Author: omc_admin

WASHINGTON — The U.S. Department of Energy (DOE) today announced three new policy actions that are projected to save more than $935 million annually for the American taxpayer, while expanding American innovation and scientific research. In three new policy memorandums, the DOE announced that it will follow best practices used by fellow grant providers and limit “indirect costs” of DOE funding to 10% for state and local governments, 15% for non-profit organizations, and 15% for for-profit companies.The Energy Department expects to generate over $935 million in annual cost savings for the American people, delivering on President Trump’s commitment to bring greater…

Zephyr Energy has announced successful initial results from the production test on the State 36-2 LNW-CC-R well at the company’s flagship project in the Paradox basin, Utah. During the production test, the well was tested at multiple flow rates in order to gather data to determine the flow capacity of the well, to provide an early estimate of potential resource volumes, and to obtain high quality fluid samples. We are pleased to report that the production test successfully delivered on all these key objectives, and, most importantly, the test data gathered suggests that there is more than sufficient…

Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters.Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions.However, in March and April, the U.S. sanctioned two small independent Chinese refiners, also known as “teapots” for purchasing and transporting…

The United States has announced a ‘breakthrough deal’ with the United Kingdom that would create an aluminium and steel trading zone and secure the pharmaceutical supply chain. The deal affirms that “reciprocity and fairness is a vital principle of international trade” and increases access for US agricultural products, US President Donald Trump said on Thursday, though he added that the final details were still being written up. “The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.” The deal, the first one struck by the US since Trump imposed his…

OPEC+ producers led by Saudi Arabia have launched a “slow grind” oil price war that could last for more than a year, according to Bank of America. OPEC+ has agreed to surge oil supply by 411,000 barrels per day for two consecutive months, after cutting production for years. Oil prices fell to the lowest level in four years earlier this week in response, as the supply increase has coincided with President Donald Trump ‘s trade war. “The question is not so much whether OPEC+ is in the midst of a price war but rather what kind of price war it…

Oil prices have risen by 3%, with Brent crude nearing $63 and WTI approaching $60, buoyed by optimism around upcoming U.S.-China trade negotiations. U.S. Treasury Secretary Scott Bessent is set to meet with China’s top economic official on May 10 in Switzerland to address the ongoing trade war that has been impacting global markets. According to SEB analyst Ole Hvalbye, hopes for progress in the talks are providing support to the oil market.However, analysts are cautioning that volatility remains due to the tariff-driven risks. Jim Ritterbusch from Ritterbusch and Associates notes that the global risk premium of past years has…

Devon Energy Corp. and Ridgemont Equity Partners are divesting their interests in a natural gas pipeline serving the Permian Basin with a capacity of about 2.5 billion cubic feet a day. Put onstream November 2024, the Matterhorn Express Pipeline is fully contracted. The system consists of a 510-mile mainline and associated compression that carries gas from the Waha area to Wharton, Texas. It also has delivery capabilities for Katy, Texas, as well as laterals in the Midland Basin, according to operator WhiteWater Development LLC. The stake sales by Devon and Ridgemont will result in WhiteWater, MPLX LP and Enbridge Inc. owning…

Permian Resources Corp. has signed a deal to buy New Mexico acreage with an expected second-quarter production of about 12,000 barrels of oil equivalent a day from APA Corp. for $608 million. The agreement will give the Midland, Texas-based oil and gas developer 13,320 net acres and 8,700 net royalty acres in the northern part of the Delaware Basin, a Permian sub-basin. The acreage would contribute over 100 gross operated locations stretching 2 miles that “immediately compete for capital”, Permian Resources said in its quarterly report. Closure is expected by next month. “The acquired acreage is over 65 percent operated…

ConocoPhillips (NYSE: COP) reported on Thursday slightly better-than-expected earnings for the first quarter, as higher oil and gas production volumes more than offset lower prices and increased operating costs.ConocoPhillips booked adjusted earnings of $2.7 billion, or $2.09 per share, for the first quarter, up from adjusted earnings of $2.4 billion, or $2.03 per share, for the same period of 2024. The EPS also beat the analyst consensus estimate of $2.05 compiled by The Wall Street Journal.ConocoPhillips completed the acquisition of Marathon Oil at the end of 2024, which expanded its presence in the Permian, Eagle Ford, Anadarko, and Bakken shale basins.For…

(Oil & Gas 360) – Join us as we celebrate three decades of bringing together the energy industry’s companies, investors, analysts, and industry leaders!  Investors are encouraged to register for EnerCom Denver – The Energy Investment Conference featuring a broad group of public and private energy companies at www.enercomdenver.com  The 30th annual EnerCom Denver – The Energy Investment Conference to be held August 17-20, 2025, at the Westin Denver Downtown. Come celebrate as EnerCom once again hosts the broader energy sector, including public and private companies, investors, analysts, and industry leaders. Institutional investors, family offices, portfolio managers, financial analysts, CIOs, and other…