Author: omc_admin

(Investing) – WASHINGTON – The U.S. Department of the Interior said on Friday it was implementing emergency permitting procedures to accelerate reviews of geothermal energy development projects. The projects that will be fast-tracked include three in Nevada led by Ormat, which received funding in 2020 during the first Trump administration for research and development. “Geothermal energy is a reliable energy source that can power critical infrastructure for national security and help advance energy independence,” Interior Secretary Doug Burgum said. “We’re fast-tracking reliable energy projects while strengthening national security and supporting American workers.” The Trump administration declared an “energy emergency” in President…

Tejon Treating and Carbon Solutions LLC has finalized the Phase 2 expansion of its Mongoose amine treating plant and associated gas gathering network to accommodate rising production of sour gas by third-party producers in the Midland basin of the West Texas Permian (OGJ Online, Feb. 12, 2024). Completed as of May 29, the Phase 2 expansion included increasing capacity of the Mongoose amine treatment plant in Westbrook, Mitchell County, Tex., by 53 MMcfd from its Phase 1 capacity of 17 MMcfd, Tejon said. As part of the expansion project, Tejon confirmed it also added multiple downstream delivery points, including connection…

Taiwan will send a delegation to a summit in Alaska to discuss procuring liquefied natural gas from a long-delayed project championed by US President Donald Trump. “We already got the invitation” from the US, Taiwan’s Deputy Foreign Minister Chen Ming-chi said in an interview with Bloomberg News on Thursday, referring the Alaska Sustainable Energy Conference from June 3 to 5. A high-ranking official will lead the delegation, he said. Taiwan is interested in purchasing LNG from the US project, as well as investing in the necessary pipeline and related infrastructure for the facility, Chen said. He declined to disclose the officials who…

EOG Resources today announced a definitive agreement to acquire Encino Acquisition Partners (EAP) for $5.6 billion. The deal positions EOG as a leading Utica E&P company, adding 675,000 net acres for a combined 1,100,000 acres, and representing more than two billion barrels of oil equivalent (boe) of undeveloped resource.  “This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets,” said Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG. “Encino’s acreage improves the quality and depth of our Utica position, expanding EOG’s multi-basin portfolio to more than 12 billion…

U.S. crude oil production surged to an all-time high in March, reaching 13.488 million barrels per day, according to newly released monthly EIA data. That edges out the previous monthly record of 13.450 million bpd set in October 2024, and an increase over the 13.153 million bpd in February. The increase reflects steady momentum from the Permian and Gulf Coast operators—even as drilling activity slows elsewhere.But while the supply side flexed its muscle, demand told a different story.Total petroleum product supplied—a broad proxy for U.S. oil demand—fell to 19.95 million bpd (Table 3), the lowest in a year and down…

EOG Resources is making a bold northeast push, announcing Friday it will acquire privately held Encino Acquisition Partners for $5.6 billion, including debt. The move positions EOG as a dominant Utica shale player, with 1.1 million net acres and 275,000 boe/d in combined production.The seller, Encino Energy, backed by the Canada Pension Plan Investment Board, controls 675,000 net core acres in the play—most of it contiguous and liquids-rich. That’s precisely what EOG is after. CEO Ezra Yacob called it a “third foundational play” to go alongside the company’s stalwart positions in the Delaware Basin and Eagle Ford.EOG plans to fund…

Then comes the twist: Trump reverses course days later. Tariffs are delayed, watered down or scrapped altogether under the guise of “negotiation.” The market breathes a sigh of relief and smart traders take profits. As GSC’s Head of Trading, Phil Carr, notes: “For Gold traders, it’s a familiar pattern – buy the tariff panic, ride the rally, sell into the reversal, and reload for the next Trump tweetstorm.” It’s volatility on demand and Gold thrives on it! Real Example, Real Profits The latest example unfolded just this week. Last Friday, Gold surged past $3,363 an ounce – its highest level…

By Julianne Geiger – May 30, 2025, 12:12 PM CDT The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 10-rig decrease last week, and a 6-rig decrease the week before that.The total rig count in the US fell by 3 to 563 rigs, according to Baker Hughes, down 37 from this same time last year.The number of oil rigs fell by 4 to 461 after falling by 8 during the previous week—and down by 35 compared to…

President Donald Trump will hold a rally Friday at a U.S. Steel plant near Pittsburgh, a week after signaling that he had cleared a controversial merger with Japan’s Nippon Steel.Trump is scheduled to deliver remarks at 5 p.m. ET at U.S. Steel’s Irvin Works in West Mifflin, Pennsylvania, according to the White House. Investors and union members will listen for answers from the president on what shape the deal he announced between U.S. Steel and Nippon will take.Trump described the deal as a “partnership” in a May 23 post on his social media platform Truth Social. The president said U.S.…

U.S. gasoline consumption over Memorial Day weekend, the start of the U.S. driving season, rose by 2% from the same weekend last year as consumers took advantage of lower prices at the pump.The higher demand at the start of the summer driving season suggests good profits for the U.S. oil refiners that make the fuel, at least for now.The lower gasoline prices compared to last year gives a big push up to U.S. gasoline consumption. Prices were $3.162 per gallon of regular gasoline nationwide on Friday, according to AAA data. That’s $0.40 a gallon cheaper than at this time last…