![]() ![]() That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. Instead, while the United States’ reliance on OPEC for oil imports has diminished, the country’s fuel market is still dependent on decisions made at the oil cartel’s meetings in Vienna - no matter how much oil comes out of U.S. oil production would drive prices down sharply and herald “the end of OPEC.” energy supplies would enable energy markets to “shrug off geopolitical shocks,” while Ed Morse, a long-time oil market analyst, foresaw in 2015 U.S. Wall Street Journal opinion columnist Walter Russell Mead predicted in 2018 that abundant U.S. It’s not the outcome that some experts had hoped for from the United States’ rise to energy superpower. “Biden’s people have to be watching this despite a stronger economy, which is an irony.” consumer blames whoever is in the White House” for high gasoline prices, Quincy Krosby, chief global strategist for financial advisory firm LPL Financial said in an interview. CNN Sans ™ & © 2016 Cable News Network.“The U.S. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account And it has also been critical of big oil for high oil and gas prices, even though those prices are primarily set on global markets, not by the oil companies themselves. The Biden administration has taken a much more critical position on approving mergers than past administrations, challenging some deals on antitrust grounds. Shares of Pioneer were up about 2% in premarket trading on the news, while shares of ExxonMobil were lower.īut the deal could face regulatory hurdles. Under the deal Pioneer shareholders would receive 2.3234 shares of ExxonMobil for each Pioneer share, an 8% premium based on Tuesday’s closing price. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” said ExxonMobil CEO Darren Woods. “Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. Pioneer is the largest producer in the Permian Basin, with 850,000 net acres in the area around Midland, Texas, with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins.ĮxxonMobil’s Permian production volume would more than double to the equivalent of 1.3 million barrels of oil a day, according to the company. Though it’s the largest US oil company, ExxonMobil was relatively slow to develop shale oil as the rest of the industry used to to greatly increase US oil production in the last decade. ![]() ExxonMobil has agreed to buy Pioneer Natural Resources, a major shale oil producer in the deal that will more than double Exxon’s footprint in the Permian Basin in the Southwest United States.
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