By , HOUSTON (Reuters) - Texas energy companies on Friday began preparing to resume oil and gas production after days of frozen shutdowns as electric power and water service slowly resumed at darkened oilfields and refineries.It will take several days for oilfield crews to de-ice valves, restart systems and begin oil and gas production. U.S. Gulf Coast refiners are assessing damage to facilities. They face up to three weeks to restore most production, analysts said, with low water pressure, gas and power losses hampering operations.The restart of production as temperatures eased sent prices...…By , HOUSTON (Reuters) - Texas energy companies on Friday began preparing to resume oil and gas production after days of frozen shutdowns as electric power and water service slowly resumed at darkened oilfields and refineries.It will take several days for oilfield crews to de-ice valves, restart systems and begin oil and gas production. U.S. Gulf Coast refiners are assessing damage to facilities. They face up to three weeks to restore most production, analysts said, with low water pressure, gas and power losses hampering operations.The restart of production as temperatures eased sent prices...WW…

By , , (Reuters) - When Stan Rounds heard about U.S. President Joe Biden’s plans to suspend new drilling on federal lands to fight climate change, he worried about the education budget.Rounds heads a state association of school administrators. He knows that New Mexico - home to the country’s richest oil fields on federal lands - depends heavily on drilling revenues to finance its struggling public schools. And budgets have already taken a hit from falling crude prices as the coronavirus pandemic sapped global fuel demand.“While you appreciate the green policies for environmental issues, you...…By , , (Reuters) - When Stan Rounds heard about U.S. President Joe Biden’s plans to suspend new drilling on federal lands to fight climate change, he worried about the education budget.Rounds heads a state association of school administrators. He knows that New Mexico - home to the country’s richest oil fields on federal lands - depends heavily on drilling revenues to finance its struggling public schools. And budgets have already taken a hit from falling crude prices as the coronavirus pandemic sapped global fuel demand.“While you appreciate the green policies for environmental issues, you...WW…

By , NEW YORK/HOUSTON (Reuters) - U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.Slideshow U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.Shale producers buy and sell contracts in the futures...…By , NEW YORK/HOUSTON (Reuters) - U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said.Slideshow U.S. crude futures this month jumped above $50 a barrel to the highest since February. The rally has sparked optimism among shale companies, but after a bracing year of pandemic-induced demand destruction, they are not ready to ramp up production. Instead, they are using futures markets to lock in higher sale prices.Shale producers buy and sell contracts in the futures...WW…

By , , (Reuters) - U.S. oil majors Chevron Corp and Exxon Mobil Corp cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit.Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year.In common with others in the sector, the two are laying off a substantial portion of their workforce and expect to cut costs further as they try to reverse years of weak stock performance, worsened by the impact of movement restrictions.U.S. oil prices...…By , , (Reuters) - U.S. oil majors Chevron Corp and Exxon Mobil Corp cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit.Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year.In common with others in the sector, the two are laying off a substantial portion of their workforce and expect to cut costs further as they try to reverse years of weak stock performance, worsened by the impact of movement restrictions.U.S. oil prices...WW…

By The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss, according to IBES data from Refinitiv.The job cuts are part of a plan unveiled this spring to redesign how Exxon works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce.Exxon has exceeded a target of reducing operating expenses by $1 billion and capital budget spending by $10 billion, he wrote. But the COVID-19 pandemic has cut oil demand by about 20%, he said, delivering a...…By The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss, according to IBES data from Refinitiv.The job cuts are part of a plan unveiled this spring to redesign how Exxon works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce.Exxon has exceeded a target of reducing operating expenses by $1 billion and capital budget spending by $10 billion, he wrote. But the COVID-19 pandemic has cut oil demand by about 20%, he said, delivering a...WW…

By , HOUSTON/NEW YORK (Reuters) - Consolidation in the U.S. shale industry is accelerating, ratcheting up pressure on oil and gas producers to gobble up smaller rivals, analysts and executives said.Pioneer Natural Resources Co, one of the largest independent shale operators, joined the ranks of dealmakers as it announced on Tuesday a low-premium $4.5 billion buyout of Parsley Energy Inc.The coronavirus pandemic has slashed oil demand and forced struggling shale producers to cut costs. Crude prices have slid about a third this year but drillers still must invest to maintain the same rate of...…By , HOUSTON/NEW YORK (Reuters) - Consolidation in the U.S. shale industry is accelerating, ratcheting up pressure on oil and gas producers to gobble up smaller rivals, analysts and executives said.Pioneer Natural Resources Co, one of the largest independent shale operators, joined the ranks of dealmakers as it announced on Tuesday a low-premium $4.5 billion buyout of Parsley Energy Inc.The coronavirus pandemic has slashed oil demand and forced struggling shale producers to cut costs. Crude prices have slid about a third this year but drillers still must invest to maintain the same rate of...WW…

By The oil price crash has decimated shares of many energy companies, making them attractive targets for those that have weathered the downturn and have the resources to buy. Chevron ended the first quarter with a cash pile of $8.5 billion after withdrawing a $33 billion bid for Anadarko last year and then being among the first big oil companies to slash spending during the downturn.The purchase boosts Chevron’s investments in U.S. shale, and gives it Noble’s flagship Leviathan field off the shore of Israel, the largest natural gas field in the eastern Mediterranean.The deal makes Chevron...…By The oil price crash has decimated shares of many energy companies, making them attractive targets for those that have weathered the downturn and have the resources to buy. Chevron ended the first quarter with a cash pile of $8.5 billion after withdrawing a $33 billion bid for Anadarko last year and then being among the first big oil companies to slash spending during the downturn.The purchase boosts Chevron’s investments in U.S. shale, and gives it Noble’s flagship Leviathan field off the shore of Israel, the largest natural gas field in the eastern Mediterranean.The deal makes Chevron...WW…