Exploration & Production
BP has agreed to disclose how its spending plans, emissions policies and broader business strategy align with the Paris climate agreement.
U.S. crude oil production rose to a new high of 11.9 million barrels per day (MMbbl/d) in November, up 345,000 bbl/d from the previous month, the U.S. Energy Information Administration said in a monthly report on Jan. 31.
Chesapeake Energy completed its acquisition of WildHorse Resource Development Corp. on Feb. 1, creating an Eagle Ford oil producing powerhouse.
Results from Chevron reflected higher oil and gas production with output for the quarter up 156,000 barrels per day from a year earlier. Prices paid for its crude also rose.
Exxon Mobil said its oil and gas production in the Permian Basin, the largest U.S. shale basin, rose 90% over a year ago.
A new tax on extracting natural gas is being proposed by the governor of Pennsylvania, home to the Marcellus and Utica shale basins and the second biggest gas-producing state in the U.S.
In the Lower 48 Big 3—Eagle Ford, Bakken and Permian Basin—ConocoPhillips plans to grow production by about 19% this year.
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Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
ConocoPhillips beat quarterly profit estimates on Jan. 31 as the world’s largest independent oil producer sold more oil at higher prices, sending its shares up 2 percent before the opening bell.