Apache Makes Major Discovery Offshore Suriname
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from a dive in natural gas prices.Analysts said it was impossible to ascertain…
U.S. NatGas Prices Near 25-year Low as Glut Weighs
In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has prices for the fuel heading toward a 25-year low, with output outpacing U.S. consumption and expected to hit 91.6 billion cubic feet, up 10% over last year, according to government and industry estimates.Producers have sought to turn much of the U.S.
Keenan Leaves Apache Corp
Oil and gas industry veteran Steven Keenan, who was credited with a high-profile shale discovery for Apache Corp, resigned on Wednesday from his position as senior vice president of worldwide exploration, the company said on Friday.Houston-based Apache told Reuters that Keenan's resignation is not connected to the well the company is currently drilling offshore in Suriname.
Apache's Adjusted Profit Falls
U.S.
Chevron to Buy Anadarko for $33 Bln
Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S. energy output is surging - shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG) - which have helped make the U.S.
Apache Cuts 2019 Capital Spending
U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2.4 billion, saying it was a "significant reduction" from both its earlier 2019 capital plan and its actual investment in 2018.In October, the company had announced a $3 billion capital program…
SandRidge Names McKinney as CEO
U.S.
US Oil Drillers Cut Rigs for First Week in Four
The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output…
US drillers add most oil rigs since May
U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years.Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.That rig count increase occurred desite U.S.
How BP Found Shale Profits With 'Crystal Ball' Oilfield Technology
In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time.Thousands of automated wells feed data on their performance into the firm's supercomputers each evening. If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep the shale wells flowing at optimal output and minimal cost.Such technology has helped slash BP's shale oil and natural gas production costs by 34 percent over five years.
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.
U.S. Oil Rig Count Rises for Fifth Straight Week - Baker Hughes
U.S. energy companies added one oil rig this week, the fifth weekly increase in a row, as oil prices hovered at two-week highs. Drillers added one oil rig in the week to Feb. 23, bringing the total count up to 799, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the first time since June that drillers added rigs for five consecutive weeks. The U.S. rig count, an early indicator of future output…
Rising Oil Prices Boost Apache Q4 Profit
Oil producer Apache Corp on Thursday posted a fourth-quarter profit, compared with a year-ago loss, as oil prices surged. Net income attributable to Apache shareholders was $456 million, or $1.19 per share, in the quarter ended Dec. 31, compared with a loss of $182 million, or 48 cents per share, a year earlier. The Houston-based company's total revenue rose to $1.59 billion from $1.45 billion. Its average realized price of oil per barrel rose 23 percent. Reporting by Yashaswini Swamynathan
Apache: Q4 non-U.S. Output Disappoints
Apache Corp on Tuesday estimated oil production from its international operations missed its forecast for the fourth quarter, partly due to unexpected delays and the underperformance of its projects in the North Sea. The company estimated production from non-U.S. operations was 138,000 to 140,000 barrels of oil equivalent per day (boe/d), compared with the 150,000 to 156,000 boe/d it forecast in October. However, Apache estimated its production in the United States was at the high end of its forecast of 218,000 to 224,000 boe/d for the latest quarter.
Apache's Latest Plan Shows U.S. Shale Boom Has Legs
Apache Corp Chief Executive John Christmann is betting the future of his company on a remote corner of the Permian Basin, the largest U.S. oilfield, planning to spend billions of dollars in the next 20 years to drill more than 5,000 wells. The development of the company's Alpine High field holds ramifications for U.S. oil reserves and future output from the already prolific Permian oilfield in Texas. The region was first tapped in the 1920s. After decades of drilling, it was considered largely exhausted by the late 1990s.
Ancala Acquires Apache's North Sea Gasline Assets
Independent UK-based infrastructure investment fund Ancala Partners has finalised its acquisition of Apache Corp's interests in two North Sea gas pipeline assets for an undisclosed sum, it said on Monday. Through its North Sea-focused mid-stream oil and gas acquisitions platform, Ancala took Apache's 30.28 percent stake in the Scottish Area Gas Evacuation (SAGE) System and its 60.58 share of the Beryl Gas Pipeline. The SAGE system comprises a 323-kilometre (200 mile) pipeline and gas processing terminal at St.
U.S. Shale Exposed to Falling Prices as Hedges Expire
Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after the Organization of the Petroleum Exporting Countries extended those cuts in May, analysts said. However, rising U.S. production has stymied OPEC's efforts to rebalance markets.
As Trump Targets Energy Rules, Oil Companies Downplay their Impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. In annual reports to the U.S. Securities and Exchange Commission, 13 of the 15 biggest U.S.
Apache Raises N. American Output Forecast
Oil and gas producer Apache Corp swung to a quarterly profit on higher oil prices, and raised its estimate for production from North America while lowering its cost forecast for the year. The company's forecast reflects an increasing optimism pervading the U.S. shale oil industry with crude prices on the rise and technology improvements, among other factors, helping companies pump more for less. Apache on Thursday raised its forecast for production from North America to 256,000-264,000 barrels of oil equivalent per day (boepd) from its earlier estimate of 252,000-263,000 boepd.
US Drillers Add Oil Rigs for 16th Week
U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel. Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 328 active oil rigs, the pace of those additions has declined over the past four weeks to the lowest since the week to March 10. U.S.
