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Exploration & development, drilling & production, refining & processing, pipelines & transportation, energy transition, murphy oil seeks côte d’ivoire drilling start in a year, eu imposes first-ever sanctions on russian lng, biden administration targets methane releases from oil, gas sector with $850 million in grants, german refinery lets epc contract for new renewable fuels complex, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } txo partners to acquire assets in greater williston basin, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } cedar lng reaches positive final investment decision, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } targa resources makes organizational changes, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } equinor lets contract for troll phase 3 development.

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.ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } blm fetches $34.4 million in high bids from new mexico, kansas lease sale, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } carlyle to acquire assets from energean, aims to scale gas-weighted mediterranean company, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } chevron, gepetrol sign production contracts for blocks offshore equatorial guinea, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } petrobras anticipates early arrival of maria quitéria fpso at jubarte field, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } us crude prices, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } muse, stancil and co refining margins, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } petro-victory signs partner for potiguar basin work program, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } equinor to continue north sea exploration with new permit, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } aker bp discovers gas in the barents sea, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } equinor drills dry hole in barents sea, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } wintershall discovers hydrocarbons south of vega field.

TotalEnergies sanctions gas field development onshore Nigeria

.ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } iec to drill onshore sumatra, java.

Petrobras drills appraisal well offshore Colombia

.ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } canada continues rig count increase as us count declines, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } drilling productivity report.

DG Fuels lets contract for Louisiana SAF complex

.ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } exxonmobil, air liquide partner on baytown hydrogen project, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } baker & o'brien us renewable diesel margin, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } propane prices, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } argent lng signs land lease for export plant at port fourchon, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } baker & o'brien us gulf coast lng offtaker margins, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } exports of crude and products, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } crude and product stocks, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } exxonmobil signs mou, paving way for us lithium supply to sk on, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } danish energy agency awards ccs licenses, .ebm-content-item .title-wrapper .title-text-wrapper .title-text.items-with-images { font-size: 16px; @container (width > calc(400px + 145px)) { font-size: 22px; } @container (width > calc(600px + 145px)) { font-size: 24px; } @container (width > calc(750px + 145px)) { font-size: 26px; } } nod offers licenses for north sea ccs.

Piñon Midstream secures EPA approval for CCS operations at Dark Horse

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Featured 360 Articles

Exxon-led Guyana oil group’s net jumps in 2023, margins top Nvidia’s

Yahoo Finance

GEORGETOWN/HOUSTON  – Guyana’s lucrative agreement with an ExxonMobil-led consortium in the South American country last year generated $6.33 billion for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia Corp.

The trio’s …

Banks can’ go “cold turkey” on oil and gas industry without energy security risks, Barclays CEO says

(Bloomberg) – The chief executive of Barclays Plc said it would be unrealistic for the bank to heed calls from climate extremists for the finance industry to abandon oil and gas clients.

Banks “cannot go cold turkey” on …

Russian oil and gas revenues surge by 50% in June

In a significant rebound, Russia’s oil and gas revenues for June are projected to increase by over 50% year-on-year, reaching $9.4 billion, according to new Reuters calculations. This surge comes after a reduction in refinery subsidies, highlighting Russia’s …

Carbon capture industry to depend on oil and gas workers as new Louisiana facilities approach operations

(Bloomberg) – The Biden administration’s hub to clean carbon from the air in northwest Louisiana is getting company. On Monday, Heirloom Carbon announced that it’s constructing a facility with machines that can remove 17,000 tons of carbon dioxide …

Soaring costs put new U.S. LNG export projects at risk of delays

Surging labor and construction costs are plaguing some major U.S. LNG export projects, threatening to delay new LNG supply to international markets.

Wage growth since 2021, a shortage of skilled workers, and rising costs of materials with the …

Oil prices ease on stronger dollar while US inflation data looms large

Crude oil prices edged lower on Tuesday, pressured by a stronger dollar, while investors shifted focus to U.S. inflation data due this week.

Losses were limited, however, by escalating geopolitical tensions and hopes of improved demand this summer.…

Exploration & Production (E&P)

Mergers, Acquisitions and Divestitures

$53 billion Chevron-Hess deal may stall into 2025 over ExxonMobil’s claim to prolific assets offshore Guyana

Shale’s efficiency boost is not guarantee of strong future growth

Carlyle buyout fund scoops up Mediterranean gas assets

Eni to sell $1.1 billion stake in Ivory Coast exploration operations

EU adopts new sanctions against Russia, including LNG

UK banks no longer finance nation’s small oil and gas producers as Labour party plans windfall tax extension

Industry insights & opinions.

The road ahead: Renewable diesel & SAF

U.S. turns power exporter?

Mobius Intel Brief: ERCOT breaks $5,000/MWh

Risks From China’s Demographic Crisis- Why China’s long-term economic outlook is complicated by an aging population and shrinking labor force

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How hydrogen will trade in the commodity markets of the future

US unveils rules for subsidies to boost clean energy wages

Airlines and energy firms clash over green fuel supplies

AI’s rapid growth threatens Big Tech’s clean energy efforts

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Pytheas Energy to revitalize Permian, Bakken, Minerva-Rockdale wells with three new oil and gas assets

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AGR secures HR contract for Repsol’s operations onshore, offshore Norway

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BREAKING NEWS: ExxonMobil to expand oil production offshore Guyana with new multi-billion-dollar Hammerhead project

Japan's mitsui & co. acquires texas shale assets as u.s. natural gas demand rises, exxonmobil’s whiptail project offshore guyana reaches key milestone as fpso jaguar launches.

Equinor enlists Ocean Installer for SURF EPCI work on $1.1 billion Troll project offshore Norway

• Energy Transition
• Industry & Analysis

New DNV survey highlights oil and gas industry paradox as majority remains optimistic regarding growth

Uptick in M&A activity reshuffling top 100 private U.S. oil and gas operators, Enverus reports

Banks can’t go “cold turkey” on oil and gas industry without energy security risks, Barclays CEO says

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Iowa regulators approve construction permit for Summit Carbon pipeline

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Forum Energy Technologies to supply electric observation-class ROV for ocean research

ExxonMobil enlists Fulcrum LNG to develop natural gas resources offshore Guyana

Carbon capture industry to depend on oil and gas workers as new Louisiana facilities approach operations

Petro-victory energy, azevedo travassos petroleo partner on andorinha field work program in brazil.

Chariot, Vivo Energy to commercialize Loukos gas field onshore Morocco

Goldman Sachs appoints John Hess to Board of Directors following $53 billion Chevron acquisition

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Equinor to drill Angel exploration well on highly-prospective Heisenberg discovery offshore Norway

Equinor, ORLEN partner to develop Atlantis oil and gas discovery offshore Norway

ExxonMobil begins appraisal drilling at Lau-Lau oil discovery in Stabroek block offshore Guyana

$53 billion Chevron-Hess deal may stall into 2025 over ExxonMobil’s claim to prolific assets offshore Guyana

Petrofac downgraded again by Fitch amid lingering financial uncertainty

Rig-building bribery scandal rears its head again for Seatrium

EU adds Russian trio to sanctions and steps up focus on LNG

European player opens door to Adnoc over $12.5 billion takeover bid

TotalEnergies ‘sticking by strategy’ on renewables after EU elections

Africa Oil attracts big investor amid deal that doubles reserves and production — stock price responds

Contractor hits milestone on Canadian oil sands development

Senior management reshuffle looming at Petronas

Double FPSO opportunity about to begin bidding phase

API’s 5 Point Policy Roadmap

Energy builds america, carbon capture resource hub.

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How U.S. Natural Gas and Oil Supports Jobs, the Economy, and Our Environment in All 50 States

Consequences of a Federal Leasing & Development Ban

​​​​​​API represents all segments of America’s oil and natural gas industry. Its nearly 600 members produce, process and distribute most of the nation’s energy. The industry supports millions of U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.

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API, Truckers and Agriculture Organizations File Lawsuit to Stop EPA’s Emissions Rule for New Heavy-Duty Vehicles

WASHINGTON, June 18, 2024

API Unveils Five Point Roadmap to Secure American Energy Leadership and Help Reduce Inflation

WASHINGTON, June 17, 2024

API Welcomes New FERC Commissioners Rosner, See and Chang

WASHINGTON, June 13, 2024

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United Airlines executive highlights need for access to pipeline networks and other infrastructure to help decarbonisation

But critics fear the oil bonanza will turn Guyana into a victim of the ‘resources curse’

Voters are worried about inflation in general and the cost of filling up their cars in particular

Wall Street bank stands to make $80mn if deal to sell group to Chevron survives ExxonMobil challenge

German chemicals group to enter ‘concrete negotiations’ after Gulf state-owned company boosts proposal to €62 per share

Environmentalists and sceptical locals threaten key element of US plans for green energy

Carlyle rushes in where others fear to tread

Environmentalists question joint decision to promote hydrogen and ammonia as emission reduction tools

Energy Institute report highlights the world’s insatiable demand for energy and the need to speed up the pace of decarbonisation

Local authority should have considered climate impacts of burning oil, says landmark judgment

First-ever measures against Russia’s gas part of latest restrictions against Moscow

Ex-BP boss Tony Hayward will run group after buyout firm acquires assets in Italy, Egypt and Croatia from Energean

Data highlight slow transition to clean energy despite big increase in renewables generation

A divisive case over climate change and shareholder rights winds down after shareholder agrees to drop effort

Purchase of Singapore-based Pavilion Energy is its latest bet on the fossil fuel

Unprecedented parliamentary summons for bank executives reflects growing political heat around fossil fuels

President’s top energy adviser Amos Hochstein says fuel costs ‘still too high for many Americans’

Operators say they will be unable to make money if allowances are scrapped

Oil company to buy fuel in high demand amid energy transition and Ukraine war

US LNG exporter Venture Global will begin shipping transatlantic cargoes to Ukrainian company this year

IEA predicts more than 8mn b/d of excess capacity by 2030 as producers invest in pumping more crude

Alcohol, food, tobacco and fossil fuel sectors oppose efforts to target conditions linked to 2.7mn deaths a year, warns WHO

Drilling for naturally occurring gas was deemed unfeasible, but prospectors now think differently

Proposed European pipelines could reach 28,000km by 2030 — but only one 30km scheme is currently under way

Optimism over deepwater rigs is warranted amid consolidation and rising day rates

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Energy Transition Integrated Framework

This comprehensive toolkit will guide upstream oil and gas organizations on their respective decarbonization pathways by providing different decarbonization solutions and approaches to the vast diversity of operational settings across the industry.

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Our Joint Industry Projects make a positive contribution to society.

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Safety performance indicators – 2023 data

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Process Safety Fundamentals

Process safety – recommended practice on key performance indicators

Environmental management in the upstream oil and gas industry

The IOGP Process Safety Fundamentals (PSFs) have been developed to support companies as they seek to reduce, and ultimately eliminate, fatal and high severity process safety events.

Latest news

IOGP welcomes Subsea7

IOGP is delighted to welcome Subsea7 to the Association.

Energy Transition Integrated Framework helps upstream oil and gas organizations travelling the road to decarbonize

IOGP has published an Energy Transition Integrated Framework, a comprehensive toolkit meant to guide upstream oil and gas organizations on their respective decarbonization pathways.

IOGP welcomes Frank van Ewijk as its new Programmes Director

We are pleased to announce that Frank van Ewijk has been appointed IOGP Programmes Director.

Life-saving rules

Between 2008 and 2017, 376 people lost their lives in fatal incidents that might have been prevented by following one of IOGP’s Life-Saving Rules.

Latest events

Spe europe energy conference & exhibition, iogp health & safety asia pacific webinar: life-saving rules, get: global energy transition congress & exhibition, spe international health, safety, environment, and sustainability conference and exhibition.

Issues & Policies

A key purpose of ipaa is advocacy for smart federal policies that promote the safe development and use of american oil and natural gas..

Meetings & Events

Since 1929, ipaa has brought together america’s upstream independent oil and gas industry from across the country at our various meetings and events to examine current issues, strategize for the future and network with the decision makers from e & p and service and supply companies..

News & Media

Our mission is simple – to put a face on america’s oil and natural gas industry and tell the independent producers’ story in a straightforward manner..

With today’s challenging political landscape, the industry needs your support now, more than ever before, to increase our voice and create a unified front. IPAA is leading this fight.

The independent petroleum association of america is dedicated to ensuring a strong, viable domestic oil and natural gas industry, recognizing that an adequate and secure supply of energy is essential to the national economy..

Learn more about the national issues and key priorities that IPAA is engaged in on behalf of independent oil and natural gas producers across the United States:

American energy shipped overseas makes the nation’s economy, consumers and national security stronger.

As America’s low-carbon natural gas consumption soars, U.S. methane emissions plummet.

HYDRAULIC FRACTURING

Thanks to new technologies and horizontal drilling, America is the world’s oil and natural gas leader.

IPAA continues to fight to preserve industry tax treatment and to prevent new taxes that would hinder independents’ ability to operate and produce energy for the American people.

OFFSHORE ENERGY

Offshore oil and natural gas production accounts for 20% of all U.S. energy production.

ENDANGERED SPECIES

Independent oil and natural gas producers are committed to species and habitat conservation.

NEWS AND MEDIA

Press Releases

The Newsroom is the heart of IPAA’s News and Media Center. Our mission is simple – to put a face on America’s oil and natural gas industry and tell the independent producers’ story in a straightforward manner.

IPAA Access Magazine

The latest issue of IPAA Access Magazine features an look back at the past year of successful efforts on behalf of industry, along with facts on the hypocrisy of fossil fuel divestment.

IPAA Media Kit

Our online media kit offers information to members of the news media interested in learning more about the Independent Petroleum Association of America, including its history, key priorities, and economic analysis.

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Why join ipaa.

The Independent Petroleum Association of America (IPAA) is your industry’s strongest presence in the nation’s capital. And these are important times. The entire oil and gas industry remains under fire from anti-development groups and misguided federal policymakers.

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Rapid e-mail distribution system.

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Access to IPAA's award-winning professionals with decades of experience representing the industry in Washington, D.C. The IPAA staff is available to work with you on issues including FERC, tax and environmental regulations, land access and other topics.

Access to a membership of more than 10,000 through our printed directory

E-NEWSLETTER

Industry information through a weekly e-newsletter and daily Energy in Depth (EID) national news roundup (both optional). These concise news outlets deliver the essentials on regulatory, industry and legislative events all around the country.

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Legislative alerts and periodic economic reports.

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New report ranks top 100 private oil drillers.

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NEW YORK, NEW YORK - SEPTEMBER 18: Chairman And CEO, Continental Resources, Executive Chairman, ... [+] Continental Resources Harold Hamm speaks onstage during the 2023 Concordia Annual Summit at Sheraton New York on September 18, 2023 in New York City. Continental Resources ranks #1 on Enverus's list of Top 100 Private E&P Operators in the US. (Photo by Riccardo Savi/Getty Images for Concordia Summit)

After the merger and acquisition frenzy that has characterized the US upstream oil and gas business since 2020, many are left wondering who the most attractive remaining takeover targets might be. Because this spate of recent transactions cut so deeply into the roster of public companies, focus has turned to large, privately held companies who account for a big portion of the drilling of new wells.

A report published Tuesday by big energy data and analytics consultancy Enverus might serve as a good starting point/road map to identifying the most likely targets still standing. The report ranks the Top 100 Private Operators based on metrics like well counts, rig movements, and gross production numbers across the last year.

"Merger and acquisition activity, particularly those involving public buyers and private sellers during 2023, have reshuffled our rankings," said Justin Lepore, lead consultant at Enverus and manager of Enverus’ Top 100 Private Operators list. "Inventory count and quality has also significantly driven private operator valuations, and in many cases, there has been a goal of growing production to become more attractive to takeout targets."

Where the preponderance of merger activity in recent years has been focused in the prolific Permian Basin of west Texas and southeastern New Mexico, many will be surprised to see that none of the top three companies that make this list - Continental Resources, Ascent Resources, and Aetheon Energy - are big producers in that region. Continental Resources, the company built by current executive chairman Harold Hamm , is by far the largest producer on the list. Hamm took Continental public in 2007 but converted it back into a privately-held company in 2022.

Overall, the first 20 companies making the list are evenly distributed among the Permian, the Gulf Coast (which includes the Eagle Ford Shale), the Mid-Continent and the Rockies regions. The biggest privately held Permian producer, Mewbourne Oil, comes in at #4 on the list, followed closely by Endeavor Energy. Endeavor made a deal to be acquired by Diamondback Energy in February, but the transaction is currently undergoing an anti-trust review by the Federal Trade Commission.

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Lepore provides details in the company’s release about these regional shifts in recent years, saying, “In Appalachia, the acquisition of Rockcliff Energy by TG Natural Resources combined their positions into one, creating space for a new entrant onto our list. Chesapeake's asset sales in the Gulf Coast led to Wildfire and INEOS Energy joining the list this year as well. In the Bakken, asset sales by Ovintiv and Crescent Point resulted in significant upward moves for Grayson Mills and Kraken, while a Permian acquisition by VTX Energy and the entry of public-Civitas into the Permian reshuffled the list, with Tap Rock assets moving down and Hibernia being removed. Overall, it might be Rockies-weighted operators who saw the biggest shift as they now make up a lesser proportion of the top 20 names on the list, with new additions from Permian and Mid-con operators filling that gap,”

Houston-based Hilcorp, owned by billionaire Jeffrey Hildebrand , comes in at #6 on the list. Hilcorp is not a big player in the US shale space, unlike most of the biggest companies on this list, but operates more wells than the rest with more than 20,000.

Previously a Gulf Coast-focused company, Hilcorp made a big entry into the Rockies in 2017 with major acquisitions of assets from ConocoPhillips and XTO Energy in the San Juan Basin of New Mexico and Colorado. As I wrote about here in 2021, the company employs a business strategy of acquiring fields near the end of their life cycles, and then stimulating the wells and modernizing the equipment and operations to raise production.

All in all, this report is a valuable resource for those who, like me, are interested in learning who the big players are in the various regions of the country. It seems likely to also become a fit resource used by big players looking for merger or buyout targets. The full report can be obtained at this link .

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It will take years for the oil and gas market to recover from the 'mother of all shocks,' Harvard economist says

• Oil and gas prices have been affected by the "mother of all shocks," a Harvard economist says. 
• Energy prices have seen wild swings since the pandemic, and the impact is still being felt. 
• "When there is an energy shock, it can take a huge price change to clear the market," Kenneth Rogoff said.

Oil and gas prices are stuck on a roller coaster caused by the "mother of all shocks," as the supply-demand imbalance from the pandemic is still roiling energy markets, says Kenneth Rogoff, a top economist.

The Harvard professor and former International Monetary Fund chief economist pointed to the wild ride that oil and gas prices have taken over the past few years, with energy prices plunging in the wake of the pandemic and skyrocketing when Russia began its full-scale invasion of Ukraine.

Brent crude plunged as low as $14 a barrel in 2020 before soaring to a peak of $133 a barrel in June 2022. Similar swings were seen in US gas prices, which plunged to a low of $1.77 a gallon in 2020 before peaking around $5 a gallon in 2022, according to the Energy Information Administration .

Energy prices have eased in recent months, with Brent trading around $80 a barrel and gas prices cooling to around $3 a gallon. That's largely due to fears of a coming recession in the US and the potential impact on demand. 

But over the long term, oil and gas prices are expected to trend higher — and prices are set to continue to see big bouts of volatility as the unprecedented shock from the pandemic continues to roll through the market. 

"When there is an energy shock, it can take a huge price change to clear the market. And the pandemic was the mother of all shocks, bringing about the biggest sustained shift in demand since World War II," Rogoff said.

The world's total oil demand was estimated to have risen 2.3 million barrels a day last year, according to the International Energy Agency. By 2050, demand could skyrocket as high as 42%, per an EIA estimate.

More energy giants are investing to ramp up their crude-oil production, with the US seeing more than $100 billion of oil mega-mergers  in 2023. But it could take years for those investments to fix the industry's chronic undersupply problem , some experts have warned — which means prices are probably climbing higher for the time being.

"In the longer term, energy prices look set to rise unless investment picks up sharply, which seems unlikely given current policy guidance. Supply and demand shocks will most likely continue to roil the energy market and the global economy," Rogoff said.

Higher crude demand has been a boon for US oil producers, with production reaching an all-time high in 2023 as firms raced to fill the world's expanding appetite for crude oil. The US is estimated by the EIA to churn out an average of 13.2 million barrels a day in 2024 and 13.4 million a day in 2025, eyeing new records for at least the next two years.

This story was originally published in January 2024.

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Alberta government calls bill about backing up environmental claims an 'agenda to create chaos'

Province says it is exploring the use of every legal option, including sovereignty act.

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Alberta's government says it is "actively exploring" the use of every legal option, including a constitutional challenge or the use of the Alberta Sovereignty Act, to push back against federal legislation that will  soon become law .

That legislation is Bill C-59, which would require companies to provide evidence to back up their environmental claims. It is currently awaiting royal assent.

• Canada's consumer watchdog has ideas about how to crack down on greenwashing

As of Thursday, it was also what led the Pathways Alliance, a consortium of Canada's largest oilsands companies, to remove all its content from its website, social media and other public communications.

On its website, Pathways cites amendments to the Competition Act that would create "significant uncertainty" for Canadian companies that "want to communicate publicly about the work they are doing to improve their environmental performance."

"With uncertainty on how the new law will be interpreted and applied, any clarity the Competition Bureau can provide through specific guidance may help direct our communications approach in the future," the website reads. 

"For now, we have removed content from our website, social media and other public communications."

Alberta Premier Danielle Smith, Energy and Minerals Minister Brian Jean and Environment and Protected Areas Minister Rebecca Schulz released a joint statement in response to the bill .

They wrote that it appeared to be "part of an agenda to create chaos and uncertainty for the purpose of phasing out the energy industry altogether."

"Ironically, this kind of absurd authoritarian censorship will only work to stifle many billions in investments in emissions reducing technologies — the very technologies the world needs to reduce emissions while avoiding energy poverty for billions around the world," the statement reads in part.

Asked about the move by reporters on Thursday, Prime Minister Justin Trudeau said that in a democracy, it's important that "people build their positions and their decisions around facts."

"Now, freedom of expression, freedom of people to share their points of view, is extraordinarily important. It's one of the foundations of a free and open democracy," Trudeau said. 

"But we need to make sure that people are debating and discussing and basing their worldview on things that are anchored in truth and reality."

Pathways Alliance members react

The Pathways Alliance — which includes Canadian Natural Resources Ltd., Cenovus Energy Inc., ConocoPhillips Canada, Imperial Oil Ltd., MEG Energy Corp. and Suncor Energy Inc. — has publicly stated its pledge to cut greenhouse gas emissions from oilsands to net-zero by 2050.

Members of Pathways have expressed uncertainty around the omnibus bill. In a statement on its website, Canadian Natural Resources wrote that the legislation wouldn't change the company's commitment to the environment. 

Imperial Oil, another member of the consortium, displayed a disclaimer on its news page as of Thursday morning.

"Due to changes in the Competition Act, this archived information is provided solely for historical information and reference purposes. This information does not constitute an active representation of Imperial," the disclaimer reads.

"Imperial fully disclaims any liability for the use of such information, and undertakes no obligation to update such information except as required by applicable law."

The Canadian Association of Petroleum Producers, an industry group, wrote in a statement Thursday that it would also reduce the amount of information it makes available on its website and other digital platforms, until further guidance was made available.

Keith Brooks, programs director with the advocacy group Environmental Defence, characterized Pathways' removal of content as being essentially "an admission of guilt."

"If you want to be advertising and touting some green credentials, then those credentials need to be substantiated. You need to have some evidence to show that this is actually what's happening. You can't just be talking about it," Brooks said.

The clean energy think-tank Pembina Institute, meanwhile, wrote that its research and analysis had been identifying "significant gaps" between the emissions reduction promises the Pathways Alliance first made in 2021 and their actions to deliver those promises.

"It remains the case that the group has yet to make any final investment decisions on carbon capture projects, or on other technologies, that would meaningfully reduce their emissions in line with their previously stated 2030 and 2050 targets — despite the existence of significant public subsidies to support such investments," reads a statement from MC Bouchard, oil and gas program director at the Pembina Institute. 

Pathways Alliance issued a news release on Thursday afternoon attributed to the presidents of the group's oilsands producers and to Kendall Dilling, president of the Pathways Alliance.

The amendments could mean that certain public statements would violate the Competition Act, the group said.

"[That would] subject [a business] to significant financial penalties unless the business can adequately and properly substantiate their claims according to 'internationally recognized methodology,' which may or may not exist," the statement reads.

"Creating a public disclosure standard that is so vague as to lack meaning and that relies on undefined 'internationally recognized methodology' opens the door for frivolous litigation, particularly by private entities who will now be empowered to directly enforce this new provision of the Competition Act.

"This represents a serious threat to freedom of communication."

Calgary Chamber criticizes legislation

The Calgary Chamber of Commerce wrote in a statement on Thursday that the amendments in Bill C-59 would limit disclosure of climate targets and ambitions to investors and financial markets.

"The Investment Tax Credits and other long-overdue measures included in Bill C-59 are unfortunately obfuscated by other aspects of the bill — including the so-called 'greenwashing' amendments introduced last-minute and without consultation — casting a shroud over what could have been a good news story," wrote Chamber president Deborah Yedlin, in a statement.

Andrew Leach, an energy and environmental economist and a professor at the University of Alberta, agreed there is uncertainty at play here.

"What the [legislation] basically says is, in broad terms, any claim that you make with respect to the impact on the environment of your product, that's subject to you having the burden of proof to show … that that claim is true," Leach said.

"When you think about something like an oil and gas product, particularly oilsands … are we talking about production emissions? Are we talking about consumption emissions? Are we talking about net impacts on global climate? Are we talking about impacts on Canada's emissions?" 

For that reason, it's wise for Pathways to pull its information down in the interim, in Leach's view.

"It's going to be a double-edged sword. And I'm sure they're well aware of this, that by pulling the information down, the way that that's going to be interpreted is, that was false advertising. And I don't think that's right," Leach said.

Richard Masson is an executive fellow at the University of Calgary's School of Public Policy and chair of the World Petroleum Council-Canada, which hosted the  World Petroleum Congress  in Calgary last summer. 

He said it makes sense to pull the information down, given all the lawyers that sit in corporate offices in downtown Calgary.

"Unfortunately, I don't think this is helping Canada move forward with climate action. And it really is a distraction," he said. "What we need to do is create alignment amongst the parties, so that we can actually get investment predictions done, and this isn't doing it at all. So it's very disappointing."

The Pathways Alliance, whose membership consists of Canada's six largest oilsands companies, has previously run ads across the country promoting its ambition to reach net-zero greenhouse gas emissions from oilsands production by 2050.

Some environmental groups have said these ads are misleading, as the Pathways Alliance has not yet made a final investment decision on its proposed $16.5-billion carbon capture and storage network.

ABOUT THE AUTHOR

Joel is a reporter/editor with CBC Calgary. In fall 2021, he spent time with CBC's bureau in Lethbridge. He was previously the editor of the Airdrie City View and Rocky View Weekly newspapers. He hails from Swift Current, Sask. Reach him by email at [email protected]

• @joeldryden

With files from Meegan Read and The Canadian Press

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