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. But, the company expects its sales volumes to rise by about 5 percent as it starts producing from new oil and gas wells in the U.S. onshore market, the company's biggest.
US Rig Count Climbs
U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is still higher than a year ago when 798 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.Thanks to a shale boom…
Anadarko Nearing FID for Mozambique LNG
U.S. independent energy producer Anadarko moved closer to a final investment decision (FID) to build a giant liquefied natural gas (LNG) terminal in Mozambique after signing up an Indian buyer for the gas and saying another deal was imminent.Anadarko and Exxon Mobil are expected to sanction two separate but neighboring LNG projects in Mozambique this year after finding large offshore gas deposits, turning the African nation into a major global gas exporter.The company said on Friday it had struck a sales and purchase agreement (SPA) with India's Bharat Petroleum Corporation Ltd for 1 million tonnes per annum (mtpa) for 15 years…
US Drillers Add Oil Rigs Again
U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is still higher than a year ago when 791 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.In 2019…
BSOG to Go Ahead with Midia Offshore Project
Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black Sea Oil & Gas (BSOG) will extract the gas in a joint venture with Italian producer Gas Plus International B.V. and investment group Petro Ventures Resources…
US Drillers Add Rigs
U.S. energy firms this week increased the number of oil rigs operating for the first time this year but the rig count in January fell the most in a month since April 2016, as the boom in the Permian, the nation's biggest shale oil formation, cools.Companies added 10 oil rigs in the week to Jan. 25, bringing the total count to 862, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month, drillers cut 23 rigs in January, the most removed in a month since April 2016. Over the past two months, they pulled two rigs in December and added 12 in November.The U.S.
Newcomers Pile into Race for Qatar LNG
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest, by more than a third in the next five years are considered one of the most lucrative investments in the rapidly growing global gas market.Competition is expected to be fierce.The huge interest underscores how successfully the small Gulf country positioned itself in the face of a boycott imposed in 2017 by Saudi Arabia…
Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies cut capital spending and costs in 2016 after the price of benchmark Brent crude fell to a 12-year low of below $30 a barrel.Helped by output cuts by Organization of the Petroleum Exporting Countries and its allies…
US Rig Count Climbs
U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 1-1/2-year lows and headed for losses of more than 20 percent this year.Drillers added 2 oil rigs in the week to Dec. 28, bringing the total count to 885, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month the rig count fell by 2, its first decline in six months. But for the quarter, the count was up 22, the fourth increase in a row.For the year the count was up 138. That compares with an increase of 222 rigs in 2017 and a decline of 11 rigs in 2016.The U.S.
US Rig Count Rises for First Week in Three
U.S. energy firms added oil rigs for the first time in the past three weeks despite sharp declines in crude futures prices to their lowest since the summer of 2017.Drillers added 10 oil rigs in the week to Dec. 21, bringing the total count to 883, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. This was the biggest weekly gain in rig numbers since early November.More than half the total U.S. oil rigs are in the Permian Basin, the country's biggest shale oil formation. Active units there held steady this week at 486…
ExxonMobil Shareholders Want GHG Reduction Goals
A number of institutional investors in ExxonMobil Corp have said they will file a shareholder resolution which calls on the world's largest oil company to set targets for lowering its greenhouse gas emissions.The call, led by the New York State Common Retirement Fund (NYSCRF) and the Church Commissioners of England (CCE), comes in the wake of shareholder moves at other major energy firms seeking to make them more responsive to climate change and its impact on the business.The statement released on Sunday by the CCE asked Exxon to disclose, for the first time, short, medium and long-term targets to reduce greenhouse gas emissions from both its operations and the
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
US Oil Drillers Cut Rigs
U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.Drillers cut four oil rigs in the week to Dec. 14, bringing the total count down to 873, the lowest since mid October, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S. oil rigs are in the Permian Basin, the country's biggest shale oil formation. Active units there declined by three this week to 486, the lowest since early October.The U.S.
Rice Brothers Push for Top-level changes at EQT
EQT Corp is facing calls for a shakeup at the helm from shareholders Toby Rice and Derek Rice, who had sold Rice Energy Inc to the oil and gas producer last year for $6.7 billion.In a letter made public on Monday, the Rice brothers, who own about seven million shares or a 2.75 percent stake in the company, pointed to EQT's "severely depressed" stock price and blamed the management for underperformance.EQT shares have slumped 47.6 percent as of Friday's close since the acquisition of Rice Energy in Nov. 2017, much worse than the 7.7…
Oil Rebounds After Prior Session's Slide
Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1.55 to $64.08 a barrel, a 2.5 percent gain, by 1:12 p.m. EST (1812 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.89 to $55.32 a barrel, a 3.5 percent gain.U.S. crude stocks rose 4.9 million barrels last week, the Energy Information Administration said, a larger-than-expected increase.
Digitalization Can Save Upstream Business $73 Bln a Year
Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said.Exploration and production, known as the upstream industry, requires energy firms to analyze huge amounts of seismic and geological data and to monitor and maintain offshore platforms and other complex assets, often in high-risk environments.In a report on how technology can be used for these tasks and potential savings, Wood Mackenzie…
US Drillers Add Rigs for Fourth Week in Five
U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S. rig count, an early indicator of future output, is higher than a year…
Russian Energy Firms Discuss Cooperation Saudi Aramco Chief
The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said.Rosneft, the world's largest-listed oil producer by output, said in a brief statement that they "discussed a wide range of issues related to mutual interests and prospects for cooperation between Rosneft and Saudi Arabia".Nasser had said in an earlier statement during his visit that Aramco's relationship with Russia would grow with the projects in which they were cooperating.Gazprom Neft…
US Drillers Add Oil Rigs for Third Week in a Row
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month, the rig count rose 12 in October, the biggest monthly increase since drillers added 34 rigs in May.
Cepsa Float Fail Could Jeopardize Other Energy Listings
The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala, postponed the IPO on Monday after a tough book-building process."We don't think there will be new energy IPOs for now…