Canadian Natural exceeds profit expectations on higher oil production
Canadian Natural Resources, the nation's largest oil-and-gas?producer exceeded expectations for its first quarter profit on Thursday. This was fueled by higher production of?its oil?sands segment?as well as conventional operations. Canada's oil-sands producers continue benefiting from increased operational efficiency and stable production despite concerns about pipeline constraints and volatile commodities prices.
Shale producer APA beats first-quarter profit estimates
U.S. shale oil producer APA surpassed Wall Street expectations for the first-quarter profit?Wednesday as higher oil?prices offset a 'decrease in output. The quarter reported was marked by extreme volatility and macro-uncertainty in global oil prices, as the U.S. and Israeli war against Iran disrupted key supply routes and damaged energy infrastructure?in Middle East. APA reported that its realized price per barrel of oil increased to $78.69 from $73.73 a year earlier.
Occidental abandons new oil hedges amid price volatility caused by the Iran war
Occidental Petroleum, a U.S. shale oil producer, will not be adding more?oil hedging this year due to the volatility of crude?prices after the Iran war. Chief Financial Officer 'Sunil 'Mathew stated that derivative losses were a part of the reason for Occidental’s first quarter profit. Occidental still managed to exceed Wall Street expectations. In February, Occidental placed "a modest amount" of oil hedges by using collars that were free.
Shale producer Occidental beats quarterly profit estimates
The war in Iran weighed heavily on the?global?operations of Occidental Petroleum, a producer of shale oil. After the U.S./Israeli war on Iran, oil prices were volatile in the first quarter. This was due to disruptions in supply routes and damage in key energy infrastructure. Occidental’s average global production during the January-March period was 1,42 million barrels equivalent per day (mmboepd), compared to 1.39 mmboepd a previous year.
Devon Energy misses profit forecasts for the first quarter due to production decline
As a result of lower production, Devon Energy's first-quarter profits fell short of Wall Street expectations on Tuesday. Results of a shale oil producer. The first-quarter production dropped to 387,000 barrels equivalent per day (boepd) from 388,000 boepd one year ago. U.S. Permian Shale prices in West Texas remain in the 'negative territory' for a record-breaking 61 consecutive days, as pipeline restrictions trap gas in this region.
Norway issues up to 70 new drilling permits for oil and gas
Norway's government announced on Tuesday that it is offering energy companies a total of?70?blocks in its annual licensing round to help them explore for oil and natural gas. The country wants to prolong the life span of its petroleum sector. The new 'blocks' include 38 areas of the Barents Sea; 10 areas in Norwegian Sea; and 22 areas of the North Sea. Applications are due by September 1, and the final awards will be made in early 2027.
Diamondback increases annual production forecast as oil prices rise
U.S. shale oil producer 'Diamondback Energy' raised its annual production forecast on Monday after exceeding Wall Street expectations with a 'first-quarter profit due to a rise in oil prices. Oil prices have risen by more than 87% in the past year, after the U.S. and Israeli war against Iran has disrupted supply chain and damaged energy infrastructure. Diamondback, which is based in the United States, benefits from higher commodities prices.
Norway Oil firms seek mediation to avoid a labour strike that could affect output
Offshore Norge, an industry group, said that wage talks between Norwegian oil companies?and labour unions?broke down on Wednesday. The state will now take over mediation to try and?prevent workers from going on strike. If the government-appointed mediator in Norway is unable broker a deal at the time of negotiations that resume later this summer, union members will be eligible to strike and disrupt?the output from Western Europe's biggest oil and gas producer.
Norway's Vaar Energi Q1 operating profit lags forecast
Vaar Energi, a Norwegian oil company, reported a lower than expected operating 'profit for the first quarter. It maintained its dividend and capital expenditure guidance. Vaar, listed in Oslo, increased its earnings before interest and taxes (EBIT) from $972 to $1.31 Billion between January-March. This is a significant increase but still falls short of the $1.41 Billion average forecast by 15 analysts in a poll conducted by Vaar.
CEO of Energean Energy hopes to make a major discovery in the western Greek waters
Energean, an oil and gas producer in Greece, will be aiming for a large discovery of hydrocarbons near western Greece. The first test drilling could begin as early as next year. ExxonMobil joined Energean, Greece's largest oil refiner Helleniq Energy and other companies to explore for gas in the Ionian Sea last year as the United States?seeks?to play a greater role in Europe's efforts to replace much of the Russian gas after Moscow's invasion in Ukraine.
Eni's Vaar Energi plans a boost in oil production from Arctic Goliat
Vaar Energi, a subsidiary of Italy's Eni and a Norwegian company, announced on Wednesday that it plans to increase crude production 'from its Arctic Goliat 'oilfield with'minority stakeholder Equinor. Vaar Energi, a subsidiary of Italy's Eni, announced on Wednesday that it plans to boost crude production?from its Arctic Goliat?oilfield along?with?minority stakeholder Equinor. The project will create a pipeline to connect the nearby Snoehvit Gas Facility…
BP will buy three offshore Namibian block as the shift towards oil and gas intensifies
BP has agreed to purchase an operating 'interest' in three offshore exploration -blocks in Namibia, from Canada-based Eco Atlantic Oil & Gas. This is part of its strategy to expand its upstream portfolio. Eco Atlantic, a Canadian company, said that BP would pay Eco Atlantic $2.7M in cash to acquire 60% of the interest in three?petroleum exploring licences. Oil major has shifted its focus to oil and natural gas following an ill-fated venture into renewables.
