Chevron Evacuates Personnel from Offshore Platforms in the Gulf of Mexico
American Chevron evacuated personnel from 3 oil production platforms in the Gulf of Mexico in the United States ahead of Hurricane Idalia. This was reported by the press service of the company. According to the National Hurricane Center (NHC, US National Hurricane Center), Tropical Storm Idalia, which is approaching the …
Shale Needs Money to Keep Production
In Q2 2023, U.S. shale oil reinvestment rates hit a 3-year high Rystad Energy analysts indicated that the 18 oil and gas companies that account for 40% of U.S. shale production had a reinvestment rate (the ratio between capital expenditures and cash flow from operations) was at 72% during the …
The Number of Oil and Gas Drilling Rigs in the US Decreased in August
The number of active oil rigs in the US fell in August for the ninth consecutive month, while the combined number of active oil and gas rigs fell for the fourth month. This was announced on Friday at the oilfield service company Baker Hughes. The total number of active oil …
Oil Production in the Gulf of Mexico is Limited for the Sake of Whales
Washington is reducing the area for issuing new oil production licenses in the Gulf of Mexico to save marine mammals The US federal government has reduced the area that will be offered in the next oil and gas lease sale in the Gulf of Mexico by 9%. The reason is …
U.S. Energy Transfer to Buy Crestwood for $7.1 Billion
US pipeline giant Energy Transfer has agreed to buy Crestwood Equity Partners for approximately $7.1 billion, including $3.3 billion in debt. This was announced on August 16 by the press service of Energy Transfer. The transaction will be fully paid in equity instruments. Ordinary share holders of Crestwood, which specializes …
The US Banned Arctic Drilling
U.S. Federal Court Suspends Work in Arctic National Wildlife Refuge, U.S. Department of Foreign Affairs Prepares New Report on Environmental Impact of Drilling Activities A U.S. federal judge stopped the start of work needed for oil and gas drilling on the coastal plain of the Arctic National Wildlife Refuge (ANWR), …
The Largest US Shale Companies Increase Production, Media Reported
Key U.S. shale companies are ramping up production, extracting more from each well, but are in no hurry to bring in significant new production capacity. This is evidenced by the analysis of the reporting of these companies conducted by Reuters. Companies that turned the world oil and gas markets over …
US Oil Production Up by 400,000 Barrels a Day
U.S. oil production rose by 400,000 bpd in the week ending August 4 to 12.6 million bpd, according to a weekly review by the Energy Information Administration of the country’s Department of Energy. On average, over the past four weeks, oil production in the United States amounted to 12.325 million …
Baker Hughes Completed the 2nd Quarter of 2023 with a Net Profit
In 2023, U.S. oilfield services corporation Baker Hughes ended the 2nd quarter with net income, with adjusted earnings per share and revenue better than expected. This was reported by the press service of Baker Hughes. The company’s net profit in April-June 2023 was $410 million, or 40 cents/share, against a …
Halliburton Increased Its Net Profit More Than 5 Times in the Second Quarter
American oilfield services company Halliburton Co. increased net profit in the 2nd quarter of 2023 by more than 5 times. This is stated in the company’s financial statements. The company’s net profit reached USD 610 million. Per share, the figure is 68 cents compared to 12 cents for the same …