Santos Flags $560 Mln Impairment Charge on Virus-led Oil Slump
Australia's Santos said on Tuesday it will book non-cash impairments of up to $560 million after tax, joining a number of global energy majors forced to write down assets after a coronavirus-induced slump in oil prices.The country's second-largest…
Aker Solutions Raises 2019 Forecasts
Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending…
Rising Oil Prices Boost US Economy
U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy. Since the 1860s, the United States has been the world’s largest producer and consumer of oil…
Rising Oil Prices put 'Demand Destruction' Back on the Agenda
Rising oil prices over the last two years have put the issue of demand destruction back on the agenda, as producers, traders and analysts try to estimate how consumers will respond. Demand destruction always becomes a topic of discussion during this stage of the price cycle…
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…
North American Energy IPOs Set to Rebound in 2018
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile.
Oil Hits Fresh Highs as Analysts Urge Caution
Brent, WTI at highest since start of oil slump; physical Brent above $70 per barrel. But analysts warn of overheating. Crude oil prices hit new multi-year highs on Wednesday as OPEC-led production cuts and healthy demand helped to balance the market, but analysts warned of possible overheating.
Qatar Restarts Huge Gas Field Development
Qatar has lifted a self-imposed moratorium on development of the world's biggest natural gas field, the chief executive of Qatar Petroleum said on Monday, as the world's top LNG exporter looks to see off an expected rise in competition. Qatar…
Qatar Petroleum Seeks International Projects in Cyprus, Morocco
State-owned energy giant Qatar Petroleum (QP) is exploring oil and gas in Morocco and Cyprus as it aims to expand its liquefied natural gas (LNG) assets abroad while trimming costs at home, chief executive Saad al-Kaabi said on Monday. "You…
U.S. Gasoline Consumption Growth to Slow in 2017
U.S. gasoline consumption has been growing at the fastest rate for more than a decade as lower fuel prices and an expanding economy have combined to produce a big increase in demand. OPEC is relying on continued growth in U.S. gasoline consumption…
Saudi Arabia Carries on Drilling Despite Oil Slump: Kemp
Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 in October 2016.
Global Oil Slump Cost Angola $6 bln in 2015
The sharp drop in oil prices over the last year cost Angola about $6 billion in revenue, President Jose Eduardo dos Santos said on Monday, and will force the country to borrow more to make up for the shortfall. Africa's largest crude exporter…
Canada July Trade Deficit Shrinks as Non-energy Sector Shines
Canada's trade deficit in July unexpectedly shrank on stronger non-energy exports, a sector the Bank of Canada says is crucial to helping revive an economy hit by low oil prices. Statistics Canada said on Friday that the July deficit was C$2.49 billion ($1.90 billion)…
Oil Demand Likely Up in Sweltering Middle East
Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighbouring countries across the Middle East. There is not enough statistical data to draw a direct…
Seventy Seven Energy to File for Bankruptcy Amid Oil Slump
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, the latest energy company to seek bankruptcy protection amid a prolonged oil price slump. The company, which was spun off from Chesapeake Energy Corp in 2014…
Noble's Q1 Profit Plunges 41% in Oil Slump
Noble Corp Plc's quarterly profit plunged nearly 41 percent as the prolonged slump in oil prices pulled down rig demand and rates. The net profit attributable to the rig contractor fell to $105.5 million, or 42 cents per share, in the first quarter ended March 31 from $178.4 million…
Breaking Even in an Uneven Oil Market -Douglas Westwood
The Johan Castberg development has faced numerous challenges since inception. If production in the Barents Sea wasn’t difficult enough, Statoil has had to contend with changes to Norwegian Tax laws as well as disappointing drilling results.
Hunting Sees Fall in Full-year Revenue on Oil Slump
Oilfield services company Hunting Plc said it expects revenue for the year to fall between 30-40 percent due to the slump in oil prices. Hunting reported a underlying earnings before interest, taxes, depreciation and amortization loss of $16.2 million for the four months ending April.
Azeri Socar Eyes Houston as Trading Firm Expands Globally
Azeri state oil company Socar's trading division is looking to expand in North America, having opened an office in Calgary in recent months and eyeing a second one in Houston, its chief executive told Reuters. The company, which opened an office of some 15 staff in Calgary…
ConocoPhillips cuts 2016 CapEx Again
U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two years. ConocoPhillips, whose shares were down 1.7 percent in premarket trading…
