Shell's Wild Coast exploration plan is blocked by South Africa's highest court
South 'Africa's Constitutional Court blocked Shell's offshore exploration along the 'country's' pristine Wild Coast on Friday, a'setback' for the oil giant after years of legal challenges from local communities and environmentalists. This ruling is just the latest in a long line of court decisions that have dampened interest from investors and delayed offshore exploration. The majority…
Andy O'Brien: the insider who will lead ConocoPhillips
ConocoPhillips named Andy O'Brien, finance chief, as its new CEO on Thursday. He succeeds?Ryan Lance who will move to the 'executive chairman' role on September 1 after a decade of leading U.S. Oil Producer. O'Brien assumes the leadership of a company with one of the most impressive balance sheets of all?independent exploration companies and production companies. Here's some information about O'Brien.
Canadian Natural raises production outlook, beats quarterly profit estimates on higher crude prices
Canadian Natural Resources raised its full-year production forecast on Thursday for the second time in a row. It also beat analysts' expectations for the second quarter profit as record production and higher crude prices boosted earnings. Canada's oil-sands producers are benefiting from high oil prices due to supply concerns after months of conflict in Middle East. Years of investments in low cost operations have also helped boost cash flow.
Shale producer APA beats second-quarter profit estimates
The higher oil price helped?APA, an oil and gas producer, beat Wall Street expectations for a?second quarter profit on Wednesday. Brent crude oil prices rose 19.2% in the first quarter of this year compared to a year ago, averaging $89.62 per barrel. Houston-based company, Texas Oil Company said that its realized price for each barrel produced increased to $98.24 compared with $65.88 a year earlier. APA has its largest operations in the U.S.
Shale producer Occidental Petroleum beats quarterly profit estimates
Occidental Petroleum, a U.S. shale oil producer, reported 'its highest quarterly profit in 2022. It exceeded Wall Street expectations on Wednesday, aided by higher production and oil prices. Benchmark Brent crude averaged a 19.2% increase at $89.62 a barrel during the third quarter compared to a year ago as the conflict in the Middle East, which is now in its sixth month, has disrupted the energy supply and shipping through the Strait of Hormuz.
EOG Resources, a US shale oil producer, beats its quarterly profit forecasts on higher crude prices
U.S. shale producer EOG Resources beat analysts’ estimates for the?second quarter profit on Tuesday. This was helped by an increase in crude prices. Crude prices rose sharply due to fears that the 'war in Iran', which erupted late February, would disrupt Middle East oil supply through the Strait of Hormuz. Brent averaged $126.41 a barrel compared to $69.82 in January. WTI increased to $109.64 during this period from $65.17.
Devon Energy, a US shale oil producer, tops profit expectations for the second quarter
The company reported a?higher?quarterly profit on Tuesday, exceeding 'Wall Street' expectations. This was due to a?surge?in crude oil prices, and increased production after its merger with Coterra Energy. The U.S. and Israeli war against Iran, which is now in its sixth months, has disrupted?Middle East oil supplies, as well as shipping through the Strait of Hormuz. Brent crude prices…
The war-fueled oil rally is expected to boost shale profit to the highest level since 2022
?U.S. After the 'Iran war' sent crude prices soaring, analysts expect shale producers to report their highest quarterly?profits in 2022. ConocoPhillips is expected to report sharply higher earnings in the second quarter after oil prices rose for most of the period, boosting cash flows across the industry. The conflict, which erupted late in February, has disrupted Middle East oil supplies and shipping along the Strait of Hormuz.
ExxonMobil to recoup initial costs and increase profits in Guyana
ExxonMobil's joint venture in Guyana has recovered the?billions?of dollars?it invested for developing a large oilfield, according to its chief financial office. The South American nation will receive more money from oil. Since its discovery in 2015, the U.S. Oil Producer's portfolio has included Guyana's Stabroek Block. It is estimated that the block contains at least 11 billion gallons of oil equivalent.
ExxonMobil to recoup initial costs and increase profits in Guyana
ExxonMobil's joint venture has recovered billions in investment to develop an oilfield in Guyana. The South American nation will receive additional oil money. Since its discovery in 2015, Guyana's Stabroek Block has been a top asset for the U.S. oil company's portfolio. It is estimated that the block holds at least 11 billion bbls of oil-equivalent. Since its discovery in 2015, Guyana's Stabroek Block has become?one of the top assets in the U.S. oil producer's portfolio.
UK PM Burnham will use North Sea Oil pragmatically following Trump's comments
British Prime Minister Andy Burnham has said that he will take a "pragmatic approach" to the development and use of oil and gas in the North Sea. This is his response to U.S. president Donald Trump's statement that the basin will be opened. Burnham, the British Prime Minister who took office on July 20, spoke with Trump shortly afterward. Trump told reporters on June 23 that Burnham planned to continue drilling in the North Sea.
Sources: Energean and Carlyle are among the bidders for BP's gas assets offshore Egypt
Three sources familiar with the process say that Dragon Oil, Carlyle Group, 'Energean' and Artemis Energy will be among a group of groups bidding this week on BP’s?West Nile Delta natural gas development off Egypt. British oil giant BP is trying to simplify its portfolio, reduce debt, and lower costs. It produces 60% of Egypt's gas through joint ventures on the East Nile Delta and fields in the West Nile Delta.
New Zealand awards first offshore petroleum exploration permit after reversing ban
New Zealand's coalition centre-right government granted its first permit for petroleum exploration on Wednesday, reversing the ban imposed on offshore exploration by the former Labour government of Jacinda Ardern. The conservative government of Prime Minister Christopher?Luxon, who came to power in 2023 and won the election, lifted the ban on offshore exploration last year. They wanted to avoid gas shortages in industrial areas…
Chevron closes US Gulf platform to prepare for tropical storm
Chevron has shut down production at its Petronius facility in the Gulf of Mexico and is moving all personnel onshore to prepare for Tropical Depression Two. The company announced this in a Monday statement. The U.S. major oil company also announced that it was transporting non-essential personnel from its Blind Faith and Tubular Bells platforms. The statement stated that "production…
