Shell, Devon Energy: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
U.S. Oil Production Rebounds After Winter Storm - U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January. Nationwide crude oil and condensates output jumped by 0.6 million barrels per day (BBL/d) in February reversing a decline of 0.7 million BBL/d in January, according to data from the U.S. Energy Information Administration (EIA). (Reuters)

CORPORATE
Shell Exits China Power Business - Shell plc (NYSE:SHEL) (London, England) has exited China's power markets as part of Chief Executive Officer Wael Sawan's drive to focus on more profitable operations, including its natural gas and oil businesses. Shell decided to exit the power value chain in China, which includes power generation, trading and marketing businesses, it said in a statement. The decision was effective from the end of 2023. (Reuters)

EARNINGS REPORTS
Devon Energy Earnings Shrink Despite Higher Production - Devon Energy (NYSE:DVN) (Oklahoma City, Oklahoma) reported first-quarter 2024 net earnings of $596 million, down from $995 million in the year-ago quarter. The company reported total production of 664,000 barrels oil-equivalent per day (boe/d) compared 641,000 boe/d in first-quarter 2023. (Devon Energy)

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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 commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).