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News Page 2

LPC: More competitive U.S. oil and gas lending drives down pricing

NEW YORK (Reuters) - A renewed willingness to lend to US oil and gas companies, as oil prices stabilize well above lows, is driving down pricing for borrowers after two straight years of steep increases. The volume of credit lines provided to exploration and production companies, using their oil and gas reserves as collateral, so far this year has already topped full-year 2016, although it is a shadow of the 2014-2015 tallies reached before oil and gas prices tanked, according…

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Oil and gas CEOs up their methane pledge

The CEOs of 10 leading oil and gas companies last week announced intentions to move toward "near-zero" methane emissions, pledging to set a quantitative reduction target by this time next year. At first blush, it might sound like a modest step — a promise to make a promise. In fact, the CEOs announcement constitutes an important and welcome recognition that oil and gas methane emissions impact the climate, are too high and must be reduced. The new pledge comes just days after the International…

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The Oil And Gas Industry Is Hiring Again

The oil and gas industry is hiring more than it’s letting go for the first time in three years, a new report from recruitment firm NES Global Talent and Oilandgasjopbsearch.com shows. This is the latest sign of recovery in oil and gas after the 2014 price crash, reinforcing the belief that a lot of oil and gas companies have successfully adjusted to the new level of oil prices, which is still more than 50 percent below the 2014 highs. The report’s authors…

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U.S. rig count declines by 4 this week to 909; Texas gains 5; Oklahoma up 1

HOUSTON (AP) -- The number of rigs exploring for oil and natural gas in the U.S. declined by four this week to 909. That's up from the 557 rigs that were active a year ago. Houston oilfield services company Baker Hughes said Friday that 737 rigs sought oil and 172 explored for natural gas this week. Among major oil- and gas-producing states, Texas gained five rigs and Oklahoma and Wyoming each increased by one. Louisiana lost three rigs, North Dakota…

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Oil prices near two-year highs as supply cuts bite

LONDON (Reuters) - Oil prices steadied on Tuesday after a week of gains as the prospect of increasing U.S. exports dampened bullish sentiment that has driven Brent to more than two-year highs above $60 per barrel. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER Written by Christopher Johnson at Reuters [formidable id="19"]

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Oil Prices Slip On Higher US Crude Inventories

Oil steadied on Oct. 26, pressured by an unexpected increase in U.S. crude inventories, high U.S. production and exports, but was supported near multi-month highs by tighter crude markets. Brent crude was unchanged at $58.44 a barrel (bbl) by 5:10 a.m. CST (10:10 GMT). The global benchmark is not far below its 26-month high of $59.49 hit in late September. U.S. West Texas Intermediate light crude was 10 cents higher at $52.28. Markets have been supported by comments from Saudi…

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Oil and gas megadeals taper off as US shale drillers target smaller land deals

American oil and gas producers and investors are still striking a lot of deals, but they're now focusing on smaller mergers and acquisitions, extending a trend that began in the first half of 2017, a new report says. The pattern in dealmaking shows that oil and gas drillers are now focused on getting better results from their wells, following a period of giant deals to acquire land and rival companies. That earlier wave of megadeals came as producers bought up acreage in…

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Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

ers in the Gulf of Mexico and is scheduled to take place in March 2018. “In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump’s plan to make the United States energy dominant,” Secretary Zinke said. “And the economic terms proposed for this sale include a range of incentives to encourage diligent…

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Oil steady, supported by Iraq disruptions and drop in U.S. rigs

NEW YORK (Reuters) - Oil prices were little changed on Monday as supply disruptions in Iraq dented exports by OPEC’s second-largest producer and U.S. drilling rates showed a slowdown. Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows caused by a shortfall from the northern Kirkuk fields. Brent crude LCOc1 settled at $57.37 a barrel, down 38 cents. U.S. West Texas…

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Oil rises towards $58 on Saudi comments, forecast of U.S. stocks drop

LONDON (Reuters) - Brent oil rose towards $58 a barrel on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in U.S. crude inventories. The Saudi energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The oil market has been concerned…

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