Saipem announces 31% increase in core profit for the first quarter, and confirms its guidance
Saipem, an Italian energy contractor, said that its core earnings for the first quarter of 2013 increased 31% compared to last year due to the group's offshore engineering & construction activities. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came in at $398.00 million, beating the analyst consensus of 339 millions euros compiled by LSEG.
Baker Hughes' first-quarter profits beat expectations on the back of strong demand for natural Gas Technology
Baker Hughes, a U.S. oilfield technologies firm, beat Wall Street expectations for the first-quarter profits on Tuesday thanks to a robust demand for natural Gas technology. The positive results are coming as oilfield service firms prepare for the impact of the tariffs introduced by the President Trump. These are expected to increase…
US oilfield service firms prepare for earnings as tariffs cloud the outlook
The results next week should provide an insight into how the top three oilfield service companies in the world are dealing with the uncertainty caused by the U.S. trade tariffs and the recent drop in oil prices. Donald Trump campaigned on the slogan "drill, baby, drill" to increase U.S. production of oil and gas. However his extensive…
US oilfield service firms prepare for earnings to be affected by tariffs
The results next week should provide an insight into how the top three oilfield service companies in the world are dealing with the uncertainty caused by the U.S. trade tariffs and the recent drop in oil prices. Donald Trump campaigned on the slogan "drill, baby drill" to increase U.S. production of oil and gas. However, his extensive…
Tullow Oil, UK, to sell Kenyan assets for at least $120 Million
Tullow Oil, a West Africa-focused oil & gas explorer, said Tuesday that it will sell its assets in Kenya for at least $120 millions to Gulf Energy Ltd as it seeks to reduce its debt. Tullow said it would receive three payments of $40 million, as well as royalty payments. It also stated that Tullow had the right to a 30% share in future development phases, at no charge.
BP discovers oil off US Gulf Coast
BP announced on Monday that it had made an oil find at the Far South Field in the U.S. Gulf of Mexico. The energy giant is seeking to increase production as part of a new strategy, which was announced earlier this summer. Green Canyon Block 584 is located about 120 miles (203.12 km) from the coast of Louisiana. The initial well as well as a sidetrack both encountered oil.
SLB and ChampionX may accept the remedial measures proposed by UK watchdog
The British competition regulator announced on Thursday that it may accept the measures proposed by the oilfield services company SLB and its smaller rival ChampionX in order to address concerns about antitrust regarding the two companies’ proposed $8 billion merger. The two companies will be relieved by the announcement, as last month…
Chevron will triple-frac half of Permian wells by 2025 in order to reduce costs and time
HOUSTON, 9 April - U.S. Oil Major Chevron plans on increasing the use of a method that allows it fracture subterranean rocks in three wells simultaneously in the Permian Basin, according to the company. This is in an attempt to reduce the time and costs of oil production. Chevron, the second largest U.S. producer of oil, is expanding…
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China has imposed additional duties of 34 percent on U.S. products, which will take effect on April 10. China also announced a ban on the export of certain rare-earths, and added a number of U.S.
Colombia's Ecopetrol resumes Cano Sur and Rubiales field operation
Ecopetrol, Colombia's state energy company, announced on Friday that it had begun to resume oil field operations in Rubiales and Cano Sur after reaching an agreement with the local Indigenous association which had blocked the area. According to the company, the two oilfields, located in the Meta province near the city of Puerto Gaitan, produce approximately 100,000 and 40,000 barges per day.
US tech and retail stocks lead the rout following Trump's tariff blow
Apple, Walmart and Nike are among the U.S. megacap tech companies that led to a global meltdown after President Donald Trump announced new tariffs. The fears about a cost spike across many industries were heightened by these new tariffs. The tariffs threaten to disrupt the global trade order and upset businesses. This is a stark contrast to just a few short months ago…
India increases gas prices starting April
India's government website revealed on Monday that the price for its locally produced oil field gas has increased by almost 4%, to $6.75/million metric British Thermal Units (mmBtu), compared to $6.50/mmBtu the previous month. This is the first price revision for gas produced in old fields in two years. India set a price cap of $6.50 for two years in 2023. The third year will see a 25-cent increase per annum.
Equinor's new Arctic Oilfield will pay off $8 billion investment within 2 years
Equinor said that its Johan Castberg oilfield, located in the Arctic Barents Sea, began production Monday, after several delays. The company expects to recoup the 86 billion Norwegian crowns ($8.14 billion), which it paid for the field, in less than two year. Castberg is now the second oilfield to come on stream in the Norwegian Barents Sea sector after Vaar Energi Goliat in 2016.
Wood Group UK flags problems within its Projects Unit, Shares Slump
Wood Group, a British engineering and oilfield services company, said that it has identified "material failures and weaknesses" in its financial cultures within its Projects Business Unit following an independent Deloitte review. Early trade saw shares of the company fall about 25%. They have fallen about 68% since November's announcement.
The US has revoked the specific license of French oil company M&P for its activities in Venezuela
Maurel et Prom, a French oil company, announced on Monday that the Office of Foreign Assets Control of the U.S. Treasury Department has revoked its specific licence to operate in Venezuela. Last week, U.S. president Donald Trump issued an order declaring any country that purchases oil or gas from Venezuela would pay a 25% duty on all trades with the United States.
Xinhua reports that China's CNOOC has discovered a 100 million-ton oilfield on the South China Sea.
Xinhua reported Monday that the China National Offshore Oil Corporation has discovered an oilfield with reserves of more than 100 million tonnes in the South China Sea. Huizhou's 19-6 oilfield, recently discovered, is not located in an area of the South China Sea that has been contested. It lies within China’s Exclusive Economic Zone which extends for 200 nautical mile or 370 kilometers from its coast.
Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff.
Liberty CEO Gusek views steel tariffs as having a modest impact on oilfield services
Ron Gusek, Liberty Energy's Chief Executive Officer, said that the tariffs imposed by President Donald Trump on steel imports will have a modest impact on oilfield service providers' earnings. Trump has imposed tariffs of 25% on steel and aluminium on March 12 and could be imposing more on April 2. Dallas Federal Reserve's survey of…
UK watchdog warns SLB-ChampionX could harm competition
The British Competition Regulator said that the proposed $8 billion acquisition of smaller competitor ChampionX by oilfield services firm SLB could lead to a significant lessening in competition in the United Kingdom. SLB and ChampionX will not be allowed to proceed with an in-depth investigation unless they offer corrective measures, said the Competition and Markets Authority.
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions…
