More Oil & Gas News

More rig day rate, fleet use declines seen

Drilling contractors, onshore and offshore, face further declines in day rates and fleet utilization this year as operators slash activity in response to a crude-price slump that shows no sign of early recovery, warns Fitch Ratings.

Phillips 66 1Q earnings decline 37%

Phillips 66 reported first-quarter earnings of $987 million, down from $1.6 billion during first-quarter 2014. Adjusted earnings were $834 million, a decline from $866 million during first-quarter 2014.

Nasser named acting president, CEO of Aramco

Amin H. Nasser has been named as the acting president and chief executive officer of Saudi Aramco following the appointment Khalid A. Al-Falih to the post of Saudi Arabia’s minister of health.

BLM fracing variance inadequate, Wyo. official tells Senate panel

The US Bureau of Land Management’s final hydraulic fracturing rule allows states with their own requirements to seek a variance under which their rules would apply if they were more stringent, BLM Director Neil Kornze told a US Senate Energy and Natural Resources subcommittee. But Mark Watson, Wyoming state oil and gas supervisor, said BLM would benefit instead of the states.

US, Canada jointly release crude-by-rail transportation rules

The US and Canada simultaneously issued new regulations governing transportation of crude oil and other hazardous materials by rail.

Chevron 1Q earnings decline 43%

Chevron Corp. reported first-quarter earnings of $2.6 billion, down from $4.5 billion in first-quarter 2014. Sales and other operating revenues in first quarter totaled $32 billion, compared with $51 billion a year earlier.

Senate Democrats offer bill to phase out older rail tank cars

Legislation to accelerate the phase-out of older rail tank cars to reduce accidental crude oil spills has been introduced by Finance Committee Ranking Minority Member Ronald L. Wyden (D-Ore.) and six other US Senate Democrats.

Statoil reports $4.67 billion 1Q loss following US shale write-downs

Statoil ASA reported a negative first-quarter international financial reporting standards net income of $4.67 billion due to asset impairments of $6.08 billion primarily comprising US onshore unconventional assets including the Bakken, Eagle Ford, and Marcellus shale plays.

ConocoPhillips reports steep decline in 1Q earnings, saved by UK tax benefit

ConocoPhillips reported first-quarter earnings of $272 million, down from $2.1 billion in first-quarter 2014.

MARKET WATCH: NYMEX natural gas prices keep climbing

Crude oil prices climbed more than $1/bbl on the New York market for a second consecutive day on Apr. 30 to set fresh highs for 2015 although prices retreated in early trading on May 1 awaiting the weekly rig count numbers from Baker Hughes Inc. while natural gas prices continued their upward momentum.

Shell 1Q earnings plunged 56% year-over-year

Royal Dutch Shell PLC reported first-quarter earnings on a current cost of supplies (CCS) basis, excluding identified items, were $3.2 billion, down from $7.3 billion during first-quarter 2014.

Cost opportunity seen for LNG projects in western Canada

Rising construction costs in the US and falling oil prices give LNG export projects in western Canada a window of opportunity in competition with otherwise advantaged projects to the south.

Foreign suppliers maintain ties as crude sales to US fall, study says

International producers are keeping relations with the US strong despite its plunging crude oil imports as production from domestic tight shales climbs, research by 16 University of Texas at Austin master’s degree candidates found.

ExxonMobil 1Q earning down 46% year-over-year

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

Dallas-based midstream companies complete merger

Energy Transfer Partners LP and Regency Energy Partners LP, both of Dallas, have completed the merger of an ETP indirect subsidiary with Regency, with Regency surviving as a wholly owned subsidiary of ETP, the companies reported.

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