American Oil and Gas Reporter - June 2023 - 22

Challenges Facing the
Energy Industry:
Tougher Emission
Regulations
Growing Energy
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Fiercer Competition
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ยท High-margin production of more
than 6,000 barrels of oil equivalent
(62% oil) with a low base decline rate
of approximately 23%.
All the acreage is held by
production, Chord adds.
" The acquired assets are an excellent
strategic and operational fit to Chord's
premier Williston Basin acreage
position, " assesses Chord President and
Chief Executive Officer Danny Brown.
" These low-cost, tier-one assets are
highly competitive with our existing
portfolio and further extend our
inventory runway. Consolidation in the
core of the basin supports longer
laterals, higher capital and operating
efficiencies, strong financial returns and
sustainable free cash flow generation. "
The acquisition's effective date is
April 1, the company says, adding that
it expects the deal to close at the end
of June. โ’
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Saudis Cutting Output
For At Least One Month
VIENNA-While the Organization
of Petroleum Exporting Countries and
its allies such as Russia have agreed to
maintain the production cuts they
announced this spring, the Kingdom of
Saudi Arabia has announced it will take
matters into its own hands with a 1
million barrel a day production cut for
at least the month of July.
The news came after the OPEC-plus
meeting in early June. Saudi Energy
Minister Prince Abdulaziz told a press
conference the kingdom was seeking
stability. " This is a Saudi lollipop, "
Abdulaziz is quoted. " We wanted to ice
the cake. We always want to add
suspense. We don't want people to try to
predict what we do . . . This market
needs stabilization. "
Jim Burkhard, vice president and head
of research for oil markets, energy and
mobility at S&P Global Commodity
Insights, notes that the Saudis say the
curtailment may extend past July. " Much
will depend on how the market reacts to
this reduction in light of demand and
supply expectations, and market
sentiment about wider issues, including
the trend of the world economy, interest
rates and geopolitical events, " he assesses.
" S&P Global Commodity Insights
estimates the cut will lower Saudi
Arabia's crude oil production from 9.9
MMbbl/d in June to 8.9 MMbbl/d in
July, " Burkhard continues. " The latest
Saudi cut is unilateral, whereas the one
announced before this in April was in
coordination with several countries.
Before that, in 2021, Saudi Arabia did
cut on a unilateral basis, as it has done
on occasion in the past. "
According to Burkhard, uncertainty
about China's economy, U.S. banking
instability, high interest rates and strong
oil production growth outside of OPECplus
are among the variables that cloud
the oil market's direction. " In terms of
world oil demand and supply
fundamentals, the cut will likely expand a
previously expected supply deficit in the
third quarter of this year, " he concludes.
" Prices have been weak lately and the
impact of this cut remains to be seen. " โ’
Gas Storage Volumes
Add 327 Bcf In May
WASHINGTON-Underground
natural gas storage in the United States
stood at 2.336 trillion cubic feet on May
19, 17.0% above the five-year average,
according to the U.S. Energy Information
Administration. That was up 327 billion
cubic feet from the 2.009 Tcf in storage
on April 21, and 529 Bcf more than a year
ago, when gas storage stood at 1.807 Tcf.
Gas storage in the East Region was
489 Bcf on May 19, 32.2% above the
five-year average, and 99 Bcf more
than on April 21, when storage stood at
390 Bcf, 36.4% above the five-year
average. East Region gas storage on
April 21 increased 168 Bcf from a year
ago, EIA reports.
In the Midwest, gas storage stood at
546 Bcf on May 19, 27.6% above the
five-year average and 78 Bcf more than
the 468 Bcf in storage on April 21,
which was 36.0% above the five-year
average. May 19 Midwest gas storage
was 156 Bcf more than a year ago.
In the Mountain Region, EIA
continues, gas storage was 120 Bcf on
May 19, 4.3% above the five-year
average and 30 Bcf more than the 90
Bcf stored on April 21, which was 3.2%
below the five-year average. May 19 gas
storage in the Mountain Region was 12
Bcf more than a year ago.
The Pacific Region's gas in storage
was 139 Bcf on May 19, 37.4% below
the five-year average and 49 Bcf more
than the 90 Bcf stored on April 21, which
was 51.1% below the five-year average.
Pacific Region gas storage on May 19
was down 53 Bcf from a year ago.
In the South-Central Region, gas
storage levels on May 19 were 1.042 Tcf,
21.0% above the five-year average and 71
Bcf more than the 971 Bcf in storage on
April 21, which was 31.6% above the
five-year average. The May 19 gas storage
level for the South-Central Region was up
246 Bcf from a year ago. โ’
https://www.innio.com/en/waukesha

American Oil and Gas Reporter - June 2023

Table of Contents for the Digital Edition of American Oil and Gas Reporter - June 2023

Contents
American Oil and Gas Reporter - June 2023 - Intro
American Oil and Gas Reporter - June 2023 - Cover1
American Oil and Gas Reporter - June 2023 - Cover2
American Oil and Gas Reporter - June 2023 - Contents
American Oil and Gas Reporter - June 2023 - 4
American Oil and Gas Reporter - June 2023 - 5
American Oil and Gas Reporter - June 2023 - 6
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American Oil and Gas Reporter - June 2023 - 8
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American Oil and Gas Reporter - June 2023 - Cover3
American Oil and Gas Reporter - June 2023 - Cover4
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