All articles tagged with #us oil industry
ExxonMobil has declared Venezuela 'uninvestable' for US investors, signaling a significant stance on the country's investment climate amid ongoing political and economic challenges.
Chevron could increase its annual cash flow by up to $700 million by boosting oil production in Venezuela, as the US government seeks to revitalize the country's oil industry amidst political and security uncertainties. The company plans to focus on existing assets rather than new investments, awaiting a more stable government and fiscal regime.
Oil prices have fallen by 19% this year to below $59 a barrel due to increased global supply and sluggish demand, benefiting consumers but putting financial pressure on U.S. oil companies, which are reducing drilling and layoffs.
US oil executives are optimistic about Donald Trump's expected rollback of environmental regulations, which they believe will benefit the industry. Despite Trump's promises to boost oil production, analysts predict that production levels will not significantly increase due to investor focus on returns over growth. While Trump's deregulatory push may lower prices at the pump, it could also negatively impact the US shale sector. The industry hopes for legislative reforms to streamline permitting processes, but large oil companies are expected to continue efforts to reduce emissions.
ConocoPhillips is in advanced talks to acquire Marathon Oil Corp. in an all-stock deal valued at over $15 billion, according to sources. This acquisition would expand Conoco's presence in US shale fields and continues a trend of consolidation in the oil and gas industry. An announcement could be made as soon as Wednesday.