Crude Petroleum Extraction

Global oil demand will be weaker than expected this year and next as economic growth slows, OPEC said Thursday, suggesting the cartel sees little need to increase output. In its closely watched monthly market report, the Organization of the Petroleum Exporting Countries cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day. It also cut its demand forecasts for 2023 by the same amount to 102.72 million barrels a day. OPEC’s revisions come as oil prices have eased significantly…

Shale companies are reporting banner profits but are warning that inflation in the oil patch is leading them to increase their spending. A measure of Pioneer’s net income reached about $2.37 billion, more than six times what it reported the same time last year. A measure of Diamondback Energy’s profit was $1.46 billion, up from $328 million last year. Diamondback Energy, with facilities in Texas, reported a surge…

Hilcorp Energy Co., Exxon Mobil Corp. , Conoco COP -4.07% Phillips and Occidental Petroleum Corp. OXY -2.99% are the U.S. oil-and-gas industry’s top emitters of planet-warming greenhouse gases, according to a new report based on federal data.The four companies are also the top emitters of methane, according to the report Thursday by environmental nonprofits Ceres and the Clean Air Task…

INGLESIDE, Texas—Political uncertainty is clouding prospects for new drilling in the Gulf of Mexico, but Shell SHEL -1.21% PLC—the Gulf’s biggest producer—is still investing billions of dollars in its waters to pump oil for years to come. Shell’s continued ambitions in the Gulf are on full display in a sprawling fabrication yard in southeast Texas. There, the company is putting the finishing touches on Vito, its 13th major offshore project in the region, with a cost of…

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Harold Hamm, the billionaire fracking pioneer who helped launch the U.S. shale boom, is looking to take Continental Resources Inc. CLR 14.11% private, offering about $4.3 billion in cash to buy the portion of the company’s shares he and his family don’t already own. Mr. Hamm, 76, and other members of his family collectively hold about 83% of Continental, the Oklahoma City-based oil producer he ran for decades as chief executive, fueling a…

Russia is still finding a home for much of its oil despite expanding sanctions, but its production likely will diminish following the departure of western oil companies, Chevron Corp. CVX 0.91% Chief Executive Mike Wirth said.In a meeting with Wall Street Journal reporters and editors this week, Mr. Wirth noted that many countries continued to buy crude from Russia, one of the world’s top oil producers along with the U.S. and Saudi Arabia.…

Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said. Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude, something that the U.S. and European…

WASHINGTON—The Biden administration canceled plans to auction drilling rights in three regions off the U.S. coastline later this year, adding more friction to an uneasy relationship with the oil industry during a period of high gasoline prices.The decision to cancel lease sales for two regions in the Gulf of Mexico and one off the coast of Alaska leaves oil-and-gas companies facing a blackout period of unknown length for access to new drilling spots in valuable offshore acreage. A five-year schedule for offshore lease…

Oil prices are at their highest in years and politicians want companies to pump more. But most large American frackers are standing pat, or even letting production decline, and instead are handing investors cash.Much of the U.S. shale industry recently reported higher profits than in the same quarter a year earlier, but companies aren’t reinvesting more in production—indeed, some have let U.S. output slip as they focus on paying investors. Nine of the largest U.S. oil producers this week said they shelled out a combined…