Husky Pares Capital Spending
Canadian oil and gas producer Husky Energy Inc said on Monday it would lower its capital spending by C$500 million over the next two years when compared to its 2019 outlook in a bid to increase free cash flow.Oil producers have been under pressure from investors to cut activities and use the cash to improve shareholder returns through dividends and buybacks. The company said it expects 2020 capital expenditure to be between C$3.2 billion ($2.41 billion) and C$3.4 billion…
Baker Hughes: U.S. Oil Drillers Cut Rigs Again
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>In the same week a year ago…
Industrial Internet to Help Upstream Sector
There has been a growing interest among oil and gas companies in adopting the Industrial Internet to improve sustainability and market competitiveness, said a study.According to data and analytics company GlobalData the upstream sector is witnessing comparatively more implementations of the Industrial Internet compared to other oil and gas sectors. This is driven by the need to reduce operational risks and maximizing returns from their assets through…
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.
US Oil Output Heads for More Records in 2019
U.S. total oil production, which is already off to an amazing start in 2019, is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019. For May 2019, our research and calculations point to crude oil production averaging 12.5 million bpd.
Chevron Profit Falls 27%
Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko, a smaller oil and gas producer, when Occidental Petroleum Corp made a $38 billion offer that topped Chevron's $33 billion bid.Chevron's oil and gas production rose during the quarter…
Chevron to Buy Anadarko for $33 Bln
Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S. energy output is surging - shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG) - which have helped make the U.S.
Trump Calls for OPEC to Boost Production
U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity."Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump wrote in a post on Twitter.Immediately following Trump's tweet, U.S. crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down…
US to Overtake Saudi in Oil Exports
United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.The Energy Information Administration…
Noble Energy Q4 Disappoints, Lower CapEx Coming
Noble Energy posted quarterly profit on Tuesday that fell short of analysts' estimates, and forecast lower capital expenditure for 2019 citing a drop in oil prices.An unexpected drop in global crude oil prices and tight pipeline capacity in U.S. shale basins have prompted many energy firms to cut their capital spending targets for the year.Noble Energy expects to spend in the range of $2.4 billion to $2.6 billion this year, 17 percent lower at the midpoint compared to 2018.
Oil Below 2019 highs on OPEC Cuts
U.S.-China trade talks this week also in focus.Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand.The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude oil prices to rise more than 20 percent this year. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market.Brent crude slipped 21 cents to $66.29 a barrel by 1249 GMT…
Global LPG Prices Decline: Dorian LPG
The biggest market change in the fourth calendar quarter of 2018, was the decline in crude oil prices, with Brent falling from a monthly average of nearly $82/barrel in October, finishing the year below $51 per barrel. As a result, global liquefied petroleum gas (LPG)prices followed the downward trend.Dorian LPG, the Stamford-based owner and operator of 22 very-large gas carriers, said that without the additional LPG cargoes out of Marcus Hook from Mariner East 2, which started operations in January 2019, U.S.
Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook
Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets, together with the prospect of slower crude production growth…
Ship Fuel: Singapore Bunker Volumes Dip, 2019 Uncertain
Sales of marine fuels in Singapore, the world's biggest ship fueling port by volume, totaled 49.8 million tonnes in 2018, down 2 percentfrom a record the year before, the Maritime and Port Authority of Singapore (MPA) said on Monday.December sales volumes of marine fuels, also known as bunkers, reached an 11-month high of 4.308 million tonnes, up 10 percent from November and the second-highest for the year, the data showed.The strong month helped lift Singapore's 2018 marine fuel sales figures to the second highest on record…
Teekay Expects Recovery in Tankers Market
Crude tanker rates have continued to strengthen during the early part of the fourth quarter of 2018, particularly in the Atlantic Basin with Aframax tanker rates in this region attaining levels not seen since December 2016 and Suezmax tanker rates averaging the highest since March 2017, says Teekay Tankers.The conventional tanker fleet operator said that crude tanker spot rates firmed counter-seasonally during the third quarter of 2018, which is typically the weakest quarter of the year…
Rosneft Nearly Triples Net Profit
Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution, with domestic fuel prices lagging behind surging crude oil prices. Russian oil companies have also been forced by the authorities to cap politically sensitive retail fuel prices.Despite the big profit jump from the same period last year…
US Oil Drillers Cut Rigs for First Week in Four
The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.Drillers cut one oil rig in the week to Nov. 2, bringing the total count down to 874, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count…
Chevron Quarterly Profit Doubles
U.S. oil and natural gas producer Chevron Corp said on Friday its quarterly profit doubled as record oil and gas production helped overcome a series of one-time items.With the price of crude in the third quarter up 44 percent from the same period a year ago, major oil companies' earnings have returned to levels not seen in as much as four years.Chevron topped analysts' estimates with third-quarter net income of $4.05 billion, or $2.11 a share, compared with $1.95 billion…
Oil Extends Rally as Trump Reiterates Commitment to Iran Sanctions
Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.Brent crude futures were up 87 cents, or more than 1 percent, at $82.07 a barrel by 10:43 a.m. EDT (1443 GMT) having touched a session peak of $82.22, the highest price since November 2014.The oil price is on course for its fifth consecutive quarterly increase…
Oil Could Rise to $100 by 2019
Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore.Almost 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the U.S. sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading…
