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Oil producers had shut-in 1.74 million barrels per day of oil production in the U.S. Gulf of Mexico as of Sunday, according to the offshore regulator, as Hurricane Ida slammed into the Louisiana coast...

Energy firms on Sunday had suspended 1.74 million barrels per day of oil production in the U.S. Gulf of Mexico, according to the Bureau of Safety and Environmental Enforcement (BSEE), as Hurricane Ida slammed into the Louisiana coast as a Category 4 storm.

U.S. shale producer BKV Corp is acquiring a Texas power generator for $430 million in a move that leverages its gas production to generate electricity, the company told Reuters.

UPDATE 1-Pipeline operator Energy Transfer mulls chemicals acquisition -chairman Reuters 2 hrs ago By Liz Hampton May 12 (Reuters) - Energy Transfer is weighing acquisitions in the booming chemicals business, co-founder and executive chairman Kelcy Warren said on Wednesday at a conference in North Dakota. The company, which got a $2.4 billion windfall from a February storm-related surge in natural gas prices, could enter the chemicals and plastics market, preferably through an acquisition, he said. "I want to buy someone," said Warren, who recently stepped into the role of executive chairma...

Missed opportunity: hedges to crimp U.S. shale oil producers’ 1Q profit U.S. oil and gas operators face billions of dollars in hedging losses that will weigh on first quarter earnings as this year’s oil-price recovery left dozens selling their oil at below market prices. Companies including Cimarex Energy Co XEC.N and Concho Resources that locked in prices on some of their volumes when prices rebounded last year to around $40 per barrel missed some of the price jump, and Concho owner ConocoPhillips COP.N paid millions of dollars to unwind those contracts. Benchmark U.S. crude prices CLc1 ...