Daily Oil News: PetroChina Tops Exxon in Crude Production

by Adam Patterson | March 29, 2012 12:13 pm

Symbol For the Daily Oil Feature[1]Here are Thursday’s oil news[2] updates:

PetroChina  Has Exceeded Exxon’s Daily Crude Production: Major Chinese energy player PetroChina (NYSE:PTR[3]) has apparently topped Exxon Mobil (NYSE:XOM[4]) in oil production. Associated Press writer Chris Kahn reports that the government-owned Chinese energy company outpaced Exxon’s daily oil output last year. PetroChina pumped an average 2.4 million barrels per day[5] in 2011, outstripping Exxon’s daily output by a full 100,000 barrels. Considering Exxon is currently the second-most-valuable company[6] by market value (currently about $402 billion), PetroChina’s production surge bears watching to see if it can ever challenge Exxon on that score as well (it’s now around $249 billion).

Chevron Investing in Romanian Shale Developments: America’s No. 2 energy company by market cap is looking to tap Romanian shale energy reserves. As Bloomberg reports, Romania’s Mineral Resources Agency minister has confirmed that Chevron (NYSE:CVX[7]) will be investing $65 million[8] in a development plan to explore shale gas and oil reserves around the Black Sea. Upon approval from the Romanian government, Chevron has been given a four-year window through which to further speculate in the untapped shale reserves.

Brent Crude Holding at $124 per Barrel: Despite France’s moves toward releasing its strategic oil reserves[9], Europe’s benchmark crude oil prices aren’t falling. As Reuters U.K. reports, France’s open talk of releasing its strategic oil reserves has not offset ongoing geopolitical unease[10] concerning Iran. Considering that OPEC’s third-largest crude exporter may cease oil trade with the West, oil’s market value isn’t likely to tumble anytime soon.

Adam Patterson is an Assistant Editor of InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities[11]. For more oil news, check out our previous Daily Oil News[12] stories.

  1. [Image]: http://investorplace.com/hot-topics/oil/
  2. oil news: http://investorplace.com/hot-topics/oil/
  3. PTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=PTR
  4. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  5. 2.4 million barrels per day: http://www.usatoday.com/money/industries/energy/story/2012-03-29/oil-production-petrochina-exxonmobil/53851876/1
  6. second-most-valuable company: http://investorplace.com/2012/02/wednesday-apple-rumors-market-value-tops-500-billion/
  7. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  8. $65 million: http://www.businessweek.com/news/2012-03-29/chevron-to-invest-at-least-65-million-in-romania-zf
  9. releasing its strategic oil reserves: http://investorplace.com/2012/03/daily-oil-news-france-may-release-strategic-oil-reserves/
  10. has not offset ongoing geopolitical unease: http://uk.reuters.com/article/2012/03/29/markets-oil-idUKL3E8ET1TB20120329
  11. securities: http://investorplace.com/investing-in-securities/
  12. Daily Oil News: http://investorplace.com/hot-topics/oil/

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