U.S. energy firms this week cut five oil rigs, the biggest weekly drop since November, energy services firm Baker Hughes said in its closely followed report on Friday. Meanwhile, the oil and gas rig count, an early indicator of future output, fell by six to 613 in the week to April 26, the lowest since February 2022. Baker Hughes said that puts the total rig count down 142 rigs, or 18.8%, below this time last year. The number of oil rigs fell by five to 506 this week, while gas rigs [Read more]
Headlines
Earnings for Big Oil backpaddle as natgas prices tumble
U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago. Results at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine. In the U.S., Exxon Mobil missed Wall Street earnings targets on fuel derivatives and Chevron beat tempered expectations with [Read more]
Chevron reports first quarter 2024 results
Reported earnings of $5.5 billion; adjusted earnings of $5.4 billion Worldwide production 12 percent higher than a year ago Returned $6 billion cash to shareholders; eighth straight quarter over $5 billion Achieved key project milestones in Kazakhstan, East Mediterranean and U.S. SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) reported earnings of $5.5 billion ($2.97 per share - diluted) for first quarter 2024, compared with $6.6 billion ($3.46 per share [Read more]
ExxonMobil announces first-quarter 2024 results
Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance Reduced operated methane emissions intensity by [Read more]
US natgas drops on lower feedgas to Freeport LNG, storage surplus
U.S. natural gas futures slipped on Friday ahead of the expiration of the May contract, weighed down by a drop in feedgas to Freeport LNG's Texas export terminal and a huge surplus of gas in storage. On its last day as the front-month, gas futures for May delivery on the New York Mercantile Exchange traded 1.5 cents lower, or 0.9%, to $1.62 per million British thermal units (mmBtu) at 10:53 a.m. EDT, after drooping to its lowest since March 26 earlier in the session. Prices are down over 7% [Read more]
Imperial announces first quarter 2024 financial and operating results
Quarterly net income of $1,195 million Cash flows from operating activities of $1,076 million and cash flows from operating activities excluding working capital1 of $1,521 million Upstream production of 421,000 gross oil-equivalent barrels per day Highest ever first quarter production at Kearl of 277,000 total gross oil-equivalent barrels per day (196,000 barrels Imperial's share) Further progressed Cold Lake Grand Rapids, consistent with plan to ramp up production in coming weeks [Read more]
Canadian Rig Count Summary – Active rig count rises to 123
Canada’s active rig count came in at 123 this morning, 12 rigs more than last Friday. Albertan rig activity grew to 97, an increase of 10 rigs compared to last week. Saskatchewan’s rig count was unchanged through the week, remaining at 3, while BC’s active rig count grew from 21 to 22. This week's modest rig count increase may suggest that an end to the spring breakup could be on the horizon. With respect to target commodities, the number of oil rigs increased from 54 to 58 between April [Read more]
TotalEnergies looking at primary listing in New York, says CEO
French oil major TotalEnergies is "seriously" looking at a possible listing in New York, Chief Executive Patrick Pouyanne told analysts on Friday, to move closer to a majority of U.S.-based shareholders. The Paris-based company says it has 47% of institutional shareholders in the United States, and 39% of all global shareholders are located there. "We had a discussion of the board on the matter of U.S. listing and we all agreed that we have to seriously look at it," said Pouyanne. The [Read more]
US oil refiners’ weekly capacity seen up 340,000 bpd, IIR says
U.S. oil refiners are expected to have about 1.2 million barrels per day (bpd) of capacity offline in the week ending April 26, increasing available refining capacity by 340,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to fall to 865,000 bpd in the week ending May 3 and to 759,000 bpd in the subsequent week, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday April 26 April 24 April [Read more]
Oil prices on track to snap two-week losing streak
Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. Brent crude futures gained 31 cents, or 0.4%, to $89.32 a barrel at 0347 GMT, and U.S. West Texas Intermediate crude futures rose by 23 cents, or 0.3%, to $83.80 a barrel. For the week, Brent has gained 2.3% so far, while WTI is up 0.8%. Treasury Secretary [Read more]
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