Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies…
U.S. Offshore Oil Lease Sale Weakest Since 2016
A major sale of oil and gas leases in the U.S. Gulf of Mexico on Wednesday generated $93 million in high bids, the lowest total for any U.S. offshore auction since 2016, reflecting caution in the drilling industry amid a steep slide in oil prices.Firing up offshore drilling is a crucial part of U.S. President Donald Trump's "energy dominance" agenda to maximize domestic production of crude oil, natural gas, and coal.
New CEO for Marathon After Hedge Fund Campaign
Marathon Petroleum Corp chief Gary Heminger will leave the company next year after almost a decade in charge, launching sweeping changes demanded by investors at the biggest U.S. refiner including the spinoff of its Speedway retail arm.The departure is a victory for activists Elliott Management, DE Shaw and others who had sought the changes following the…
Canadian Natural Resources eyes Rail Contracts
Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday.Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments…
Apache's Adjusted Profit Falls
U.S.
Gas Production Set to Triple in Iraq
Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position," said a statement from the energy research and business intelligence company.New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022…
US Offshore Drilling Takes Center Stage
U.S. lawmakers will quiz President Donald Trump’s new pick to lead the Interior Department on Thursday, focusing on the former energy and mining lobbyist’s plans to expand fossil fuels production from the United States' public lands and waters.The Interior Department, which oversees more than a fifth of the U.S. land surface from Alaska to the Gulf of Mexico…
Pemex Shrugs off Losses; Eyes New Oilfields
Mexico's national oil company Pemex narrowed its multibillion-dollar losses last year, executives said on Wednesday, as it seeks to fast-track the development of 20 new fields this year in a bid to bring new streams of crude online.Long a source of Mexican pride and a potent political symbol, the state-owned company faces an increasingly uncertain future as oil output slides…
Pemex Turns Profit in Q1
Mexican state-run oil company Pemex on Friday said its net profit rose 29 percent in the first quarter compared with the year-earlier quarter, helped by higher crude prices and currency movements.The company, one of the largest in Latin America, reported a profit of 113.3 billion pesos ($6.2 billion) in the first three months of the year.
Firms Complain of Contaminated Crude Lifted From U.S. SPR
Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters. Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because…
Ineos: Forties Oil Flows Back to Normal 'Around New Year'
All restrictions of flows have now been lifted; force majeure on supply still in place. Britain's biggest and most important oil and gas pipeline Forties should resume normal flows around the new year, slightly earlier than previously flagged, its operator Ineos said on Thursday. Ineos had previously expected the pipeline, which suffered a rare unplanned shutdown because of a crack, to resume normal operations in early January.
North Sea Forties Pipeline up at Half Capacity
Britain's biggest and most important oil pipeline, Forties, was ramping up throughput after repairs and was currently pumping at around half its normal rates, a trading source familiar with the operations said on Wednesday. Forties normally pumps about 450,000 barrels per day. The pipeline's operator Ineos restarted the pipeline earlier in the week and has pledged to resume full flows in early January.
Oil Falls as North Sea Pipeline Edges Closer to Restart
Forties pipeline expected to fully restart in early Janury; U.S. crude output highest since 1970s, but crude stocks fall. Oil prices fell on Thursday after the operator of Britain's Forties pipeline in the North Sea said it was expected to restart in early January after repairs over Christmas. Forties is the largest of the five North Sea crudes that underpin Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia.
Exxon Mobil's Profit Jumps 50 Percent
Exxon Mobil Corp, the world's largest publicly-traded oil producer, said on Friday its quarterly profit jumped 50 percent on higher crude and natural gas prices. The company posted net income of $3.97 billion, or 93 cents per share, in the third quarter, compared to $2.65 billion, or 63 cents per share, in the year-ago period. Exxon said Hurricane Harvey, which tore through the U.S.
North American Exodus at PetroChina Sparks Speculation
A flurry of departures across the U.S. and Canadian units of Chinese state energy firm PetroChina Co Ltd have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region. More than 30 people in its Houston and Calgary offices have left PetroChina since 2016, including heads of desks in crude…
Anadarko is First U.S. Producer to Slash 2017 CapEx
U.S. oil producer Anadarko Petroleum Corp posted a larger-than-expected quarterly loss on Monday and said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so. Anadarko and the rest of the U.S. shale oil industry have been grappling with how to conserve cash and maintain growth opportunities even as crude prices have slumped since January.
Anadarko Quarterly Loss Shrinks; Capex Slashed for 2017
U.S. oil producer Anadarko Petroleum Corp on Monday said its quarterly loss shrank and that it would cut its 2017 capital budget by $300 million because of depressed oil prices. The company posted a loss of $415 million, or 76 cents per share, compared to $692 million, or $1.36 per share, in the year-ago period. Average daily sales volumes, the physical amount of crude and natural gas sold…
Traders Hunt for Shale's Pain Threshold: Kemp
Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling rigs since the end of May 2016 - 431 to target oil and 99 to focus on gas - according to oilfield services firm Baker Hughes. As a result, U.S.
Norway Wants Oil Companies to Use Technology to Boost Output
Norway wants oil companies to look into using specialised technology to pump more crude and natural gas, the country's petroleum regulator said on Thursday, potentially producing billions of extra barrels as well as tax revenues. Enhanced oil recovery (EOR), such as injection of polymers or carbon dioxide into reservoirs, could help to produce an additional…
ConocoPhillips: Slow & Steady Wins the Race
ConocoPhillips has beaten its 2017 asset sales target less than four months into the year, after shedding $30.8 billion worth of energy assets in six years. But instead of a chorus of cheers on Wall Street, Chief Executive Ryan Lance is facing investor skepticism that the company can deliver growth from remaining oil and gas fields. ConocoPhillips' most recent sales of Canadian oil-sands properties and U.S.
