Wednesday, August 15, 2018

Thomson Reuters News

Precision Drilling Posts Bigger-than-expected Quarterly Loss

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Precision Drilling Corp reported a bigger-than-expected quarterly loss on Thursday as increased spending at the Canadian oilfield services company overshadowed higher day rates of its U.S. rigs.Expenditure on expansion more than tripled to C$15.8 million, while maintenance spending was four times higher than a year ago at C$13.1 million."During the quarter, we activated eight rigs in the U.S. and currently…

Halliburton Revenue Beats on Higher North America Rig Count

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Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018.Margins in U.S.

Hess Corp Losses Shrink on Higher Oil Prices

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Oil and gas producer Hess Corp posted a smaller-than-expected quarterly loss on Wednesday as it raked in more money per barrel even as production fell, thanks to higher oil prices.The company's average realized price of crude oil jumped 36 percent to $62.65 per barrel, while production fell 16 percent to 247,000 barrels of oil equivalent per day boe/d, excluding its operations in Libya.U.S. crude prices topped $75 a barrel at June end…

US Oil Exports to India Soar Ahead of Iran Sanctions

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U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration…

Saudi Aramco, Petronas tap Banks for Jumbo Financing

Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.The project…

Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise

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A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30, down 74 cents."Oil bears are taking their turn in the driving seat…

Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea

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Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers.

Leach Xpress Pipeline Service Delayed until Mid-July

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TransCanada Corp's Columbia Gas Transmission unit pushed back the date of its Leach Xpress natural gas pipeline in West Virginia. Service will be resumed mid-July. The pipe was damaged in a blast on June 7. The Leach shutdown forced producers using the line to find other pipes to move gas out of the Marcellus and Utica shale regions of Pennsylvania, West Virginia and Ohio. Alternative pipelines include ETP's Rover…

Largest Oil Shipment Sent from Vancouver to China Since 2015

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An Aframax tanker is scheduled to deliver the largest shipment of crude oil from Vancouver to China since January 2015 later this month, Thomson Reuters trade flow data show.For years, Canadian officials have pushed for an escalation in crude exports to rapidly growing Asian markets, but companies in the oil-rich Alberta have limited capacity to move crude to the nation's western coastline.That makes Canadian crude exports from Vancouver to Asia rare…

Big Crude Oil Margins Should Boost US Refiner Earnings

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U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude…

Schlumberger Revenue Misses Estimates

Schlumberger Inc missed analysts' quarterly revenue estimates on Friday, as weakness in its international business overshadowed another strong performance in North America.The Houston-based company, a bellwether for the oilfield services industry, said revenue from its international business dipped 1.4 percent to $5.07 billion.

Baker Hughes Reports Slight Profit Miss

General Electric Co's oilfield services arm Baker Hughes on Friday reported a slight profit miss on weaker sales in its oilfield equipment and turbomachinery businesses, sending the company's shares down 2.4 percent.Revenue from its oilfield equipment business, which includes deepwater drilling, fell 9.4 percent to $617 million, missing analysts' estimate of $648.2 million.The Houston-based company, however…

Venezuela's Crude Sales to U.S. Fall in July

Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.

ConocoPhillips Raises FY18 Capex, Output Target

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Oil and gas producer ConocoPhillips topped Wall Street estimates for quarterly profit on Thursday and raised its capital budget and annual production target for 2018, as it seeks to take advantage of higher crude prices.Houston-based ConocoPhillips, America's biggest independent oil and gas producer, now expects to produce between 1.23 million barrels of oil equivalent per day (boe/d) and 1.26 million boe/d in 2018.

OPEC July Oil Output Hits 2018 Peak, but Outages Weigh

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OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June's revised level and the highest this year with Congo added.OPEC and allies agreed last month to boost supply as U.S.

Diamond Offshore Posts Smaller-than-expected Loss

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Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.The Houston-based company's total operating expenses fell to $321.2 million from $378.5 million, a year earlier.As oil prices stay above $70 a barrel, oil and gas producers are again showing an interest in expensive offshore projects that can take up to a decade to develop.The rig contractor recorded a loss of $69.27 million…

In British Virgin Islands, Hurricane Whips up Green Energy Transition

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Nearly a year after Hurricane Irma knocked out power across the British Virgin Islands, electricity boss Leroy Abraham will be among the last residents to have their homes reconnected.But Abraham, general manager of the British overseas territory's electricity corporation (BVIEC), has barely had time to notice his own domestic outage."I was far too exhausted from giving everybody else electricity," said the 48-year-old…

Texas Pipeline Blast Injures 7, Explosions Probed

Authorities on Thursday morning were investigating what caused a fire and a series of natural gas pipeline explosions on Wednesday in Midland County, Texas, which sent seven people to the hospital and shut down five lines before being extinguished late in the evening.Workers and firefighters were responding to a leak when the blast occurred, Midland County Fire Marshal Dale Little said on Thursday.Five workers with critical injuries were airlifted to University Medical Center in Lubbock…

Unipec Suspends US Oil Imports as Trade Spat Intensifies

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China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S.

Enbridge Completes 40 pct of Line 3 Work, Tops Profit Estimates

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Enbridge Inc said on Friday it had completed 40 percent of replacement work on its massive Line 3 pipeline and reported a better-than-expected quarterly profit by reining in costs.Canada's largest pipeline operator won a key approval in June to replace the 1,031-mile (1,660-km) long pipeline, which began service in 1968 and operates at half its capacity.A replacement would allow the pipeline, which runs from Alberta in western Canada to Wisconsin in the United States…