US BLM sets December California oil, gas lease sale
A federal lease sale in California for oil and gas development has been announced, despite criticism from state officials over an environmental assessment.
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