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EIA Forecasts Continued Growth In Domestic Oil Production with Higher Well Productivity In The Near Term
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Sep 18, 2023, 8:45 AM ET
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Sept. 18, 2023 /PRNewswire/ -- Experts are predicting growth in the US crude oil production in 2023 and beyond. Recently, the U.S. Energy Information Administration (EIA) reported that they expect new milestones for U.S. crude oil production amid sustained global petroleum demand and rising prices. The U.S. Energy Information Administration (EIA) expects U.S. crude oil production to surpass 12.9 million barrels per day for the first time in late 2023 and to exceed 13 million barrels per day in early 2024. In its August Short-Term Energy Outlook (STEO), EIA forecasts U.S. crude oil production to average 12.8 million barrels per day in 2023, which is 200,000 barrels per day more than in its July forecast. EIA expects sustained global demand for petroleum products and Saudi Arabia's extended voluntary production cuts will contribute to oil prices rising through the year. The Brent crude oil price was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on August 4. EIA forecasts the Brent crude oil price to increase the rest of 2023 and to approach $90 per barrel in late 2023. They also said they see natural gas consumption growing. "U.S. natural gas consumption in our forecast averages 80.5 billion cubic feet per day (Bcf/d) in September, an increase of 5% from last September and a record for September. The increase follows a period of elevated natural gas-fired electricity generation from strong U.S. air-conditioning demand in response to summer heat as well as reduced generation from coal-fired plants." Active Companies from around the markets with current developments this week include: Prairie Operating Co. (OTCQB: CRKR), Chevron Corporation (NYSE: CVX), Occidental Petroleum Corporation (NYSE: OXY), EOG Resources, Inc. (NYSE: EOG), Berkshire Hathaway Inc. (NYSE: BRK-A).
It also said: "EIA forecasts U.S. regular gasoline prices will average about $3.63 per gallon for the rest of 2023, an increase from its previous forecast of $3.27 per gallon. Higher gasoline prices are largely the result of higher crude oil prices and a series of unplanned U.S. refinery outages so far this summer. Also in the August STEO, EIA expects that July's high temperatures and resulting demand for air conditioning led to near-record levels of electricity consumption. EIA estimates about 388 billion kilowatt hours of electricity was consumed in the United States during July, about equal to the record for monthly U.S. consumption set in August 2022. We forecast continued growth in domestic oil production, which is bolstered by higher oil prices and higher well productivity in the near term," said EIA Administrator Joe DeCarolis. Most of the country felt some brutal heat in July, and just like last summer, that heat significantly increased electricity consumption," DeCarolis said.
Prairie Operating Co. (OTCQB: CRKR) BREAKING NEWS: Prairie Operating Co. Submits Initial Permit Application with the Colorado Energy & Carbon Management Commission - Prairie Operating Co. (the "Company"), is pleased to announce that it has submitted its initial permit application with the Colorado Energy and Carbon Management Commission (ECMC) for the Genesis Oil & Gas Development Plan (OGDP) in Weld County, Colorado.
The Genesis OGDP encompasses seventy-two (72) wells on two (2) pads, developing 9-square miles of surface minerals in rural Weld County, Colorado. The two (2) pads, the Burnett and Oasis, will develop eighteen (18) three-mile lateral wells and fifty-four (54) two-mile lateral wells, respectively.
Consistent with Prairie's stated mission goals, the outlined Genesis OGDP facilities were submitted to include electrified drilling rigs, three-phase takeaway, and no hydrocarbon storage tanks to best align with Colorado's statewide goal of reducing greenhouse gas (GHG) and nitrogen oxide (NOx) emissions.
"I would like to thank our team and the Colorado ECMC leadership and staff for their outstanding collaboration in reaching this point" stated, Ed Kovalik, Chairman and CEO. "Submitting our initial permit application marks an important first step in determining our drilling and completion schedule for 2024."
The Company holds 412 qualified locations across both the Niobrara and Codell formations and plans to build a multi-year inventory of drilling permits across its ~37,000-acre position in the Denver Julesburg "DJ" Basin. Continued… Read this and more news for CRKR at: https://prairieopco.com/press-releases
In other industry developments and happenings in the market this week include:
Chevron Corporation (NYSE: CVX) Chevron U.S.A. Inc., through its Chevron New Energies division, recently announced it has closed a transaction with Haddington Ventures to acquire 100% of Magnum Development, LLC (Magnum Development) and thus a majority interest in ACES Delta, LLC (ACES Delta), which is a joint venture between Mitsubishi Power Americas, Inc. (Mitsubishi Power) and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah.
The Advanced Clean Energy Storage project plans to use electrolysis to convert renewable energy into hydrogen and will utilize solution-mined salt caverns for seasonal, dispatchable storage of the energy. The first project, designed to convert and store up to 100 metric tons per day of hydrogen, is under construction and is expected to enter commercial-scale operations in mid-2025 to support the Intermountain Power Project's "IPP Renewed" initiative. Several other opportunities for the project to produce and supply hydrogen to customers in the utility, transportation and industrial sectors in the western region of the United States are in development.
Occidental Petroleum Corporation (NYSE: OXY) recently announced that a wholly owned subsidiary has entered into a definitive purchase agreement to acquire all the outstanding equity of Carbon Engineering Ltd. for total cash consideration of approximately $1.1 billion, to be made in three approximately equivalent annual payments, with the first at closing. This transaction is expected to close before the end of 2023, subject to Canadian court reviews, Canadian and U.S. regulatory approvals and other customary closing conditions.
Occidental has been working with Carbon Engineering on direct air capture (DAC) deployment since 2019. Acquiring Carbon Engineering aligns with Occidental's integrated net-zero strategy and provides Occidental, through its 1PointFive subsidiary, the opportunity to rapidly advance DAC technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution. Carbon Engineering's DAC-based climate solutions utilize standardized processes and proven industrial equipment.
EOG Resources, Inc. (NYSE: EOG) recently reported second quarter 2023 results. The attached supplemental financial tables and schedules for the reconciliation of non-GAAP measures to GAAP measures and related definitions, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.
From Ezra Yacob, Chairman and Chief Executive Officer: "EOG delivered another quarter of exceptional operating performance with production volumes, capital expenditures, and cash operating costs all better than expected. Results through the first half of the year reflect consistent operating execution across our multi-basin portfolio to lower costs and generate free cash flow. "EOG remains committed to returning cash to our shareholders. We paid our peer-leading regular dividend and repurchased shares with strong free cash flow during the quarter. To date, we have already committed to returning more than 60% of expected free cash flow in 2023 to shareholders, with the potential to return additional cash over the balance of the year."
Berkshire Hathaway Inc. (NYSE: BRK-A) NetJets, the global leader in private air transportation, continues its freefall from career destination to industry steppingstone as executives steadfastly refuse to acknowledge the reality of the worsening pilot labor crisis. This theme connects sentiments shared in a long-form video published to the pilot union's YouTube channel earlier this week. An independent labor advocate, NJASAP represents the professional interests of the 3,100-plus pilots who fly in the service of NetJets Aviation, Inc., a Berkshire Hathaway subsidiary.
"Historically, airline management teams have been quick to dismiss the pilot advocate's concerns, insisting the union is making much ado about nothing. NetJets is no different in that regard," NJASAP President Capt. Pedro Leroux explained. "Our newest video tells 'The Pilots' Story,' reaffirming NJASAP is, in fact, speaking on behalf and with the full support of its members."
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