oil and gas companies websites

• Topics Onshore Exploration Drilling Completion Production Shale Hydraulic Fracturing Conventional Digital Transformation Automation & Control Data Storage Artificial Intelligence Offshore Exploration Drilling Production Deepwater Subsea Decommissioning Energy Transition LNG Sustainability Offshore Wind Hydrogen Carbon Capture Industry & Analysis Economics/statistics Regulatory ESG/Investment Regions North America South America Europe Eastern Mediterranean Russia & FSU Africa Middle East Far East South Asia South Pacific Arctic East Asia Australasia
• Magazine Current Issue Archive Free Trial Subscription Full Access Subscription Renew Subscription Supplements Forecast Reprints & Back Issues
• News Latest News Company News Newsletter Sign-Up
• Resources Webcasts Whitepapers eBooks Podcasts Videos Upstream365 Event Presentations Maps Store
• Events World Oil Events Gulf Energy Information Excellence Awards Women's Global Leadership Conference Deepwater Executive Summit Oilfield Electrification Technology Conference World Oil Forecast MCE Deepwater Development
• Project Data Global Energy Infrastructure
• Manage Account
• North America
• U.S. Onshore
• Permian Basin
• Conventional

• Industry & Analysis
• Completions
• Digital Transformation
• Data storage
• Energy Transition
• Sustainability
• Exploration
• U.S. Offshore
• {{tag.Name}}
• 2"> {{tag.Name}}
• Hydraulic Fracturing
• Water Management
• South America
• Geology & Geophysics
• Industry Trends
• Oil and Gas Prices
• Middle East
• Decommissioning
• Eastern Mediterranean
• Western Europe
• Automation & Control
• West Africa
• Energy Transition :
• Offshore Wind
• Carbon Capture

• Digital Transformation :
• Digital Twin
• Artificial intelligence
• Cyber security

Oil & Gas News

• Analysts Warn Next 2 Months Are Critical for Oil Fundamentals
• World's Most Important Oil Price Transformed by Adding USA Crude
• HSBC Asked by $890B Investor Group to Set Energy Goal
• Microsoft and Brookfield Sign Renewable Energy Framework Deal
• Sabic's Profit Drops 63 Percent for First Quarter
• Petrofac Announces Temporary Share Suspension
• MSC Aries and Galaxy Leader: What Happened to the Crew of the Seized Ships?
• Standard Chartered Looks at Geopolitical Risk in Oil
• Oil Markets Gazing Towards Next OPEC+ Meeting
• Nigeria's NNPC Sued over Allegedly Missing Oil Revenues

We use cookies to collect and analyse information on our site's performance and to enable the site to function. Cookies also allow us and our partners to show you relevant ads when you visit our site and other 3rd party websites, including social networks. You can choose to allow all cookies by clicking ‘Allow all’ or manage them individually by clicking ‘Manage cookie preferences,’ where you will also find more information.

bp’s ACE in Azerbaijan

Our latest and most technologically advanced platform in the Caspian is applying new technology and the power of digital to manage safety risks, reduce operational emissions and raise efficiency

Food to love on bp's forecourts

bp is making freshly prepared food and drink more convenient than ever, expanding the range available to customers around the world

Growing the value of bp

From international oil company to integrated energy company, the destination is unchanged. So says Murray Auchincloss, bp’s new chief executive officer. Here, Murray sets out bp’s near-term priorities and explains how the IOC to IEC strategy enables bp to grow in value

Our latest steps in electrification

Here’s a snapshot of how we are working across our businesses – from charging to EV Fluids – so we can all get plugged into the EV revolution

Our Strategy

Enabling us to pivot from being an international oil company to an integrated energy company

Our Transformation

Transforming bp to deliver secure, affordable, lower carbon energy

Plans into Action

The day-to-day work we do turning plans into action

bp is a global company offering an exciting world of opportunities. With people working in hundreds of different roles, we've got career choices to suit everyone

Energy economics

Energy Outlook 2023 considers disruption to global energy supplies and prices, and explores how this could affect the energy transition out to 2050

Get dividend information, review financial results, download the annual report or view the Notice of Meeting for this year's AGM

Press releases

• EnerCom, Inc.
• EnerCom Denver
• EnerCom Dallas

Advertise on 360

Email subscription.

• Oilfield Services
• Oil and Gas A&D Listings
• Acquisitions and Divestitures News (A&D)
• Capital Markets
• Commodity Pricing
• Corporate Governance
• Mineral and Royalty Interests
• Private Equity
• Energy Press Releases
• Corporate Social Responsibility
• Energy News

International

• Industry Insights & Opinions
• Natural Gas
• Pipeline News
• Renewable Energy
• Women in Energy
• 360 Industry Leadership Insights
• EnerCom Denver 2023 Replays – Premium Subscribers
• EnerCom Denver 2022 Replays – Premium Subscribers
• The Oil & Gas Conference 2021 Replays – Premium Subscribers
• The Oil & Gas Conference 2020 Replays – Premium Subscribers
• EnerCom Dallas 2023 Replays – Premium Subscribers
• EnerCom Dallas 2022 Replays – Premium Subscribers
• Enercom Dallas 2021 Replays – Premium Subscribers
• The Energy Venture Investment Summit 2022 Replays – Premium Subscribers
• The Energy Venture Investment Summit 2021 Replays – Premium Subscribers
• Login / Subscribe

The future is looking bright for Fl...

Publisher's Note: Dan Genovese with EnerCom spoke...

U.S. crude oil inventories increase...

Weekly Crude Oil Storage as of April 26, 2024 U.S....

U.S. rig count had a decrease of 8 ...

Oil and Gas 360 This week’s Baker Hughes Rig...

Weekly Gas Storage: Inventories inc...

Natural Gas Inventories as of April 26, 2024 The...

Featured 360 Articles

Mike Wirth, Chairman and Chief Executive Officer of Chevron, a Keynote speaker at the 29th annual EnerCom Denver – The Energy Investment Conference

Oil and Gas 360

Register now for the 29 th annual EnerCom Denver – The Energy Investment Conference featuring a diverse group of public and private energy companies at www.enercomdenver.com

  A growing list of companies has confirmed their participation, and …

Oil prices fall, head for steepest weekly drop in three months

Oil prices edged lower on Friday, and were on course for their steepest weekly loss in three months, as investors weighed weaker-than-expected U.S. jobs data and the timing of a Federal Reserve interest rate cut.

Brent crude futures for …

ExxonMobil doubles Permian footprint with Pioneer acquisition

(WO) — ExxonMobil has finalized its acquisition of Pioneer Natural Resources Company, marking a significant transformation in its upstream portfolio.

The acquisition, completed on May 3, sees ExxonMobil more than doubling its footprint in the Permian basin, combining …

FTC’s allegations against oil icon Scott Sheffield shake up U.S. shale sector

(Bloomberg) — The Federal Trade Commission’s allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving U.S. oil executives pursuing more than $100 billion in deals.

While Thursday’s green light …

U.S. rig count had a decrease of 8 this week, at 605

This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 8 over last week, resulting in a total count of 605 rigs. Canada had a decrease of 2 over last week, resulting in …

Heavy oil shortage spells higher cost for shippers, road builders

LONDON/HOUSTON – Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners’ costs with a likely knock-on effect to industries ranging from shipping and

Exploration & Production (E&P)

Mergers, Acquisitions and Divestitures

Permian producer Diamondback Energy shareholders approve $26 Endeavor Energy merger with Q4 2024 closing date

ExxonMobil, Chevron to increase Guyana, Permian oil production amidst $100 billion M&A spending

US oil and gas M&A hits quarterly record after blockbuster 2023

TotalEnergies considers moving stock listing to New York over favorable oil and gas views in U.S.

Chevron to resolve ExxonMobil arbitration over Guyana discovery soon following $53 billion Hess acquisition, CEO predicts

TotalEnergies CEO calls on policymakers to “face reality” as world oil demand rises

Industry insights & opinions.

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

The new era of power demand growth: How AI-driven power demand fits into a changing generation mix

Europe’s new oil ally

Trouble for U.S. diesel and gasoline exports

Renewable, green and eco related topics.

$2-trillion funding gap casts shadow over energy transition

Renewables giant NextEra books higher-than-expected Q1 earnings

Chevron launches $500 million fund to invest in renewable energy technologies

Could the U.S. become lithium independent?

Sign up for 360 closing bell digital platform email.

Membership Login

EnerCom Analytics – Data – Dashboards – Knowledge

Contact Our Team

Advertise on oag360.

Learn about the innovative ways Marathon Oil is meeting the challenges of the global energy market head on.

View our most current earnings news release and support data, including the earnings presentation deck, investor packet and webcast replay.

View and print royalty payment check stubs and make changes to your owner account, 24 hours a day, 7 days a week.

At Marathon Oil, you’ll be empowered to make a difference on the job, in your career, and in your community.

Empowered to make a difference

Marathon oil reports first quarter 2024 results.

Explore the latest MRO Sustainability Report

We’re excited to announce the launch of our latest Sustainability report. The report covers our work to further the environmental, social and governance (ESG) progress of our business, and highlights our 2022 ESG results.

Financial, Operational and ESG Excellence

U.s. resource play focused.

Energy in Motion

On average, Plains handles more than 7 million barrels per day of crude oil and natural gas liquids through our extensive network of assets located in key North American producing basins, major market hubs, and transportation gateways. This plays a vital role in the movement of U.S. and Canadian energy supplies.

Sustainability

Plains is delivering energy that powers progress, sparks innovation and fuels quality of life around the globe. Our sustainability efforts focus on enhancing our environmental, social and governance practices so we can deliver long-term value and maintain the trust of our stakeholders.

Historical Growth

Since Plains All American Pipeline's initial public offering in 1998, we have built and acquired a diverse portfolio of strategically located assets and today are one of the largest independent midstream energy companies in North America.

Plains (NASDAQ: PAA) is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada.

Plains GP Holdings (NASDAQ: PAGP) is a publicly traded entity that owns a non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

• Doing Business with Plains
• Pipeline Tariffs
• Crude Oil Bulletins
• Owner Relations
• Operator Relations ​

VIEW OUR ASSETS

CALL BEFORE YOU DIG

IOGP Summit, Dubai, UAE, 8th - 9th May, 2024

Join us in dubai for the iogp summit 2024 hosted by dragon oil., we’re iogp, the international association of oil & gas producers ., we drive good practice ….

For a healthy and safe industry

For a sustainable industry

For an efficient industry

For a low-carbon future

Our Joint Industry Projects make a positive contribution to society.

We maintain the largest industry safety database.

Publications

We publish good practice guides, info sheets and reports.

Safety performance indicators – 2022 data

With three supplementary documents to further aid understanding

• Executive summary
• High Potential Event narratives
• Fatal Incident narratives

Some of our most popular publications

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, Ipieca, and OSRL are once again joining forces for IOSC 2024!

IOGP, Ipieca, and IOGP are hosting a joint booth at IOSC 2024, similar to their joint engagement at Interspill and Spillcon.

Engineering Directorate highlights for Q1

As the first Quarter comes to a close, these Committees are already setting a brisk pace in progressing strategic priorities for 2024.

Dragon Oil to Host IOGP Summit 2024: Advancing Industry Dialogues and Celebrating IOGP’s 50th Anniversary

Dragon Oil is thrilled to announce its hosting of the International Association of Oil & Gas Producers (IOGP) Summit on 8th and 9th May 2024.

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

Otc. offshore technology conference 2024, iogp summit, dubai, uae, 2024, international oil spill conference (iosc), australian energy producers annual conference & exhibition.

• S&P Global
• S&P Dow Jones Indices
• S&P Global Market Intelligence
• S&P Global Mobility
• S&P Global Commodity Insights
• S&P Global Ratings
• S&P Global Sustainable1
• Investor Relations Overview
• Presentations
• Investor Fact Book
• News Releases
• Quarterly Earnings
• SEC Filings & Reports
• Executive Committee
• Merger Information
• Stock & Dividends
• Shareholder Services
• Español
• Português
• English (Australia)
• Get Support
• System Notifications
• Delivery Platforms
• Regulatory Engagement
• Commodity Insights Login
• Access IHS Markit Products

Powering decisions that transform trade.

Complex factors drive today’s commodity markets. The transition to a sustainable future. Volatile supply chains. The ever-present wildcard of geopolitics. To power the future, we need insights that clarify uncertainties and empower decisions.

• About S&P Global Commodity Insights

Commodity Market Solutions

S&P Global Commodity Insights® provides respected benchmarks, perspectives and solutions for commodity and energy markets, helping customers zoom in on the near term and zoom out for the big picture. By enabling decisions that create sustainable value, we help accelerate progress in the world.

Benchmarks & Assessments Every trading day, our customers use one of 15,000+ industry respected Platts price assessments to transparently understand the value of commodity markets.

News, Research & Insights Our independent commodity market news and expertise give customers the confidence to take action. Dive deeply into market supply and demand trends with in-depth analysis and plan your next steps with our forecasts.

Technology & Workflow Solutions Our innovative workflows help customers maximize efficiency and sustainability. The integration of our respected content with channel-partner technology helps us co-create solutions for tomorrow.

Data & Analytics We clarify perspectives on commodity markets through connected data and analytics from proprietary sources, all backed by transparent methodologies and delivered with full flexibility.

• Contact us for more information or support for your business needs

Conferences & Training

From our world-renowned conferences such as CERAWeek® and APPEC®. We connect commodity and energy market leaders across industry, finance, and government for conversations that elevate decisions.

Commodity Insights LIVE

Commodities start here. Be a part of a community of diverse thinkers to play out the visions of today and work out the solutions of tomorrow. Where connection powers progress.

Consulting & Advisory Solutions

Our consulting offering provides custom-built solutions to help businesses navigate the evolving energy landscape. Our team of experts use a combination of in-house proprietary databases and industry expertise to deliver insightful, actionable recommendations.

It's not a long countdown to net zero. Lead the transition with Essential Intelligence.

Join the commodities collective. commodities live., look forward: multidimensional transition, forces shaping the future of energy, agora for energy platform partnership, chemical trends h1 2024, interactive: platts periodic table of oil, energy transition solutions, pricing methodologies, release notes q3 2023, contact form.

Send us a message and we will get back to you as soon as we can. We aim to reply to all inquiries within 24 hours. Alternatively you can email [email protected] .

• First Name * Please enter First Name.
• Last Name * Please enter Last Name.
• Email * Please enter email address.
• Please select inquiry. Inquiry Sales Inquiry Password Reset Resend Training Support Request Complaint Other
• Phone Number

• Enter verification code here * Please enter verification code.

Latest Latest from S&P Global Commodity Insights

• News & Insights
• Special Reports
• Agriculture

Energy Transition

• Electric Power
• Natural Gas
• Refined Products

FILTER BY COMMODITY

Filter by type.

• Product & Services

For full access to real-time updates, breaking news, analysis, pricing and data visualization, subscribe today.

• Natural Gas, LNG
• May 03, 2024
• Americas, APAC, EMEA

Cheniere expects reduced maintenance outages at Sabine Pass, Corpus Christi LNG terminals

Biden administration releases electric vehicle tax credit rule, interactive: global oil flow tracker, nwe april lng imports decline on year; uk arrivals sharply lower.

Let’s get to the meat of it.

Platts daily beef prices in Brazil and US markets, providing transparency for effective trading decisions and managing risk within the global protein market.

• Natural Gas, Refined Products, Crude Oil
• Americas, EMEA

INTERVIEW: Nigeria's Oando set to double crude output with Eni deal 'imminent'

• Crude Oil, Shipping, Refined Products, Agriculture, Chemicals

Bunker supplies return to Indian ports; Sri Lanka markets stable in April: traders

• Agriculture, Chemicals, Refined Products, Crude Oil

Russian oil product exports slump to post-pandemic low as drone hits resume

Russian piped gas exports to europe drop in april on turkstream fall.

In a changing market, find your constant.

• Metals, Energy Transition

German EV charging capacity rises 45% on year to 5.4 GW, EV sales fall behind

• Agriculture, Energy Transition

Malaysia looks to tap palm oil biomass for producing advanced fuels

War in ukraine, infographics, biofuels and energy, regulatory engagement and market issues, iosco assurance review.

• Click here for details on Oil and Non-Oil

More From Forbes

Oil and gas mergers hit record q1 levels in 2024.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Drone view captures a drilling location in the West Texas Permian Basin at sunset.

Big energy analytics and advisory firm Enverus reports this week that oil and gas upstream mergers and acquisitions reached a new first quarter high over the initial three months of 2024. In a release sent out Tuesday, report author Andrew Dittmar, Principal Analyst at Enverus Intelligence Research (EIR), says M&A activity for Q1 2024 totaled to more than $51 billion in deal value.

In an interview, Dittmar says the action started right after the holidays. “We woke up on January 4 to the news that Apache Corp. was doing a $4.5 billion deal to acquire Callon Energy,” he says. “We knew Callon had been on the block, so that wasn’t surprising, although it was a little surprising Apache was the acquiring company, just since they haven’t been all that active in the space.”

The record first quarter comes on the heels of the 21st century-high deal total of $192 billion for 2023. Although the Q1 total deal value of $51 billion maintains the pace set last year, Dittmar says he doesn’t expect it to continue for much longer. “The remaining inventory for potential deals remains in the Permian Basin,” he points out, adding, “and the Permian is increasingly controlled by ExxonMobil ExxonMobil , ConocoPhillips ConocoPhillips , Diamondback Energy, Chevron Chevron , and Occidental.”

All of those companies have executed major Permian-heavy deals in recent years, and Dittmar says they are now content to own as big a position in the most active basin in the country as they can. Big acquiring companies have in the past normally followed major transactions with a significant sell-off of non-core assets to high-grade their asset portfolios. But Dittmar says this hasn’t really happened related to Permian assets, denying smaller companies opportunities to grow their own inventories by snapping up those positions.

“Opportunities are still there for private equity, but they may need to get more creative,” said Dittmar. “That could include exploring more secondary targets like deep intervals in the Permian or pushing into areas like the Central Basin Platform. Ultimately, that is good for the industry, as private equity with a higher tolerance for risk compared to public companies has played a key role in finding additional resource. That is something we will need as the core shale plays continue to mature.”

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024.

By far the biggest deal during Q1 2024 came in February, when Diamondback Energy Diamondback Energy acquired privately-owned Endeavor Energy Resources for $26 billion. Dittmar says this was the largest deal involving a family-owned producer EIR has tracked.

“Endeavor was a unique opportunity to acquire a legacy family-owned E&P with leases in the core of the Midland Basin acquired decades before Diamondback, or many of the other familiar shale names, were even in business,” said Dittmar. “There are a handful of other private family companies like Mewbourne Oil and Fasken Oil & Ranch that would similarly be highly sought after if they entertained offers to sell. However, there are no indications these closely held companies are looking to exit any time soon.”

That means that public companies looking to increase their inventory in the Permian will most likely be looking to fellow public companies to get a deal done. But the remaining roster of large public companies involved in the basin - like EOG, Devon Energy Devon Energy and Permian Resources - has also shrunk in recent years.

Potential large deals do still exist in other shale basins, as exemplified during Q1 by Chesapeake Energy’s Chesapeake Energy $11.5 billion acquisition of Southwestern Energy Southwestern Energy , whose major asset positions were in the gassy Haynesville and Marcellus basins. EIR notes that while that deal didn’t necessarily increase Chesapeake’s inventory life, it does provide increased potential exposure to the more lucrative international LNG export market through its enlarged position in the Haynesville.

One factor to keep an eye on here is that both the Cheseapeake/Southwestern deal and last fall’s deal by ExxonMobil to acquire Permian pure play Pioneer Natural Resources Pioneer Natural Resources have attracted scrutiny by the Federal Trade Commission. “The heightened review is a function both of an FTC that is increasingly active in anti-trust enforcement and a growing concentration of ownership of the key U.S. unconventional plays,” said Dittmar. “Ultimately, the most likely outcome is all these deals get approved but federal regulatory oversight may pose a headwind to additional consolidation within a single play.”

The Bottom Line

What we see here is a normal expected progression of dealmaking as the US shale industry moves on from the initial drilling boom phase in the maturity phase of development in America’s major shale basins. As the drilling boom began to fade during the 2017-2020 time frame, executives at the bigger companies like ExxonMobil and Chevron liked to talk about their goals of evolving their operations in areas like the Permian into more of a pure manufacturing process involving big acreage positions that enable them to deploy fewer drilling rigs, maximize production with longer laterals and enhanced technologies, and minimize costs through economies of scale.

While more deals no doubt still lurk out there to be made in the coming months, there is no real doubt that those larger companies have by and large now achieved that goal. For overall domestic production, this means that the explosive growth seen over the past decade will most likely slow.

With global demand for crude and natural gas still on an upward path, the spotlight will once again turn to OPEC+ and other global resource areas to keep markets balanced. The days of US shale serving as the global swing producer are growing short.

• Editorial Standards
• Reprints & Permissions

Earnings for Big Oil backpedal as natgas prices tumble

• Medium Text

• Company Chevron Corp Follow
• Company Exxon Mobil Corp Follow
• Company Hess Corp Follow

Sign up here.

Reporting by Sabrina Valle in Houston, America Hernandez in Paris and Mrinalika Roy in Bengaluru Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles. New Tab , opens new tab

Thomson Reuters

U.S. Energy correspondent focused in covering global operations of oil majors out of Houston. Sabrina previously worked at Bloomberg and Business Week in Rio de Janeiro, and The Washington Post in D.C., among other publications. Speaks English, French, Portuguese, Spanish and Italian. Contact: [email protected]

Markets Chevron

Stocks jump, yields drop as Fed cut hopes bloom

A gauge of global stocks rallied while Treasury yields fell on Friday after a U.S. payrolls report was softer than anticipated, easing concerns the Federal Reserve would keep interest rates higher for longer.

The South African rand was stronger on Friday after U.S. nonfarm payrolls grew less than expected in April, boosting hopes that the Federal Reserve could cut interest rates soon.

Annual Report and ESG Review 2023

Acquisition of wintershall dea asset portfolio, largest london-listed independent oil and gas company, safety & sustainability, operating responsibly and securely across our activities, our operations, a diverse, cash generative portfolio of scale, at a glance, well placed to deliver value creation, growth and shareholder returns, sustainability, committed to achieving net zero greenhouse gas emissions by 2035, diversity, equity and inclusion, latest news.

Find out the latest news and features from Harbour Energy.

Publication of 2023 Annual Report and AGM Notice

Harbour energy 2023 full-year results, viking ccs project awards front end engineering design contract, trading and operations update, transformational acquisition of wintershall dea asset portfolio, harbour energy responds to uk government announcement on ccs emitter sequencing.

Oil and gas companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace

Last year, the demand for loans from fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022.

From a climate perspective, this may sound like good news because the drop in bank lending to oil, gas and coal companies should mean less investment and less production over time.

The reality, however, is that oil and gas companies don’t need a lot of loans because they’re generating so much money these days from their underlying businesses, said Andrew John Stevenson, senior analyst at Bloomberg Intelligence. And that trend is likely to continue through the end of the decade, he said.

“The oil and gas industry has experienced a number of booms and busts over the past few decades, but for now, it appears to be flush with cash,” he said. The healthy balance sheets reflect the boost that companies have received from rising oil prices, buoyed by robust demand and OPEC+ production cuts.

The sector’s free cash flow is so strong that the group’s leverage ratio, which measures a company’s net debt relative to earnings before interest, taxes, depreciation and amortization, fell to 0.8 in 2023 from 2.4 in 2020, Stevenson said. The ratio will likely slide below zero by the end of the decade, he said.

Banks typically play a critical role in enabling oil and gas companies to fund their capital-spending plans, but that’s changing, Stevenson said. As a group, the oil and gas industry’s free cash flow-to-capital expenditures ratio rose to 1 last year from 0.4 in 2020, and it’s forecast to approach 1.4 by 2030. BI’s analysis shows the oil and gas industry’s free cash flow-to-capex ratio is poised to increase.

In other words, the average oil and gas company is now producing more cash than it needs to fund its capital expenditures through the end of the decade, Stevenson said. But for the environment, these trends aren’t helpful, he said.

Chevron Corp. and Saudi Aramco are among the companies that may “significantly increase” their oil and gas production through 2030 with “enough free cash on hand to support these investments,” Stevenson said. This will allow fossil-fuel companies to undermine “the banking sector’s efforts to keep the fuel in the ground as part of its push on climate,” he said.

Exxon Mobil Corp. and Chevron, which reported earnings Friday, are both predicting  their production in the Permian Basin  — the US region that already supplies more oil than Iraq — will climb by 10% this year.

The expected increase comes amid reports from the International Energy Agency that demand for oil is forecast to grow by about 1.3 million barrels a day this year to a record high.

BI provides estimates for the combined oil and gas production of 75 publicly traded companies.

Latest in Finance

Warren Buffett’s Berkshire Hathaway sells 100 million Apple shares as cash pile and operating profit surge

Millennials’ love affair with pet chickens is big business for a $30 billion retail chain—‘In America, the new companion animal is the chicken’

‘Think about Europe, but everything a little worse’: The U.K. economy could stare down long-term irrelevance without immigration

London’s Royal Opera House plans a new renaissance starting with a name change — and potential Netflix series

Wall Street watchdogs want another crack at clawing back big bonus payouts after executive misconduct

Rule tweak allows Tesla, EV makers to maintain tax-credit marketing push in car sales

Most popular.

Another Boeing whistleblower is dead—this time a healthy 45-year-old who battled a sudden, severe infection

Move over, American dream: The goal of many Gen Z and millennial women is now to be a DINK—with dual income and no kids

Elon Musk publicly dumped California for Texas—now Golden State customers are getting revenge, dumping Tesla in droves

Peloton, the fallen fitness unicorn, faces a harsh truth despite its shiny new deal with Hyatt hotels: ‘I don’t think they thought [about] what was going to happen post-pandemic’

‘Almost impossible’: Janet Yellen despairs at housing market’s one-two punch for first-time buyers

Most Americans believe it will take over two decades to pay off their student loans

We've detected unusual activity from your computer network

To continue, please click the box below to let us know you're not a robot.

Why did this happen?

Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy .

For inquiries related to this message please contact our support team and provide the reference ID below.

• Election 2024
• Entertainment
• Newsletters
• Photography
• Personal Finance
• AP Investigations
• AP Buyline Personal Finance
• AP Buyline Shopping
• Press Releases
• Israel-Hamas War
• Russia-Ukraine War
• Global elections
• Asia Pacific
• Latin America
• Middle East
• Election Results
• Delegate Tracker
• AP & Elections
• Auto Racing
• 2024 Paris Olympic Games
• Movie reviews
• Book reviews
• Personal finance
• Financial Markets
• Business Highlights
• Financial wellness
• Artificial Intelligence
• Social Media

New Mexico reaches record settlement over natural gas flaring in the Permian Basin

• Copy Link copied

ALBUQUERQUE, N.M. (AP) — New Mexico has reached a record settlement with a Texas-based company over air pollution violations at natural gas gathering sites in the Permian Basin.

The $24.5 million agreement with Ameredev announced Monday is the largest settlement the state Environment Department has ever reached for a civil oil and gas violation. It stems from the flaring of billions of cubic feet of natural gas that the company had extracted over an 18-month period but wasn’t able to transport to downstream processors.

Environment Secretary James Kenney said in an interview that the flared gas would have been enough to have supplied nearly 17,000 homes for a year.

“It’s completely the opposite of the way it’s supposed to work,” Kenney said. “Had they not wasted New Mexico’s resources, they could have put that gas to use.”

The flaring, or burning off of the gas, resulted in more than 7.6 million pounds of excess emissions that included hydrogen sulfide, sulfur dioxide, nitrogen oxides and other gases that state regulators said are known to cause respiratory issues and contribute to climate change.

Ameredev in a statement issued Monday said it was pleased to have solved what is described as a “legacy issue” and that the state’s Air Quality Bureau was unaware of any ongoing compliance problems at the company’s facilities.

“This is an issue we take very seriously,” the company stated. “Over the last four years, Ameredev has not experienced any flaring-related excess emissions events thanks to our significant — and ongoing — investments in various advanced technologies and operational enhancements.”

While operators can vent or flare natural gas during emergencies or equipment failures, New Mexico in 2021 adopted rules to prohibit routine venting and flaring and set a 2026 deadline for the companies to capture 98% of their gas. The rules also require the regular tracking and reporting of emissions.

Ameredev said it was capturing more than 98% of its gas when the new venting and flaring rules were adopted, and the annual capture rate has been above 98% ever since.

A study published in March in the journal Nature calculated that American oil and natural gas wells, pipelines and compressors were spewing more greenhouse gases than the government thought, causing $9.3 billion in yearly climate damage. The authors said it is a fixable problem, as about half of the emissions come from just 1% of oil and gas sites.

Under the settlement, Ameredev agreed to do an independent audit of its operations in New Mexico to ensure compliance with emission requirements. It must also submit monthly reports on actual emission rates and propose a plan for weekly inspections for a two-year period or install leak and repair monitoring equipment.

Kenney said it was a citizen complaint that first alerted state regulators to Ameredev’s flaring.

The Environment Department currently is investigating numerous other potential pollution violations around the basin, and Kenney said it was likely more penalties could result.

“With a 50% average compliance rate with the air quality regulations by the oil and gas industry,” he said, “we have an obligation to continue to go and ensure compliance and hold polluters accountable.”

I'm interested in

Lukoil overview.

LUKOIL is one of the largest oil & gas vertical integrated companies in the world accounting for over 2% of crude production and circa 1% of proved hydrocarbon reserves globally.

• Petrol stations
• Press Center
• Sustainability
• Personal data processing policy
• LUKOIL International Tenders
• Non-core assets
• LUKOIL as an Employer
• Our Success Stories
• LUKOIL and Youth

• Technologies
• Innovative Partnership
• Digitalization
• Priority projects
• International Projects
• Exploration
• Oil refining
• Gas processing
• Petrochemicals
• Power Generation
• Premium Sales Channels
• Wholesale and Trading

• Share Capital
• Information for DR holders

• Petroleum Products
• Petrochemical production
• Oil Trading
• LUKOIL GENESIS
• Eco EURO fuel

Postal address

11, Sretensky Boulevard, Moscow, Russia, 101000

Central Office Information Service

+74956274444

+74956289841

+74956257016

Telex: 612 553 LUK SU

HR Department

[email protected]

For investors and shareholders

Department of Shareholder Relations

[email protected]

+74959817320

+74959803222

+74956274564

Department of Investor Relations

[email protected]​

+74956271696

+74959817288​

+74959817526

+74959339288

Headquarters of OOO “Registrator “Garant”

[email protected]

+74952213112

88005002947  from 10:00 a.m. to 16:30 p.m. (Russia toll-free)

88005002947

www.reggarant.ru

LUKOIL Stock & Consulting Center

[email protected]

+74957801943

Depositary bank

​​For more details on the ADRs please visit the Citibank http://www.citi.com/adr ​

MOSCOW BRANCH

Michael Klochkov ​

[email protected]

+74956427644

Tatiana Emelianova

[email protected]

+74956431537

NEW YORK BRANCH

+12128166622

LONDON BRANCH

Corporate Communications

charity and sponsorship, sports projects, social reports, exhibitions, conferences, corporate museum

[email protected]

Sales of Lubricants

www.lukoil-lubricants.com

Exports of oil and petroleum products

www.litasco.com

Press service

Press service of PJSC LUKOIL

[email protected]

+74956271677

+74956271653

http://www.lukoil.ru

http://twitter.com/lukoilrus

Social Networks

The Official Telegram Channel of LUKOIL.

COMMUNICATION CENTER

• Add to favorites

LUKOIL’S ASSETS AROUND THE WORLD

• 1% of proved oil reserves
• 2% of crude oil production
• 2% of crude oil refining

LUKOIL’S ASSETS IN RUSSIA

• 12% of proved oil reserves
• 16% of crude oil production
• 15% of crude oil refining

OUR GEOGRAPHY

• 4 Continents
• 35 Countries
• 63 Russian regions
• Key projects
• Innovation Partnership
• Media library

Information

• Fraud warning