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…
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…
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…
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…
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.
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.
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.
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…
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…
Marathon Oil Posts Quarterly Loss, Trims Capital Budget
U.S. oil producer Marathon Oil Corp posted a quarterly loss on Tuesday and cut its 2017 capital budget, but raised its forecast for shale output this year. For the second quarter, the company posted a net loss of $139 million, or 16 cents per share, compared with $170 million…
U.S. Shale Producers Cut CapEx as Oil Prices Lag
U.S. shale producers have started to trim their 2017 capital spending budgets, a tacit acknowledgement that such plans were too aggressive when crafted months ago before commodity prices weakened. This week alone, Anadarko Petroleum Corp, ConocoPhillips, Whiting…
Some BHP Shareholders Want Firm to Shed Shale
BHP Billiton is facing pressure from two activist shareholders over its $20 billion splurge on U.S. shale oil and gas fields, but may resist calls to dump the business just as oil prices are sliding. Investors grumble that while BHP Billiton is a good operator in deepwater oil and gas…
Marathon Oil Posts Bigger Quarterly Loss
U.S. shale exploration company Marathon Oil Corp reported a bigger quarterly loss on Thursday, due to a nearly $5 billion impairment charge related to the sale of its Canadian oil sands business. The company's net loss widened to $4.96 billion, or $5.84 per share…
Suncor Evaluates Potential Oil-sand Deals as Majors Exit
Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, Chief Executive Steve Williams said on Thursday. However, the company has a high…
Waterous Targets Canadian, U.S. Energy Assets
Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said.
ConocoPhillips Sheds Canadian Oil & Gas Assets
ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices…
Marathon Adds to Permian Acreage with $700 Mln Buy
Marathon Oil Corp said on Tuesday it bought additional acreage in the Permian basin for about $700 million, the company's second purchase in less than two weeks as it focuses on higher-margin, lower-cost U.S. assets. The about 21,000 acres, situated in the Northern Delaware basin of New Mexico…
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.
Marathon Oil to buy PayRock Energy Holdings
Oil and natgas producer Marathon Oil Corp said on Monday it agreed to buy PayRock Energy Holdings LLC for $888 million from venture capital firm EnCap Investments. PayRock has current production of about 9,000 net barrels of oil equivalent per day in Oklahoma.
US Oil Drillers Add Rigs for 6th Week in a Row
U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future.
