Overall rig count falls by two By Richard Rostad, analyst, Oil & Gas 360 International drilling activity declined slightly in January, but remains near post-downturn highs, according to Baker Hughes. A net two rigs came offline in January, bringing the international total to 1,023 rigs. Operations shifted significantly in favor of offshore drilling, as nine land-based rigs have shut down
From the Midland Reporter Telegram A new report says the international rig count could rebound and break 1,100 by 2020, according to Raymond James. Analysts from Raymond James said increased spending by international oil and gas companies and a rebound in Latin American drilling will drive the increases and lead to the international drilling rig count stabilizing around 1,150 after 2020.
From Reuters Intercontinental Exchange on Tuesday said it would launch a crude oil futures contract deliverable in Houston later this quarter, capitalizing on the growth in U.S. exports of crude oil that have risen to about 2 million barrels a day. Houston has become the pricing center for U.S. crude oil production and exports, and the new contract is designed
From Reuters Oil prices steadied on Thursday after sharp losses the previous session as the International Energy Agency (IEA) said the world’s oil supply cushion “might be stretched to the limit” due to production losses. Benchmark Brent crude oil LCOc1 rose $1.70, or more than 2.3 percent, to a high of $75.10 a barrel before losing almost all its gains
From Reuters A developing trade war between the world’s biggest economies is weighing on business confidence and could force central banks to downgrade their outlook, the world’s most powerful policymakers argued on Wednesday. After imposing punitive tariffs on a number of its top trading partners, the United States earlier this week threatened China with further duties on $200 billion, escalating
Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common
Baker Hughes released its weekly rig count today. The total U.S. number of rigs went up 13, ending the week of May 25, 2018 at 1,059. A year ago at this time there were 881 U.S. rigs at work. Texas has the most rigs by far at 534. Oklahoma is the closest competitor at 140 rigs. Last year the two
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA
Russian giant Rosneft Oil Company (ticker: ROSN) reported a Q1 2018 net income of USD$1.5 billion (RUB$81 billion) with a spending budget of $3.9 billion (RUB$223 billion). More multistage fracs, horizontal wells The company produced 5.71 MMBOE in Q1 2018. The number of new wells commissioned increased by 22% to 809 wells, Rosneft said, with horizontal wells up to 39%.
National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,
ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.
Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the
