Saudi Arabia extended its unilateral oil production cut by another month, and said it could be prolonged further or even deepened. The leader of the Organization of Petroleum Exporting Countries will continue the cutback of 1 million barrels a day — launched last month — into September, according to a statement on state Saudi Press Agency. That will hold output at about 9 million barrels a day, the lowest level in several years. Crude futures jumped. The measure — which comes on top of supply curbs Riyadh was already making with others in the OPEC+ producers group — is intended…
Author: Automotivedealernews.com
Mewbourne Oil Company has agreed to pay a $5.5 million penalty to settle a civil complaint regarding pollution violations, the USA Environmental Protection Agency (EPA) said Tuesday. Under the settlement, Mewbourne is also required to complete projects expected to cost at least $4.6 million to ensure 422 of its oil and gas well pads in New Mexico and Texas comply with state and federal clean air regulations and offset past illegal emissions, the EPA said in a news release. The civil complaint, filed jointly by the EPA and the New Mexico Environment Department (NMED), alleges that Mewbourne failed to obtain…
Avports and Baker Hughes Co. said Tuesday they have entered a deal for the development of lower-emission power systems for airports operated by the former. Energy tech provider Baker Hughes will develop microgrids tailored for each site under the memorandum of understanding. “At their managed airport locations, Avports focuses on airport innovation and sustainability initiatives that include power resilience and using power solutions such as green hydrogen”, the USA-based companies said in a joint press release. “With Baker Hughes’ broad energy technology portfolio, which includes both hydrogen-ready turbines and heat recovery solutions ideal for microgrid applications, this collaboration will accelerate the adoption…
BP became the last major European integrated oil and gas company to report results for the first half of 2023 on August 1, a recent Moody’s Investors Service report highlighted, adding that the company’s adjusted EBITDA fell 24 percent compared with the first half of 2022. BP’s results correspond to the performance of other European integrated oil and gas companies for the period, Moody’s noted in the report, highlighting that TotalEnergies and Eni “experienced declines of around 20 percent to 30 percent compared with the same period last year”. The Moody’s report stated that Shell’s EBITDA for the same period…
Northern Oil and Gas Inc. (NOG) reported a second-quarter net income of $167.8 million, down 33.2 percent from the previous-year net income of $251.3 million. NOG’s oil and natural gas sales for the second quarter were $416.5 million, a decrease of 24.26 percent year over year, while the company’s adjusted EBITDA in the second quarter was $315.5 million, a 16 percent increase from the same period a year ago, according to its earnings release. Second quarter production was 90,878 barrels of oil equivalent per day (boepd), an increase of four percent from the first quarter of 2023 and an increase…
ARC Resources Ltd. reported a net income of $207.72 million (CAD 278.9 million) for the second quarter, a decrease of 63.45 percent compared to its net income of $569.2 million (CAD 762.9 million) for the second quarter of 2022. The company’s funds from operations were $417.8 million (CAD 561 million) in the second quarter, representing a decrease of $116.9 million (CAD 157 million) from the first quarter of 2023. This decrease was driven by lower commodity prices. Partially offsetting lower commodity prices were slightly higher production volumes and lower realized losses on risk management contracts, ARC said in a press…
With so many low-carbon, carbon-neutral and carbon-negative shipping fuels being touted as the next big thing, it can be hard to determine which are for real and which are mostly hype. Some folks have been talking up LNG, biofuels, clean ammonia, fuel cells … the list goes on and on. One way to separate the most promising prospects from the also-rans is to keep track of where big shipping companies are placing their bets — and how they’re hedging those wagers, just in case it takes longer than expected to develop fuel-production facilities. Clean methanol in particular is showing signs…
In a new report sent to Rigzone late Monday, Macquarie strategists said they are forecasting U.S. crude inventories up 2.6 million barrels for the week ending August 4. “This follows a 17.0 million barrel draw for the week ending July 28, with the extremely large draw potentially representing a catch-up following a surprisingly soft balance in the prior week,” the strategists noted in the report. “To this end, we note cumulatively over the past two weeks, our balances were fairly close to total EIA reported crude draws,” they added. In the report, the strategists revealed that, for this week, from…
Global consulting and engineering company John Wood Group plc has won a multi-year enterprise framework agreement (EFA) to continue to provide services to Shell plc’s global projects. Under the agreement, Wood will deploy expertise in decarbonization, digitalization, and asset life extension to enhance Shell assets worldwide, continuing to support Shell’s energy security and energy transition projects focused on carbon capture, low-carbon fuels, and hydrogen, it said in a recent news release. The agreement is valid for three years with options for two extensions of one year each, Wood said. The company will provide consulting and engineering services from its teams…
As the world’s biggest offshore drillers gear up for more than $500 billion in new investments in the coming years, don’t expect rig contractors to meet the boom with a new round of vessel building. Second-quarter earnings calls from the biggest offshore drillers over the past week revealed little enthusiasm to build costly new rigs that take years to roll out. Instead, the rig owners will maintain tight global supplies in order to push day rates higher. “We believe that we are in the early stages of the next long-term upcycle, albeit one conspicuously without the frothy asset bubble conditions…