Falling Rig Count Supports Oil Prices
Baker Hughes reported a decrease to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs decreased by 4 rigs, according to the report, with the number of active oil rigs decreasing by 2 to 859 this week, while the number of gas rigs dipped by 3, hitting […]
War-Torn Yemen Restarts Oil Exports
Despite a worsening humanitarian crisis in Yemen amid a war between the Houthi rebels and a coalition between Saudi Arabia and the UAE, the poorest Arab country has found a way to restart oil production and has even exported the first cargo: 500,000 barrels from a field in the southern Shabwa province bound for a […]
The Winners And Losers This Earnings Season
Higher oil prices this year boosted the earnings of all five Big Oil firms in the second quarter, but despite the increased profits, not all five oil supermajors—Exxon, Chevron, Shell, BP, and Total—fared equally as well in Q2, and clear winners and losers emerged from the earnings reports this past week. The three European majors […]
Petrobras’ Net Profit Rises Thirty-Fold On Higher Oil Prices
Brazil’s state-run oil firm Petrobras (NYSE:PBR) benefited from the rising oil prices and booked a thirty-fold yearly jump in its second-quarter net income, which also beat analyst expectations. Petrobras said on Friday that its Q2 net income surged to US$2.68 billion (10.072 billion Brazilian reais) from US$84 million (316 million reais) in the second quarter of 2017, […]
Bernstein: Oil May Jump Past $150 On Chronic Underinvestment
A supply shortfall is lurking should major oil companies continue to underinvest in exploring for new oil reserves, and this “chronic underinvestment” is setting the stage for the next super-cycle that could see oil prices soar to $150 a barrel or more, analysts at Sanford C. Bernstein & Co said on Friday. Investors clamoring for cash returns […]
Oil Prices Inch Lower After API Reports Surprise Gasoline, Crude Build
The American Petroleum Institute (API) reported a surprise crude oil build of 629,000 barrels of United States crude oil inventories for the week ending July 14 compared to analyst expectations that this week would see a draw in crude oil inventories of 3.622 million barrels. Last week, the American Petroleum Institute (API) reported a massive draw […]
Enbridge Sees $5.4B In Pipeline Projects Coming Online This Year
Enbridge expects pipeline projects worth US$5.4 billion (C$7 billion) to come into service this year, easing constrained oil and natural gas takeaway capacity in the North American market, the Calgary-based pipeline company said on Friday. Of the US$5.4-billion in projects expected to be put into service this year, two are of significant size. One is the US$1.3-billion Nexus […]
BP Finally Unloads Crude Cargo For Chinese Teapot After Months In Port
A 2-million-barrel crude oil cargo for an independent Chinese refiner in Shandong has finally been fully unloaded after two months spent at the port of Qingdao, Reuters reports, adding that while some of the oil was unloaded back in May when the Mercury Hope supertanker arrived at Qingdao, the remainder stayed in the tanker because of […]
Shell Will Soon Decide On Bonga Field Expansion
Shell is close to making the final investment decision on the expansion of its deepwater Bonga field in Nigeria, S&P Platts reports, citing a statement from Shell Nigeria Exploration and Production Co. The expansion, which will add some 1 billion barrels of crude to Nigeria’s oil reserves, has been slowed down by a legal dispute between […]
Scotland’s Oil Industry Is Returning To Life
Scotland’s oil industry is beginning to show signs of recovery after the most recent downturn, a local port authority said, with a spokeswoman noting that “We have more rigs in for repair, inspection and maintenance, and we see this as a positive sign,” the Daily Record reports. Rigs are also getting back to drilling: the Maersk […]