Wednesday, April 24, 2019

Oil Producers News

Halliburton Reports Activity Uptick

(Photo: Halliburton)

Halliburton Co said on Monday a pricing downturn that has plagued the oilfield services sector was bottoming out, as it reported modestly higher activity levels in North America in the first quarter from a year earlier.Oilfield services providers…

Schlumberger Quarterly Profit Slides

File image: Schlumberger

Top oilfield services provider Schlumberger NV reported a 19.8 percent fall in quarterly profit on Thursday, hit by weak demand for its equipment and services from oil producers under pressure to rein in spending.Schlumberger said net income fell to $421 million, or 30 cents per share, in the three

EnQuest to Focus on Cutting Debt as Profits Jump

(Photo: EnQuest)

North Sea focused oil producer EnQuest on Thursday committed to continue efforts to cut its $1.77 billion debt this year after reporting a jump in full-year profits on the back of increased production.Chief Executive Amjad Bseisu said, "We are committed to further reducing our debt…

DOE Chief Perry: OPEC Bill Could Spike Oil Prices

U.S. Energy Secretary Rick Perry (CREDIT: US DOE)

The United States needs to be cautious about pending legislation that would allow the Justice Department to sue OPEC and other oil producers over supply cuts because it could result in higher prices in the long term, U.S. Energy Secretary Rick…

Partial Shutdown of Keystone Oil Pipeline

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A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada, Cenovus executive vice-president of downstream…

Apache Cuts 2019 Capital Spending

(Photo: Apache)

U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2.4 billion…

Anadarko Profit Misses as Costs Rise

(Photo: Anadarko)

Oil and gas producer Anadarko Petroleum Corp on Tuesday reported a fourth-quarter profit that missed analysts' estimates by a wide margin, as it spent more on its projects in West Texas and northeast Colorado.Oil producers, betting on a recovery in oil prices since their slump in 2014…

US Shale Lifts Exxon, Chevron Profits

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Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale field.Shares of both companies rose about 3 percent.The two U.S.

Oil Falls as U.S. Adds New Rigs, China Weakness

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Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years.Further weighing on oil markets…

Russia's 2018 Oil Output Tops Record

(Photo: Lukoil)

Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed on Wednesday.The total surpassed the previous annual record average of…

Oil Prices Sink to Lowest in a Year as Stock Markets Fall

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Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT).

Oil Dives on Fears of Glut, Global Economic Slowdown

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Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.U.S. crude oil fell $2.78, or 5.5 percent to trade at $47.10 a barrel by 11:44 a.m.

Oil Rallies but Oversupply, Economic Growth Weigh

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Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent…

Hunting Expects Oil Producers to Defer Projects

(Photo: Hunting)

British oilfield services company Hunting Plc expects oil and gas producers to defer some projects as a recent decline in crude prices could hit their short-term budgets, it said on Monday.Oilfield service companies, including U.S.-based Schlumberger…

Oil Slips 2 Percent

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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.

Oil Slips on Falling U.S. Equity Market, Weak China Economic Data

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Oil prices dropped more than one 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 fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m.

Malaysia Agrees to Extend Oil Output Cut

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Malaysia will extend its oil production cuts by another six months after the agreement between OPEC and other oil producers to reduce global supply ends this year.OPEC and non-OPEC producers agreed at a meeting in Vienna on Friday to a new level of production cuts from January to June 2019…

Chevron Will Boost Capital Spending in 2019

(File photo: Chevron)

Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S.

Canada-US Pipelines Restart After Weather Disruptions

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Two major pipelines carrying oil from Canada to the United States resumed operations on Wednesday after brief disruptions due to power outages from severe weather in Saskatchewan, Canada, a day earlier.A number of lines on Enbridge Inc's Mainline system…

Qatar Quits OPEC to Focus on LNG

Saad Sherida Al-Kaabi. Photo: Qatar Petroleum

Qatar said Monday that it will leave the oil cartel OPEC on January 1 after nearly 60 years. The announcement was made in a series of tweets.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC…