Gazprom Lead Oil and Gas Growth Worldwide
Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third, respectively, said energy research firm Rystad Energy.Onshore resources – whether conventional or unconventional – are a major driver of growth, it said.“Gazprom, the clear leader in production growth,…
Anadarko Shareholders Go for Cash in Oxy Buyout
Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko's nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the…
Chevron Profit Surges 26%
Chevron Corp reported a 26.3% jump in quarterly profit on Friday, as higher oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a rise in expenses.Results benefited from a $1 billion fee it received after Occidental Petroleum wrecked its $33 billion deal to buy Anadarko Petroleum with a winning $38 billion bid. The termination fee added $720 million to the quarter's profit, Chevron said.Its U.S. shale production rose 21% during the quarter, but was overshadowed by sharply weaker oil and gas prices.
Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That is the most weekly declines…
Enterprise Products to Build GoM Crude Terminal
Enterprise Products Partners LP said on Wednesday it expects to take about two years to construct its oil export project called Sea Port Oil Terminal, or SPOT, in the U.S. Gulf of Mexico.Permitting for the terminal was expected to reach the final stages by the end of the first quarter of 2020 and final approval was expected during the second quarter, a company executive said on its second quarter earnings call.Enterprise Products signed long-term agreements with Chevron Corp to support the development of SPOT…
Enterprise, Chevron to Build Offshore Port
Pipeline operator Enterprise Products Partners signed long-term agreements with Chevron Corp to develop Enterprise’s Sea Port Oil Terminal (SPOT) in the Gulf of Mexico.The American midstream natural gas and crude oil pipeline company said in a release that its SPOT project consists of onshore and offshore facilities, including a fixed platform located approximately 30 nautical miles off the Brazoria County, Texas coast in approximately 115 feet of water.SPOT is designed to load Very Large Crude Carriers (VLCCs) at rates of approximately 85…
BP Profits Lifted by Production Uptick
A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor, which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn, project start-ups and last year's $10.5 billion purchase of BHP's U.S.
Anadarko Beats Profit Estimates
Anadarko Petroleum Corp, in its last earnings report before shareholders vote on its sale to Occidental Petroleum, on Friday reported a quarterly profit that topped analysts' estimates, as higher production offset lower prices for its oil.It reported a net loss on a $1 billion breakup fee paid to Chevron Corp. Anadarko accepted a $38 billion offer from Occidental after having initially agreed to a deal with Chevron. The deal would make Occidental the largest oil producer in the Permian Basin, the top U.S.
Chevron Cleared to Stay in Venezuela
The Trump administration said on Friday it has renewed Chevron Corp's license to drill for oil and gas in Venezuela despite sanctions, signaling it sees value in having the U.S. oil producer operate in a country on the verge of economic and political collapse.The Treasury Department said it renewed the license for three months for Chevron, the last U.S. oil company operating in Venezuela, a member of the OPEC producer group. The license runs through Oct. 25, 2019."Our operations in Venezuela continue in compliance with all applicable laws and regulations…
Beach Energy to Boost Drilling Spend
Beach Energy, Australia's third-largest independent oil and gas producer, ended the 2019 financial year more cashed up than expected and plans to step up spending on drilling while keeping an eye out for acquisitions, its boss said on Wednesday.Beach paid off debt on its A$1.6 billion ($1.1 billion) acquisition of Lattice Energy within just 18 months, two years earlier than originally planned, with the help of an asset sale and strong cash flow from its expanded portfolio.The company ended the year to June 30 with net cash of A$172 million…
Trump Camp Split on Chevron's Venezuela License
The Trump administration is split over whether to renew a license this week for energy company Chevron Corp's operations in Venezuela, with Secretary of State Mike Pompeo supporting a renewal and others opposing it, three sources with knowledge of the matter said on Tuesday.At issue is a six-month U.S. Treasury Department license that expires on July 27 that has allowed Chevron to keep operating its four joint ventures in Venezuela despite U.S. sanctions on the OPEC nation's oil sector.Washington…
Anadarko Shareholders to Vote on Oxy Deal
Anadarko Petroleum Corp shareholders will vote Aug. 8 on the oil and gas producer's planned $38 billion sale to Occidental Petroleum Corp - the biggest oil and gas deal of the year.Occidental avoided its own shareholder vote on the deal by securing a controversial $10 billion financing agreement with Warren Buffett's Berkshire Hathaway, which allowed it to raise the cash portion of its offer.While an Anadarko holders' vote for the proposed deal is very likely, the price has angered several Occidental investors…
Venezuela Sells Oil to Tiny Turkish Firm
With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro's government, according to internal documents and a PDVSA source.Until recently, some of the world's largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy, lined up to take Venezuelan oil cargoes and PDVSA had a rigorous vetting process to ensure potential buyers had the capacity to pay.But U.S.
Woodside Plans Maintenance at Karratha Gas Plant
Australia's Woodside Petroleum has planned maintenance at its Karratha gas plant, part of the North West Shelf liquefied natural gas (LNG) export project, in the third quarter of the year, according to a notice on the company website.The first scheduled maintenance will affect one unidentified LNG train at the Woodside-operated plant in Western Australia from July 26 to Aug. 13, according to the notice.The second maintenance will be carried out on multiple LNG trains from Sept. 5 to Oct.
Shelf Drilling Bags Gulf of Thailand Gig
Dubai-headquartered offshore drilling contractor Shelf Drilling has secured a contract for the Shelf Drilling Scepter jack-up rig with Chevron Thailand Exploration and Production for operations in the Gulf of Thailand.The contract for the 2008-built rig is expected to commence in Q1 2020 and run until Q2 2022 and includes a one-year option.David Mullen, Chief Executive Officer, Shelf Drilling, said: “We are pleased to continue our long-standing partnership with Chevron through this award for the Shelf Drilling Scepter.
Sapura Energy Bags Multiple Contracts
Malaysia’s oilfield services player Sapura Energy said it has has clinched contracts worth a total of MYR 1 billion ($242 million) for several new oil patch deals and one – the company’s first – offshore wind contract.The 10 new contracts are for its engineering and construction and drilling segments across Malaysia, Thailand, Taiwan and Australia, said a press release from the company.In addition, the company has been selected for a frame agreement with Petroliam Nasional Bhd (Petronas) for fixed offshore structure works…
Icahn Steps up Fight with Occidental
Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter through a stockholder consent solicitation to prevent it from ever engineering a similar takeover again.Responding to the filing, Occidental said it will review the latest materials filed by Icahn…
Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight, down from the 3.5% currently used, to power ocean-going vessels will be required for ships without exhaust scrubbers on Jan.
Chevron Starts Gorgon Stage Two Drilling
Chevron Australia and the Gorgon joint venture participants have started the Gorgon Stage 2 drilling campaign off the northwest coast of Western Australia.Gorgon Stage Two is an expansion of the existing subsea gas gathering network on the Chevron-led Gorgon facility and is part of the project’s original development plan.Chevron Australia Managing Director Al Williams said the campaign will drill 11 additional wells in the Gorgon and Jansz-Io gas fields to maintain long-term natural gas supply to the 15.6 million tonnes per annum LNG and domestic gas plants on Barrow Island.The development…
Icahn Sues Oxy Over 'Misguided' Anadarko Deal
Occidental Petroleum Corp 's activist investor Carl Icahn has filed a lawsuit against the company over what it called its "misguided" pact to buy Anadarko Petroleum Corp, and may seek a special meeting to remove and replace board members.The lawsuit, filed on Thursday in Delaware by a group of Icahn companies, calls Occidental's recent agreement to purchase Anadarko for $38 billion "fundamentally misguided and hugely overpriced," and says "management wanted to avoid a vote at almost all costs."Icahn…
