US Drillers Add Oil Rigs for 13th Week in a Row
U.S. drillers added oil rigs for a 13th week in a row, with the number of active rigs rising to near a two-year high, as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 11 oil rigs in the week to April 13, bringing the total count to 683, the highest since April 2015, energy services firm Baker Hughes Inc said on Thursday. At this time a year ago, there were 351 active oil rigs. Much of the weekly gain can be attributed to Texas's Permian basin, which added eight rigs on the week.
Hunting Q1 EBITDA Up as Shale Shines
Oilfield services company Hunting Plc said on Wednesday its revenue for the first quarter had been ahead of management's expectations due continued higher activity levels in US shale sector. The company reported a positive EBITDA of $5.5 million for the first quarter ended March 31. U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices, energy services firm Baker Hughes Inc said April 7.
Oil Approaches $56 on Libya, Syria Troubles
Libya's Sharara oilfield shut again; Brent likely to touch $60 at times in second quarter. Oil rose towards $56 a barrel on Monday, supported by another shutdown at Libya's largest oilfield and heightened tension over Syria following the U.S. missile strike. Libya's Sharara oilfield was shut on Sunday after a group blocked a pipeline linking it to an oil terminal, a Libyan oil source said. The field had only just returned to production, after a week-long stoppage ending in early April.
US Oil Rig Count Rises for 12th Straight Week
U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 10 oil rigs in the week to April 7, bringing the total count up to 672, the most since August 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 354 active oil rigs. More than half of the rigs added since the recovery started in June after crude prices first topped $50 a barrel…
Oil Near $50 on OPEC Cut Doubts
OPEC, non-OPEC producers review extension of production cuts. Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude. A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.
US Oil Rig Count Highest Since Sept. 2015 -Baker Hughes
U.S. drillers added oil rigs for an eighth week in a row to the most since September 2015, extending a ten-month recovery as energy companies boost spending to take advantage of a recovery in crude prices since OPEC agreed to cut production late last year. Drillers added eight oil rigs in the week to March 10, bringing the total count up to 617, versus 386 rigs a year ago, energy services firm Baker Hughes Inc said on Friday. The increase came despite a…
March U.S. Shale Output Expected to be Highest Since May
U.S. shale oil production for March is expected to rise by the most in five months to its highest rate since May last year, government data showed on Monday, as energy companies boost drilling on the back of crude prices that are hovering over $50 a barrel. March oil production is forecast to rise by nearly 79,000 barrels per day to 4.87 million bpd, according to the U.S. Energy Information Administration's drilling productivity report. That would be the biggest monthly rise since October.
