Released March 05, 2021 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
EARNINGS REPORTS
Canadian Natural Resources Boosts Quarterly Income - Canadian Natural Resources Limited (NYSE:CNQ), Canada's biggest oil producer, beat analysts' estimates for fourth-quarter profit on Thursday. The company produced 1.2 million barrels of oil equivalent per day (boe/d) in the fourth quarter, compared to 1.1 million boe/d in the third. On an adjusted basis, the company earned C$176 million ($139.16 million), compared with C$135 million ($102.81 million) in the third quarter. (Reuters)
CRUDE OIL
Oil Rises More than 4% - Oil rallied more than 4% on Thursday, hitting its highest in over a year, after OPEC and its allies agreed to keep production unchanged into April, reasoning that the demand recovery from the coronavirus pandemic was still fragile. Brent crude rose $2.67, or 4.2%, to settle at $66.74 a barrel, after rising to $67.75, its highest since January 2020. U.S. crude futures ended $2.55, or 4.2%, higher at $63.83, having also scaled a January 2020 peak, at $64.86. (Reuters)
PRODUCTION
Dallas Fed: Permian Oil Production Could Fall Due to Biden Proposal - Possible changes to oil leasing and permitting requirements governing federal lands could lower oil production in the Permian Basin, a report from the U.S. Federal Reserve Bank of Dallas, said on Thursday. In late January, U.S. President Joe Biden signed a raft of executive orders that paused new leasing for drilling on public lands and waters that account for about a quarter of U.S. oil and gas production. "We estimate that by the end of 2025, the Permian will produce between 230,000 and 490,000 barrels per day less than if drilling activity continued at its current pace," the report said. Texas produces 41% of U.S. crude oil and 25% of natural gas, according to the Energy Information Administration. New Mexico, is the biggest beneficiary of revenues from drilling on federal lands. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
EARNINGS REPORTS
Canadian Natural Resources Boosts Quarterly Income - Canadian Natural Resources Limited (NYSE:CNQ), Canada's biggest oil producer, beat analysts' estimates for fourth-quarter profit on Thursday. The company produced 1.2 million barrels of oil equivalent per day (boe/d) in the fourth quarter, compared to 1.1 million boe/d in the third. On an adjusted basis, the company earned C$176 million ($139.16 million), compared with C$135 million ($102.81 million) in the third quarter. (Reuters)
CRUDE OIL
Oil Rises More than 4% - Oil rallied more than 4% on Thursday, hitting its highest in over a year, after OPEC and its allies agreed to keep production unchanged into April, reasoning that the demand recovery from the coronavirus pandemic was still fragile. Brent crude rose $2.67, or 4.2%, to settle at $66.74 a barrel, after rising to $67.75, its highest since January 2020. U.S. crude futures ended $2.55, or 4.2%, higher at $63.83, having also scaled a January 2020 peak, at $64.86. (Reuters)
PRODUCTION
Dallas Fed: Permian Oil Production Could Fall Due to Biden Proposal - Possible changes to oil leasing and permitting requirements governing federal lands could lower oil production in the Permian Basin, a report from the U.S. Federal Reserve Bank of Dallas, said on Thursday. In late January, U.S. President Joe Biden signed a raft of executive orders that paused new leasing for drilling on public lands and waters that account for about a quarter of U.S. oil and gas production. "We estimate that by the end of 2025, the Permian will produce between 230,000 and 490,000 barrels per day less than if drilling activity continued at its current pace," the report said. Texas produces 41% of U.S. crude oil and 25% of natural gas, according to the Energy Information Administration. New Mexico, is the biggest beneficiary of revenues from drilling on federal lands. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the trading, logistics and marketing communities. We are the number one source for information about electricity outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
