Stephen Cunningham

New York

Corporate Energy Reporter at Argus Media

reporter in New York. Queens via DC-London-Dublin-Dubai-Slough. #LGM. As you are now so once were we.

Articles

10 Best Books of 2024

Dec 9, 2024 | medium.com | Stephen Cunningham

2024 has been another spectacular year for books. Here we’ve selected our 10 Favorite Fiction Releases over the last 12 months. Enjoy Quizlit’s 10 Best Books of 2024.
Baltimore Opens Third Temporary Shipping Channel

Apr 23, 2024 | coalzoom.com | Stephen Cunningham

Baltimore Opens Third Temporary Shipping Channel By Stephen Cunningham April 23, 2024 - A third temporary shipping channel has opened at the Port of Baltimore to allow more vessel traffic around the collapsed Francis Scott Key Bridge. Located on the northeast side of the main channel, the new passage has a controlling depth of 20-ft, a 300-ft horizontal clearance, and a vertical clearance of 135-ft.
A Haunted House by Virginia Woolf

Mar 29, 2024 | medium.com | Stephen Cunningham

In 1921 Virginia Woolf published her first collection of short stories, titled Monday or Tuesday, which included “A Haunted House” as the opening piece. Just 10 paragraphs long, A Haunted House by Virginia Woolf depicts an unnamed character who perceives (or perhaps dreams) that a loving but long-deceased couple haunts the country house they inhabit. Whatever hour you woke there was a door shutting.
Shale M&A to gather pace in hunt for inventory

Nov 20, 2023 | argusmedia.com | Stephen Cunningham

Now that the dust has settled on two recent mega-mergers in the US' shale patch, attention is turning to the next likely takeover targets, as producers seek to extend their runway of future drilling sites while fears grow over dwindling inventory.
ExxonMobil targets first lithium output for 2027

Nov 13, 2023 | argusmedia.com | Stephen Cunningham

ExxonMobil aims to apply its drilling expertise to lithium production as the top US oil major seeks to become a leading supplier of the key component of electric vehicle (EV) batteries by the end of the decade. Work is already underway in southwest Arkansas, an area known to hold significant deposits of lithium, where ExxonMobil is targeting first output in 2027. Earlier this year, the company snapped up the rights to 120,000 gross acres of the Smackover formation.
Citgo 3Q profit up on higher utilization

Nov 9, 2023 | argusmedia.com | Stephen Cunningham

US refiner Citgo posted an increase in third quarter profits as its three refineries increased average utilization to 95pc of capacity from 89pc a year ago. The refiner, owned by Venezuelan parent company PdV Holdings, reported profit of $567mn, up from $477mn in the third quarter of 2022. "Strong reliability in a favorable margin environment allowed us to build liquidity, fund capital expenditures and turnarounds," chief executive Carlos Jordá said.
Venezuelan sanctions relief a boon for others: Chevron

Oct 27, 2023 | argusmedia.com | Stephen Cunningham

Chevron said the temporary lifting of US sanctions targeting Venezuela's oil sector is more of a boon for others than the second-biggest US major. "It really kind of opens up the operating room for others, more so than it does for us," chief executive officer Mike Wirth told analysts today. Chevron was granted a waiver in November last year allowing it to import Venezuelan oil into the US from its joint ventures with state-owned PdV.
ExxonMobil meets cost savings goal ahead of schedule

Oct 27, 2023 | argusmedia.com | Stephen Cunningham

ExxonMobil achieved a cost savings target of $9bn ahead of schedule, with more to come before the end of the year. Third-quarter profit of $9.1bn was down from $19.7bn in the same year-earlier quarter, ExxonMobil said. Profit was up 15pc from the previous three months as oil prices rebounded. "We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent b/d to support global supply," chief executive officer Darren Woods said.
Chevron agrees to buy Hess for $53bn: Update

Oct 23, 2023 | argusmedia.com | Stephen Cunningham

Adds details from investor call. Chevron agreed to buy independent producer Hess for $53bn in stock to gain a foothold in Guyana as consolidation heats up in the US oil industry. The second-biggest US oil major will pay $171/share for Hess, which represents a 10pc premium to the 20-day average closing price. The acquisition hands Chevron a position in the Stabroek block off the coast of Guyana, home to one of the biggest discoveries in recent years.
Exxon-Pioneer deal seeks value, but offers volume too

Oct 16, 2023 | argusmedia.com | Stephen Cunningham

ExxonMobil will target longer wells and other productivity improvements to boost recovery rates from the prime assets in the Permian shale basin it is acquiring through a $59.5bn all-stock takeover of Pioneer Natural Resources. The top US oil major estimates $2bn/yr in savings from its biggest transaction since the 1999 merger with Mobil, with about two-thirds coming from improved resource recovery.