Shell Outperforms Rivals in Q1
Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.Shell's results outshone those of rivals Exxon Mobil, Chevron and BP which all saw sharp declines in profits in the first three months of the year as a result…
Strategic Appointment for Carlton Resource Solutions
Carlton Resource Solutions has strengthened its senior management team with the addition of a highly experienced director to a key strategic role.With 22 years’ experience in oil and gas recruitment, Doug Robertson has joined the Aberdeen-based business as operations director with a remit to enhance the firm’s capabilities through his expertise both in the UK and internationally.Carlton…
Shelf Drilling: Higher Rig Rates, More Consolidation Coming in 2019
Shelf Drilling, the world's largest owner of shallow water rigs, expects to see higher rig rates in 2019 and more consolidation of the fragmented market, Chief Executive David Mullen told Reuters. Following an initial public offering, the Dubai-based company's shares began trading in Oslo on Monday, four years after abandoning plans to list in London in the wake of an oil price downturn.
Total's North Sea Oilfield Workers Hold Strike Ballot
Britain's biggest labour union is balloting rig workers at three of Total's North Sea oil platforms over a potential strike due to the company's refusal to reduce the number of unpaid working days, the union said on Wednesday.After the oil price crash in 2014, the workers agreed to work an extra 14 days unpaid to help the company during the downturn…
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf…
UK North Sea Output Could Resume its Decline
North Sea production has recovered slightly since 2015 as new fields, more drilling helped reverse declines. The UK North Sea is set to resume a two-decade decline in oil production next year, snapping a brief period of growth since 2015, consultancy Bernstein said in a report on Monday. Production in the North Sea, home to the Brent global crude benchmark…
Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss
Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back.
U.S. Bill Expands Carbon Tax Credit
A little-noticed addition to the U.S. budget deal approved last week will help Occidental Petroleum Corp and other oil producers by more than tripling a tax credit for injecting carbon dioxide back into the earth to increase crude output. The tax-credit expansion, although supported by environmentalists and energy producers, had failed to move out of Congress during the 2016 presidential election.
Shell Poised to Dethrone Exxon as Q4 Profits Double
Profits rise 120 percent to $16 bln in 2017; Q4 profits more than double, beating forecasts. Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector's biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret…
Apache's Latest Plan Shows U.S. Shale Boom Has Legs
Apache Corp Chief Executive John Christmann is betting the future of his company on a remote corner of the Permian Basin, the largest U.S. oilfield, planning to spend billions of dollars in the next 20 years to drill more than 5,000 wells. The development of the company's Alpine High field holds ramifications for U.S. oil reserves and future output from the already prolific Permian oilfield in Texas.
Talos, Stone Energy Plan $2.5 Bln Merger
Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as we get a lot of talented…
Reliance, Carrizo Oil Exit PA Shale Asset
Indian oil-to-telecoms conglomerate Reliance Industries Ltd signed a deal to exit a U.S. shale asset, a move that marks the end of its seven years of investment which slumped into losses due to the global oil price downturn. Houston-based Carrizo Oil & Gas Inc, the operator of the Marcellus shale in north-eastern and central Pennsylvania, also exited its investment, Reliance said in a statement on Friday.
Halliburton CEO to Retire, Replaced by Miller
Halliburton Co said on Wednesday that Chief Executive Officer Dave Lesar will retire on June 1 and be replaced by Jeff Miller, Lesar's longtime deputy and fellow board member. Lesar will stay on as executive chairman of the world's second-largest oilfield service provider until December 2018, when he reaches the company's mandatory retirement age of 65.
Schlumberger Sees Improved Pricing but Margins Still Slim
Schlumberger NV said on Friday a ramp up in drilling activity in North America boosted pricing for its oilfield services, but the cost of reactivating equipment idled during the oil price downturn dragged down margins. The U.S. rig count rose more than 25 percent in the first three months of the year, according to data from Baker Hughes Inc. "In the first quarter…
Schlumberger: Ecuador's Unpaid Bills to Hurt Quarterly Results
OPEC production cuts and economic woes are complicating Schlumberger NV's efforts to collect $1.1 billion from Ecuador's state-owned Petroamazonas, casting a cloud over the oil services company's first-quarter results. "Continuing payment issues" in Ecuador are hurting earnings, Chief Executive Officer Paal Kibsgaard said in a text of a speech delivered at the Scotia Howard Weil energy conference in New Orleans on Monday.
Shell, BP Both Beat the Street
Shell stocks rise 3 percent as it beats estimates; BP falls 2.1 percent as results boosted by one-off gain. Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. The companies said they were well on the way to adapting to the more than halving in prices…
Fracking’s Future Uncertain -Douglas Westwood
Hydraulic fracturing has been a hugely controversial subject in many countries and has increasingly become the focus of legislation in the U.S., as highlighted by industry analyst and consultant Douglas Westwood. The state of Colorado has seen the most recent push for new restrictions – activists have obtained over 200,000 signatures to introduce two new initiatives on Colorado’s November 8 ballot.
Douglas Westwood: Keep on Drillin’?
This year has seen US land drilling activities fall to the lowest levels on record. Globally we are seeing a very nuanced and regional reaction to the current oil price downturn. Examination of the global land rig fleet (which Douglas-Westwood tracks on a rig-by-rig basis) reveals some key themes. Having dominated the global land drilling market for living memory…
Middle East Bucking Market Trends -Douglas-Westwood
The Middle East has been a relative bright spot for upstream activity during the oil price downturn. International land rig contractors, such as Saipem, are actively focusing their strategy and drilling campaigns on the region in the attempt to limit the negative impact of low oil prices. Looking at drilling activity, it is clear why the Middle East is a good prospect for contractors hit by the falling rig count.
Douglas Westwood: FEEDing the Recovery
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014. The process of working through these backlogs has thus-far cushioned the market against the decline in order activity seen in 2015. However, these backlogs are now being eroded rapidly as new orders are dwindling.
