Tag Archive for: crudeoil

US crude oil production hit a monthly record in Aug 2023, with an average output of 13.05 million bpd, breaking previous month's record.

How the US is pumping more oil with fewer rigs

Falling and Flatlining Rig Count

US is Pumping More Oil despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations.

U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for their buck.

U.S. field production of crude oil reached 404.6 million barrels during the month of August, new EIA data showed this week, for an average of 13.05 million barrels per day—squarely breaking the previous record U.S. drillers set in July of 401.73 million barrels.

US is pumping more oil and it Increases in production catch sight in PADDs 1, 2, 3, and 4, with the largest percentage increase in production seen in PADD 4, which comprises Colorado, Idaho, Montana, Utah, and Wyoming. The largest actual increase is distinguish in PADD 2, which includes North Dakota, Illinois, and Kentucky, among other states.

Crude Oil Production Reached a Record High

In Texas, the top oil-producing state, crude oil production reached a record high of 5.7 million barrels per day (bpd) in August, per the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman.

“Texas’ production of oil and natural gas has achieved records despite relatively modest drilling activity. Productivity gains and leveraging wells that have been drilled but not yet completed have provided a tailwind,” Foreman wrote at the end of September.

Producers in the Permian in Texas and New Mexico and the other shale plays have boosted production of crude oil despite a loss of 117 rigs so far this year, per Baker Hughes data as of October 27.

U.S. crude oil producers have been shedding rigs for most of the year, while the rig count largely stabilized in October.

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Source: Oil Price

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ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. Meanwhile, cash flow was even higher at $16 billion.

ExxonMobil is cashing in on higher crude oil prices

ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. That was up from $7.9 billion in the second quarter as the company feasted on higher oil prices. Meanwhile, cash flow was even higher at $16 billion, a whopping $6.6 billion increase from the last quarter. 

As strong as the third quarter was, even better days could be ahead for the oil giant. Here’s a closer look at the quarter and what’s in store for ExxonMobil investors.

ExxonMobil expected that higher oil prices would boost its upstream earnings by more than $1 billion in the third quarter, which is what happened:

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Source: The Motley Fool

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West Texas Intermediate (WTI) crude (CL=F) prices averaged US$82.10 for the three months ended Sept. 30.

Oil and gas earnings: Crude price spike prompts analyst calls for ‘much stronger’ Q3

Oil and Gas Earnings:

Oil and Gas Earnings: Imperial Oil is set to kick off third-quarter oil and gas earnings on Friday.

A fresh read on how companies fared as benchmark crude prices climbed to a 10-month high above US$94 per barrel.

West Texas Intermediate (WTI) crude (CL=F) prices averaged US$82.10 for the three months ended Sept. 30.

That reporting period preceded increased volatility that has roiled commodity markets amid of a widening war in the Middle East

RBC Capital Markets analyst Greg Pardy is calling for Canadian oil and gas companies to showcase “much stronger financial performance amid robust upstream-downstream commodity price.”

He points to an 11% quarterly jump in WTI prices, as the loonie held steady against the U.S. dollar.

Oil Prices Caught Tailwinds

“Oil prices caught tailwinds in the third-quarter fueled by expectations of a soft-landing and Saudi Arabia’s extended unilateral one million barrel per day production cut through the remainder of the year,” Pardy wrote in a recent note to clients.

Among the oilsands-weighted majors – Canadian Natural Resources, Suncor Energy, Cenovus Energy, and Imperial – he estimates free cash flow jumped 127% in the third quarter, as the group shaved $3.1 billion from its collective net debt pile.

National Bank, Travis Wood highlights “significant strengthening in crude prices quarter-over-quarter,” as well as the absence of impacts on production.

“We are expecting cash flow per share to be up by 23% on a quarter-over-quarter basis,” he wrote.

The iShares S&P/TSX Capped Energy Index ETF – a basket of Canada’s largest oilsands stocks – has added more than nine per cent year-to-date.

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Source: yahoo!finance

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