Oil giants find there’s nowhere to hide from doomsday market

Exxon Mobil Corp. and Royal Dutch Shell Plc this week reported their lowest quarterly profits since 1999 and 2005, respectively. Chevron Corp.’s third straight loss marked the longest slump in 27 years, and BP Plc lodged its lowest refining margins in six years. More »

Libya's Petroleum Facilities Guard to reopen ports for oil exports

Libya’s Petroleum Facilities Guard (PFG) signed an agreement on Thursday to reopen the ports of Ras Lanuf, Zuwetina, Es Sidra and Brega. More »

Libya's Petroleum Facilities Guard agrees to reopen ports for oil exports

Libya’s Petroleum Facilities Guard (PFG) signed an agreement on Thursday to reopen the ports of Ras Lanuf, Zuwetina, Es Sidra and Brega. More »

Fracture ID announces Drillbit Geomechanics to lower costs, increase production

Fracture ID, a Denver-based oil and gas technology company, has announced a low-cost solution for engineered completions. More »

Exxon misses profit, output estimates as oil glut spreads

Exxon Mobil Corp. posted the smallest profit since 1999 as Canadian wildfires shut some production and a global glut of oil spread to motor fuels, dragging down refinery margins. More »

Seadrill nets three-year contract extensions for two jackups

Seadrill has received three-year contract extensions from Saudi Aramco for the jackups AOD I and AOD II. More »

Chevron extends losing streak as prices reel under glut’s weight

Chevron Corp. posted its third straight loss as demand for the company’s raw materials and fuels failed to keep pace with swelling supplies. More »

DOF Subsea wins Prelude FLNG contract

Shell Australia has awarded DOF Subsea a five-year contract with 2x two-year options to provide a full-time underwater services and multi-purpose supply vessel (MPSV) to the Prelude FLNG facility. More »

DNO launches $300-million offer to acquire Gulf Keystone

DNO has unveiled a $300-million proposal to acquire all of the enlarged share capital in Gulf Keystone Petroleum following the latter's contemplated financial restructuring announced earlier this month. More »

Exxon Mobil’s second-quarter profit drops 59% to $1.7 billion

IRVING, Texas -- Exxon Mobil Corporation has announced estimated second-quarter 2016 earnings of $1.7 billion, or $0.41 per diluted share, compared with $4.2 billion a year earlier. More »

Exxon Mobil earns $1.7 billion in second quarter

IRVING, Texas -- Exxon Mobil Corporation has announced estimated second-quarter 2016 earnings of $1.7 billion, or $0.41 per diluted share, compared with $4.2 billion a year earlier. More »

OPEC’s new chief faces fragile unity as prices sting have-nots

When OPEC’s new chief starts next week, he’ll take over an organization that’s largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk. More »

Statoil buys $2.5-billion stake in Santos basin license from Petrobras

Statoil is to acquire Petrobras’ 66% operated interest in the BM-S-8 offshore license in Brazil’s Santos basin. More »

The glut strikes back as oil returns to brink of bear market

The bullish spirit that gripped oil traders as industry giants from Saudi Arabia to Goldman Sachs Group Inc. declared the supply glut over is rapidly ebbing away. More »

$60 is the new $50 for U.S. drillers contemplating rebound

For U.S. oil drillers, $60 is the new $50.Earlier this year, oil and natural gas companies facing the worst slump in a generation said they’d need crude to reach $50/bbl before resuming drilling. More »

U.S. explorer Halcon Resources files for bankruptcy

Halcon Resources Corp., the oil and gas explorer founded by wildcatter Floyd Wilson, filed for bankruptcy as part of a restructuring agreement reached with key lenders in May. More »

U.S. shale gas shaking up global markets as LNG supply surges

Shale drillers from Pennsylvania to Texas flooded the U.S. with so much natural gas over the past decade that prices slid to a 17-year low. Now they’re going global, with the potential to upset markets from London to Tokyo. More »

North America recovery unlikely this year, Baker Hughes says as it reports loss

Baker Hughes reported a second-quarter loss Thursday as it warned that a recovery in the North American market is unlikely this year. More »

ConocoPhillips reports second quarter net loss of $1.1 billion

HOUSTON – ConocoPhillips has reported a second-quarter net loss of $1.1 billion, or $0.86 per share, compared with a second-quarter 2015 net loss of $179 million, or $0.15 per share. More »

Rimrock Resource Partners acquires assets in Oklahoma’s SCOOP play

Rimrock Resource Partners has closed a $150-million acquisition of assets from an undisclosed seller. More »

Crude oil is skidding toward its next big technical test: Column

Here's a number that matters in the oil market right now: $40.76. More »

Venari Resources ups stake in deepwater Shenandoah field

Venari Resources has acquired an additional 7% working interest in Shenandoah field on Walker Ridge Blocks 51, 52 and 53. The company also reported successful results from the Shenandoah #5 appraisal well. More »

Shell reports new deepwater discovery in U.S. Gulf of Mexico

Shell has made a new discovery in the deepwater U.S. Gulf of Mexico. The initial estimated recoverable resources for the Fort Sumter well are more than 125 MMboe. More »

Bibby Offshore wins multi-million-dollar North Sea contract

Bibby Offshore has secured a multi-million-dollar contract with an independent UK-based EandP company, to provide air diving, and ROV inspection and construction services across five of its North Sea assets. More »

Total profit beats estimates as cost cuts deepen amid slump

Total said profit fell 30% in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries. More »

Shell earnings tumble to 11-year low on oil, weaker refining

Royal Dutch Shell reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. More »

Pioneer boosts oil production target as earnings beat estimates

Pioneer Natural Resources, which has been ramping up drilling while rivals pull back, increased its full-year output target after earnings beat expectations. More »

Anadarko looks to $60 oil next year as signal to spend more

Anadarko Petroleum Corp. expects higher oil prices next year will allow it to spend more money on oil and natural gas exploration. More »

UK opens up frontier acreage in new licensing round

The Oil and Gas Authority (OGA) has launched the 29th Offshore Licensing Round with more than 1,200 blocks on offer to support the OGA’s objective of maximizing economic recovery (MER) from the UK Continental Shelf (UKCS). More »

Painted Pony swaps Montney acreage, wells with industry partner

Painted Pony Petroleum has entered into an asset exchange agreement, which includes Montney acreage, wells and non-operated facility interests, with a large industry partner on jointly held acreage in the Daiber, Cameron and Blair areas of Painted Pony's northeast British Columbia Montney asset. More »

BSEE forms interagency group focused on subsea bolts

In another step to address a critical safety concern involving the failure of subsea bolts offshore, BSEE Director Brian Salerno is forming an interagency group to focus on the subsea bolt issue and the risks it poses to offshore operations. Director Salerno is calling upon federal partners to work on this critical safety issue as part of BSEE’s Interagency Bolt Action Team. More »

OGA launches 29th Offshore Licensing Round

The Oil and Gas Authority (OGA) has launched the 29th Offshore Licensing Round with more than 1,200 blocks on offer to support the OGA’s objective of maximizing economic recovery (MER) from the UK Continental Shelf (UKCS). More »

Hess slumps as driller cuts production outlook on Gulf woes

Hess Corp. slid to the lowest in more than three months after the oil and gas producer trimmed its output estimate for the year by as much a 10% following disruptions in two Gulf of Mexico fields. More »

Weatherford boosts production optimization offering with IBM collaboration

Weatherford has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's production optimization technologies. More »

BLM to analyze proposed production well in NPR-A

The Bureau of Land Management (BLM) has announced a Notice of Intent to conduct an environmental review for a proposed oil and gas production well in the 23 million-acre National Petroleum Reserve in Alaska (NPR-A). More »

Technip wins subsea contract for Woodside’s Greater Enfield development

Technip has been awarded a large subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia. More »

Statoil suffers surprise loss amid collapse in oil prices

Statoil deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. More »

Oil falls from three-month low as supplies at U.S. hub swell

Oil fell from the lowest close in three months as industry data showed crude stockpiles at the biggest U.S. storage hub rose, swelling supplies already at a seasonal record. More »

Claxton awarded Statoil decommissioning contract for Huldra wells

Claxton, an Acteon company, has been awarded a contract with Statoil to provide ‘rigless recovery’ of seven abandoned wells on the Huldra platform on the Norwegian Continental Shelf. More »

Technip wins large contract for Woodside’s Greater Enfield development

Technip has been awarded a large subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia. More »

Flotek to acquire International Polymerics

Flotek Industries has announced its intent to acquire International Polymerics, Inc. (IPI), and affiliates, for a consideration consisting of cash and Flotek common stock. More »

Oil majors lost one engine; Now the second one Is sputtering

If Big Oil was a two-engine airplane, you could say it’s been flying on a single engine since energy prices crashed in 2014. Now, the second motor is sputtering. More »

Tullow to pump first oil from Ghana’s TEN field early August

LONDON (Bloomberg) -- Tullow Oil said a new project off Ghana will produce its first crude early next month as the African-focused explorer reported its first profit in three years. More »

Statoil CEO ‘very confident’ oil will reach $50-60

The CEO of Norway’s biggest oil company says he has few doubts that crude will again trade at around $50 to $60, marking a jump in prices that could be more than 30% compared with today’s level. More »

Weatherford boosts production optimization offering with IBM analytics collaboration

Weatherford has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's production optimization technologies. More »

McDermott, N-KOM enter exclusive cooperation agreement in Qatar

McDermott International and Nakilat-Keppel Offshore Marine (N-KOM) have announced a memorandum of understanding for an exclusive cooperation agreement to pursue offshore engineering, procurement, construction and installation (EPCI) projects within Qatari waters. More »

Acquisitions seen accelerating as fear of bad deals fade

Oil and gas acquisitions are poised to pick up as energy prices stabilize and fears of bad deals wane, according to Ernst and Young LLP. More »

Anadarko loss narrower than expected as oil producer cuts costs

Anadarko Petroleum Corp. posted a loss that was narrower than expected for the second quarter as it cuts costs and sells assets to weather the oil industry downturn. More »

Oil falls to three-month low amid projected fuel supply growth

Oil dropped to a three-month low in New York amid speculation that U.S. fuel stockpiles increased, bolstering a glut in the world’s biggest crude-consuming nation. More »

Romgaz awards casing, connections and services contract to Tenaris

Romgaz has awarded Tenaris with a contract to provide 6,000 tons of casing and TenarisHydril Blue connections to Societatea Națională de Gaze Naturale Romgaz SA Mediaș (Romgaz), the largest producer and main supplier of natural gas in Romania. More »

Well Control Rule set to take effect this week

With many of the Well Control Rule provisions set to take effect in less than a week, on July 28, Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno today reminded his senior staff to provide timely responses to any questions the agency receives. More »

Deep Down nets orders valued at over $3 million

Deep Down, an oilfield services company specializing in deepwater and ultra-deepwater oil production distribution system support services, has received orders for flying leads and umbilical accessories, valued at over $3 million, directly from two major operators. More »

Oil bulls beware: Demand is about to fall sharply

Beware, oil bulls: Just as U.S. oil production sinks low enough to drain supplies, demand is about to fall off a cliff. More »

Beware, oil bulls: Demand is about to fall sharply

Beware, oil bulls: Just as U.S. oil production sinks low enough to drain supplies, demand is about to fall off a cliff. More »

Exxon Mobil’s South Pacific gas grab derided by InterOil’s founder

InterOil Corp.’s founder and third-largest investor said Exxon Mobil Corp.’s $3.6-billion offer for the South Pacific natural gas driller is “vastly inadequate” and he urged Exxon to sweeten the offer. More »

More companies set to break even at $50 but future growth prospects are damaged

HOUSTON -- Wood Mackenzie's recent analysis of corporates in the oil and gas sector shows the industry has a strong ‘survival’ reflex, measured by dramatically tighter cash flow management. More »

Intertek achieves first SANAS accreditation in South Africa

Intertek has achieved its first industry accreditation in South Africa for flow metering verification. This will enable the company to provide assurance to SANAS industry standards that its clients’ flow metering equipment is operating as accurately as possible. More »

EV names Fraser Louden as new CEO

Well diagnosis specialist EV has announced the appointment of a new CEO. More »

Technip wins key IRM frame agreement in UKCS

Technip has been awarded a key contract by Repsol Sinopec Resources UK Limited for Inspection, Repair and Maintenance (IRM) works on its North Sea subsea infrastructure. More »

LNG’s surge from decade-low seen fizzling as supply ramps up

LNG’s surge is running out of gas. Liquefied natural gas in Asia, which was in such over-supply that prices in Japan fell to a decade-low in April, has risen by almost half in the past three months as production outages stifled supply, demand rose in places like China and India and a cold snap in Europe increased the need for heating fuel. More »

China’s biggest oil field posts 1st-half profit on cost cuts

China National Petroleum Corp. said its Changqing oil field, the country’s biggest crude and gas producer, rebounded from losses earlier this year to post a first-half profit amid reduced spending. More »

BP profit sinks as lower oil, weak refining strain industry

BP posted a 45% slump in earnings, pointing to a poor set of results from the industry as oil production barely breaks even and profits from refining sputter. More »

Oceaneering acquires Meridian Ocean Services

Oceaneering International, Inc. completed its acquisition of Meridian Ocean Services. More »

Large deposits of potentially producible gas hydrate found in Indian Ocean

The USGS has assisted the government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. This is the first discovery of its kind in the Indian Ocean that has the potential to be producible. More »

Oil tumbles to three-month low as U.S. drilling climbs amid glut

Oil dropped to the lowest in three months in New York after U.S. producers increased drilling for a fourth week even as the market contends with abundant stockpiles. More »

Falcon spuds Beetaloo W-1 vertical well in Beetaloo basin, Australia

Falcon Oil and Gas Ltd. has announced the successful re-entry and casing of Amungee NW-1H horizontal well, and the spudding of the Beetaloo W-1 vertical well in the Beetaloo basin, Australia. More »

Nigeria talks to militants as Avengers strike gas pipeline

The Movement for the Emancipation of the Niger Delta started talks with Nigeria’s government, even as another militant group claimed to have blown up a pipeline in the oil-rich region. More »

Oil falls to two-month low as drilling increases amid surplus

Oil dropped to the lowest in more than two months after U.S. producers increased drilling for a fourth week even as the market contended with abundant supplies. More »

Tenth production well commissioned at Iraq’s Badra field, Gazprom Neft says

Gazprom Neft Badra, a subsidiary of Gazprom Neft, has commissioned its tenth production well (P-07) at Iraq’s Badra field. More »

Golar, Schlumberger target stranded gas with new joint venture

Golar LNG Limited and Schlumberger have announced the creation of OneLNG, a joint venture to rapidly develop low cost gas reserves to LNG. More »

Highlands Natural Resources farms into DJ basin acreage

Highlands Natural Resources has entered into a farm-in agreement in Arapahoe County, Colo., with Renegade Oil and Gas Company, which will allow it to drill up to six horizontal wells in acreage prospective for the Niobrara shale formation. More »

Libya oil ports’ re-opening halted by harder stances on payments

Two of Libya’s biggest oil ports may not re-open soon as the hardening positions of rival factions pose a fresh challenge to international efforts to reunite the country and restore its crude exports. More »

Refinery-driven oil price correction is upon us, Morgan Stanley says

Gear up for a fall in oil prices. The global oil market is "severely oversupplied" with gasoline—with stocks at a five-year high—serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. More »

Forum unveils new syntactic foam manufacturing plant near Houston

Forum Energy Technologies has expanded its specialist syntactic foam manufacturing capabilities with the opening of a new plant near Houston. More »

Petrofac names Blackburn as senior V.P.

Petrofac has appointed Dave Blackburn, formerly of Hess Corporation, as senior V.P. of engineering and operations. Blackburn will be based in Aberdeen, Scotland. More »

Expro secures major well testing contract in India

Expro has been awarded new contracts from India’s Oil and Natural Gas Corporation Ltd (ONGC). More »