The Arkansas Department of Energy and Enforcement - Division of Environmental Quality (“DEQ”) and White Rock Oil & Gas, LLC, (“White Rock”) entered into an August 25th Consent.
W&T Offshore Inc. s shares traded 17% higher after the oil and gas producer reported Q2/22 financial results featuring a 106% YoY increase in revenue. The company noted it has been successful in increasing its proven reserves, reducing net debt levels, and is continuing to focus on generating free cash flow for shareholders.
10 Best Cheap Oil Stocks to Buy in 2021
For the past several years, the oil industry has seen enormous growth in demand and revenue. However, the coronavirus crisis hammered the industry as demand crashed, production plants shuttered and the market saw a supply glut that have no precedents. According to an article published in Deloitte, oil demand is forecasted to rebound strongly in 2021. However, it will still be 4% lower than pre-COVID-19 in the base case.
The Association of Petroleum Exporting Countries (OPEC) is a 13-country intergovernmental organization founded in 1960 by its first five founders, the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. In 2020, OPEC held 79.1% of the world’s proven oil reserves. In 2021, according to the latest Short Term Energy Outlook (STEO), OPEC sales are expected to rise marginally to $397 billion due to a larger output as global demand increases and a rise in crude oil prices.