ConocoPhillips beats Q3 profits on higher production and share buyback
ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months. This is due to several factors, including the escalating conflict between the United States and the Middle East. Other factors include the weak demand in China, the rate decisions made by the U.S. Federal Reserve, and OPEC's actions.
Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately $5.4 billion in debt from Marathon Oil and plans to raise an additional $2 billion by selling assets.
Marathon Oil's profits miss estimates due to low natural gas prices
Marathon Oil, a U.S.-based oil and gas company, missed Wall Street's expectations for its second quarter profit on Wednesday due to a drop in the price of natural gas.Gas prices in the U.S. dropped due to mild weather that pushed up demand, and a surge of stored volume because pipeline capacity was inadequate.Marathon Oil reported that its average realized natural gas price in the U.S. has declined by 24.9%, to $1.42 a thousand cubic feet.Last week…
50 years of LNG imports in Japan
Japanese gas buyers marked the 50th anniversary since the first cargo of liquefied natural gas arrived in Japan, now the world’s biggest importer of the fuel.On November 4th, 1969, LNG was first imported to Japan. Tokyo Electric Power Company (now JERA Co., Inc.) and Tokyo Gas, through Mitsubishi Corporation acting as a buyer’s agent, started receiving LNG in 1969 from the Alaska LNG Project with Phillips Petroleum (now ConocoPhillips) as a seller.Demand for LNG and natural gas is expected to further increase globally…
Marathon Oil Beats Profit Estimates
Marathon Oil Corp beat analysts' estimates for first-quarter profit on Wednesday, boosted by higher production and lower costs at its U.S. shale assets in the Bakken and Northern Delaware regions.Total oil production averaged 203,000 net barrels per day (bpd) in the first quarter, up 6 percent from a year ago, with U.S. crude production jumping 11 percent, adjusted for divestitures.On the back of rising production from its assets and a rebound in oil prices…
New Pipeline Coming Offshore Equatorial Guinea
Noble Energy and partners will build a pipeline linking Equatorial Guinea's offshore gas fields to an onshore liquefied natural gas (LNG) plant to boost exports, the African nation's government said on Monday.Under a deal with the government the 70 km (44 miles) pipe will have capacity for 950 million cubic feet of gas per day from fields operated by Noble and will be ready in the first quarter of 2021.Once liquefied at the export plant, which is run by Marathon Oil, the gas will be shipped to markets across the globe.Sonagas GE, the state-run gas c
Murphy Oil Sells Malaysian Assets
Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay Murphy up to $100 million in bonus if certain exploration projects show results before October 2020, the company said.The deal follows moves by other U.S.
RockRose Energy Acquires Marathon Oil
U.K.-based oil and gas firm RockRose Energy has signed a share purchase agreement to acquire 100% of Marathon Oil UK (MOUK), and 100% of Marathon Oil West of Shetland (MOWOS), from subsidiaries of Marathon Oil Corporation.London-headquartered RockRose will pay $140 million (subject to customary adjustments) for the assets, while also taking on the decommissioning liabilities.MOUK holds a 37-40% operated interest in fields in the Greater Brae Area, and MOWOS holds a 28% interest in the BP PLC-operated Foinaven field unit and 47% in Foinaven East.
Equatorial Guinea to Offer Ophir's Old Blocks
Equatorial Guinea will offer offshore Block R with the related Fortuna gas development project in the April licensing round, after the concession was reclaimed from Ophir Energy Plc, the oil minister said on Tuesday.Gabriel Obiang Lima told Reuters in Cape Town that Block R would be one of up to 13 deepwater and ultra deepwater blocks offered in the licensing round on April 1.Ophir was denied an extension in December to its licence for Block R and its plan for a floating liquiefied natural gas (LNG) project.
SandRidge Says Approached by 17 Potential Buyers, Including Icahn
SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the company to back out of its planned buyout of rival Bonanza Creek Energy Inc .The investor, who said in April he was willing to buy the company,…
Libya's NOC Withholding Total's Share of Waha Crude
Libya's National Oil Corp (NOC) is withholding Total's share of crude from the Waha concession as a dispute drags on over the French oil major's purchase of Marathon's stake in the concession two months ago, Libyan oil and industry sources said.Total closed a $450 million deal to buy Marathon Oil's 16.33 percent stake in Waha in March, but the deal drew criticism in Libya and the NOC is currently examining whether to intervene in one way or another.Total…
Total Says Libya's NOC Knew of Plans to Buy Marathon's Business
France's Total said on Wednesday it had informed Libya's authorities of plans to acquire Marathon Oil's stake in the Waha field for $4.5 billion even though it believed it did not require their consent."The deal with Marathon has closed and Total owns Marathon's stakes in Libya.
Small OK Shale Play Sees Big Bets from Producers
A little-known shale oil play in Oklahoma is attracting more drilling and investment as rising output from newer wells is enticing companies to boost production beyond the giant Permian basin in Texas. The Meramec formation is a part of what is called the STACK region - Sooner Trend Anadarko basin Canadian and Kingfisher counties - where companies such as Marathon Oil and Devon Energy bought up acreage following the oil slump in 2014. Those…
Total acquires Marathon Oil Libya
Total has acquired Marathon Oil Libya Limited which holds a 16.33% stake in the Waha Concessions in Libya. This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50,000 barrels of oil equivalent per day (boe/d) and a significant exploration potential across the area of 53,000 square kilometers covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is 450 million U.S. dollars.
Libyan Crude Pipeline Blast Blamed on Attackers
Armed men blew up a Libyan pipeline pumping crude oil to Es Sider port on Tuesday, reducing the North African country's output by around 90,000 barrels a day, military and oil sources said. The attackers arrived at the site near Marada in two cars and planted explosives on the pipeline, a military source said. Pictures purportedly showing a huge cloud from the blast in central eastern Libya circulated on social media. The damage was still being assessed, one oil source said. Oil prices rose on the report.
Surge in U.S. Shale Hedging to Boost 2018 Drilling
When oil prices rocketed towards $60 a barrel this fall, U.S. shale producers hedged more barrels of oil during the quarter than in at least three years, which could help propel the country to record crude production by next year. quarter. sales. million bpd in 2018, which would be an all-time record for U.S. drilling. pressure prices in the near term. a leading indicator of future supplies. "After a slow start in the first half of 2017, U.S. Citigroup analysts said in a note last week. the 30 largest U.S. in the three months to Sept. 30.
Marathon Oil Quarterly Loss Widens on Higher Costs
U.S. oil producer Marathon Oil Corp reported a bigger quarterly loss on Thursday, hit by higher costs. The company's net loss widened to $599 million, or 70 cents per share, in the third quarter ended Sept. 30, from $192 million, or 23 cents per share, a year earlier. The Houston-based company's revenue rose to $1.25 billion from $990 million. (Reporting by Anirban Paul in Bengaluru; Editing by Shounak Dasgupta)
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries.
Maersk Oil CEO to Step Down after Total Takeover
The chief executive of Maersk Oil, Gretchen Watkins, will leave the company when Total's acquisition of the company has been completed, Maersk said Wednesday. Watkins joined Maersk Oil as Chief Operating Officer in January 2014 and took the role of CEO in October last year. Prior to joining Maersk Oil, she had worked at Marathon Oil and BP. Total agreed last month to buy the oil and gas business of A.P. Moller-Maersk for $7.45 billion, strengthening the French major's operations in the North Sea.
US Oil Drillers Cut Rigs for 2nd Week in Three
U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of the past 62 weeks since the start of June 2016.
