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Exclusive: Shell plans to exit California joint venture with Exxon Mobil - sources


Exclusive: Shell plans to exit California joint venture with Exxon Mobil - sources
By Jessica Resnick-Ault, Arathy S Nair and Shariq Khan
Reuters
(Reuters) - Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.
Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.
The company is also considering a sale of its assets in the Permian Basin of Texas, Reuters previously reported. ....

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U.S. crude stockpiles fall in latest week – EIA | Hellenic Shipping News Worldwide


U.S. crude stockpiles fall in latest week – EIA
U.S. crude stocks and distillate inventories fell while gasoline inventories rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 427,000 barrels in the last week to 484.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop.
Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI fell by 421,000 barrels in the last week, EIA said.
Refinery crude runs ell by 223,000 barrels per day in the last week, EIA said.
Refinery utilization rates fell by 0.4 percentage points, in the week
U.S. gasoline stocks rose by 0.4 million barrels in the week to 236.19 million barrels, the EIA said, compared with analysts’ expectations in a Reuters’ poll for a 0.6 million-barrel drop. ....

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From U.S. domination to energy transition, two years that changed oil | Hellenic Shipping News Worldwide


From U.S. domination to energy transition, two years that changed oil
Former U.S. Secretary of State Mike Pompeo took the stage at the world’s largest energy conference in 2019 to declare an age of U.S. dominance after a decade of rapid shale development made the United States the world’s top oil and gas producer.
Two years later, the oil industry is recovering from the worst recession it has ever experienced after measures to contain coronavirus stopped billions of people from traveling and wiped out one-fifth of worldwide demand for fuel. The U.S. fossil fuel industry is still reeling after tens of thousands of jobs were lost. ....

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Oil executives say demand will rise, despite emphasis on renewables | Hellenic Shipping News Worldwide


Oil executives say demand will rise, despite emphasis on renewables
Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John Hess said at CERAWeek.
At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the coronavirus pandemic, which destroyed fuel demand and caused the loss of thousands of jobs. ....

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