Oil & Gas Drilling

The Mexican state-owned energy company Pemex announced a net loss for the first quarter of $43.3 billion ($2.12 billion), mainly due to falling sales, increasing expenses, currency losses, and financial costs. Pemex reported in a filing to Mexico's stock market that revenue during the period of January to March fell by 2.5%, to 395.59 trillion pesos. This was primarily due to lower crude sales volumes. Pemex, along with its partners, pumped 1,62 million barrels of crude oil per day (bpd), down 11.3% from a year ago. In its local refineries the company processed 936, 000 barrels per day (bpd), down...

Analysts and financial firms warned on Friday that U.S. oilfield services firms were bracing themselves for a blow as President Donald Trump’s tariffs threw supply chains into chaos and the falling oil prices set up a decline in drilling activity. Morningstar, a financial services firm, has lowered its fair-value estimates for SLB, Halliburton and Baker Hughes, the three largest oilfield service companies, following Trump's announcement of tariffs on Wednesday. These firms may see their oilfield revenues drop by 2-3% in 2025. Morningstar estimates that for every dollar of revenue lost, the big three companies could lose $1.25 to $1.35 in...

Baker Hughes, a leading energy services company, said that the U.S. energy companies this week did not change the number of oil rigs and natural gas rigs in operation. The number of oil and gas rigs, a good indicator of future production, remained at 592 during the week ending March 14. . Baker Hughes reported that the total number of rigs is down 37 or 6% from this time last. Baker Hughes reported that the number of oil rigs rose this week by one, to 487. The number of gas rigs dropped by one, to 100. Oil and gas rig...

Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur....

Stuart Young, the energy minister of Trinidad and Tobago (the largest producer in Latin America and Caribbean) said that the government is generating more revenue through LNG exports. The cargoes are sold at a price between 15 and 55 percent above the Henry Hub, he added. After five years of negotiation, the increase is a result of a revamped contract in late 2023, which set new financial conditions for participants in Atlantic LNG, the country's flagship LNG project. Prior to the revamp, LNG production in Trinidad barely reached prices near Henry Hub for cargoes that were sold to customers throughout...

The U.S. The U.S. The agency released a statement stating that former North Dakota Governor Doug Burgum signed six orders during his first day of office as Interior Secretary. These orders are a result of a series of executive orders Trump released in his first few days as president. These actions instructed agencies to accelerate the permitting of energy projects, and undo environmental protections his administration considers burdensome. Burgum's actions signal a radical shift in Interior Department policy. The former president Joe Biden’s administration tried for four years, as part of its strategy to combat global warming, to slow down...

The organization announced on Thursday that Chris Wright, Donald Trump's nominee to lead the U.S. Energy Department will be speaking to a conservative think-tank in London, next month. Wright has advocated expanding fracking operations in previous meetings. Wright, who will be confirmed by Senate on Friday, according to a spokesperson for the department, will not attend in person the Alliance for Responsible Citizenship Conference. It wasn't immediately clear if he would be addressing the conference from Feb. 17-19 virtually. Wright, CEO of the oilfield services firm Liberty Energy, spoke last at an ARC in 2023, when he said that fracking...

Infinity Natural Resources, a private equity-backed oil-and-natural-gas producer in the U.S. raised $265M in its initial public offer on Thursday. This is the latest energy company to sell shares for the first time in New York. The Morgantown, West Virginia based company was valued at $1.18 billion in the IPO. The company sold 13.5 millions shares for $20 within the range of $18 to $21. The energy industry has been a key theme on the IPO market this year, as companies look to capitalize on investor fervor for the sector. Infinity was founded in 2017 and produces oil, gas, and...

On Monday, ProPetro Services conducted fracking at a Permian Resources Corporation well site in Texas. One man died and two other people were injured. Edward Rodriguez, 45 years old, died when a pressured device ruptured. Two other workers were taken to hospital. According to a Reeves County Sheriff's Office statement, ProPetro has shut down its fracking operation and turned off the power in the area during a safety inspection. ProPetro released a statement confirming the incident and stating that the company is working with relevant authorities to determine what caused the incident. Permian Resources Corp has not responded to a...

U.S. oil and gas manufacturers are thrilled that President Donald Trump wants to motivate domestic energy development however state his choice to withdraw the United States from worldwide environment cooperation will not help their financial investment plans in the global transition to cleaner energy. The position reflects an uncommon note of discord in between Trump and Big Oil, one of his most important constituencies and long considered the top bad guy behind climate change for pumping and selling the nonrenewable fuel sources driving planetary warming. Removing the United States from the Paris climate offer for the second time was amongst...

Upstream oil companies wound down employing in November, the Texas Independent Producers and Royalty Owners Association (TIPRO) said on Friday, ending 5 straight months of job development. WHY IT is essential Employing in the upstream sector, which includes activities associated to drilling and producing oil, can function as an indication of the health of the oil and gas market. Companies causing more staff members could imply more drilling to come. TIPRO represents nearly 3,000 independent manufacturers and royalty owners across Texas, home to the respected Permian Basin which accounts for simply under half of total U.S. crude production, according to...

The Biden administration will use oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The firm will make 400,000 acres (161,874 hectares). readily available to drillers at the auction, the minimum needed by a. 2017 law that mandated the sale. ANWR is a 19-million-acre haven for types including polar. bears and Porcupine caribou. The wild landscape does not have roads and. public centers, however its 1.6-million-acre coastal area along. the Beaufort Sea is estimated to have up to 11.8 billion barrels. of recoverable oil. Alaska's...

Baker Hughes, a U.S. oilfield services provider, forecasted steeper cuts in global oil producer spending as tariffs dent the demand expectations and drive down crude prices. Baker Hughes, a rival of Halliburton, expressed concern on Tuesday that low oil prices may cause oilfield activity to decline in North America. Baker Hughes of Houston, which on Tuesday reported a better-than expected first-quarter profit, now expects that global upstream expenditures will be down by single digits by 2025. Baker Hughes has said that oil and gas producers' spending in North America (excluding Mexico) is expected to drop by low-double-digits. This compares with...

Exxon Mobil want to participate in Hess Corp.'s sale of its Guyana oil production possessions, and extract worth from the work it has actually put into developing the nation's offshore fields, two of its top executives said on Wednesday. A three-person panel in May is to choose whether Hess's deal to offer itself to Chevron can go on its initial terms. A. difficulty by Exxon and CNOOC Ltd has stalled the second-largest. deal in a recent wave of oil megamergers. Exxon wants a role in any sale of Hess's 30% stake in its. Guyana holdings and a choice on the...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Brazilian staterun oil giant Petrobras is thinking about changes to guidelines on the payment of remarkable dividends as part of its new fiveyear strategic plan, Chief Financial Officer Fernando Melgarejo said on Monday. Melgarejo, without offering further details, said the firm might change its current minimum cash level of $8 billion and disperse any excess cash to shareholders, while looking for a. minimum money level that warranties Petrobras' operations. It was uncertain if the move would be to raise or decrease the. minimum money level. Sao Paulo-traded shares of Petrobras pared some earlier. losses following the news to trade near...

BP Bunge Bioenergia, the Brazilian bioenergy endeavor controlled by BP Plc, will invest 530 million reais ($ 94.49 million) to expand sugarcane crushing capacity at its Pedro Afonso plant in the state of Tocantins, it said late on Wednesday. The Pedro Afonso mill is among 11 that BP manages in 5 Brazilian states. The plant capacity will increase by 800,000 metric loads to 3.4 million tons of sugarcane squashing per crop. BP said growth works in Tocantins will start in October, with completion prepared for July 2026. Upon conclusion of the project, the business's total walking stick crushing capability in...

An Exxon Mobilled oil consortium will need to choose by October whether it will proceed and establish a big natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has actually been pressing for a gold mine from mostly untapped gas reserves found by the Exxon-led group. The consortium, that includes Hess Corp and CNOOC Ltd. , is needed under its production contract to return. to the federal government by October about 20% of its huge Stabroek. block if that area stays undeveloped. Exxon has said it wishes to finish an appraisal of...

Italian steel pipeline maker Tenaris anticipates a drop in core profit margins to 20% 25% in the second half of the year, its president Paolo Rocca told analysts on Friday, sending its shares toppling more than 6%. The Luxembourg-based group had actually forecast on Thursday that its sales and margins would reduce in the second quarter due to slow drilling in The United States and Canada and in the third quarter due to blockages at much of its mills. The margin on core revenues (EBITDA) for the complete year would be a little greater than 25%, Rocca said. Tenaris reported...

The board of directors of Brazilian staterun oil company Petrobras is set up to meet on Friday, however a muchawaited discussion on additional dividends will not be on the program, four sources familiar with the matter informed . Market participants have been excitedly waiting for a choice on whether the oil giant will pay the amazing dividends relative to its 2023 results or not, however the last word will likely followed week when investors gather for a general assembly, the sources stated. Petrobras' board in March voted to reserve 43.9 billion reais ($ 8.39 billion) to pay out in additional...

5 people were killed and one is missing out on after a fire on Wednesday at a Perenco oil platform off the coast of Gabon, the AngloFrench oil company stated in a declaration on Thursday. Following the incident which took place yesterday at the Perenco Simba field offshore Gabon, the fire has been snuffed out and the website has actually been safely secured, Perenco stated. We deeply are sorry for to validate that there have actually been five fatalities and a single person is still missing out on. The mishap happened on Wednesday afternoon at the Becuna platform throughout a...

A pause in licensing for oil and gas exploration locations in Colombia could strike the country's future availability of gas, potentially increasing the need for imports, the head of gas transporter Promigas, Juan Manuel Rojas said on Wednesday. President Gustavo Petro's administration has actually not arranged brand-new bidding rounds for traditional oil and gas expedition, while pressing some business to restore at least 21 suspended contracts. Meanwhile in the renewable sector, Colombia's oil regulator, the National Hydrocarbons Agency, in February pushed back the deadline for business to send documents to enter the nation's first-ever offshore wind auction to June 21,...

The day after the United States announced it would reimpose costly limitations on Venezuela's oil sector, the South American nation braced for the effects and its president cautioned that the severe mistake would also hit U.S. interests. Revealed by U.S. authorities on Wednesday, Venezuela's loss of a crucial U.S. license that allowed it to freely export and increase investment in its oil sector will strike the volume and quality of its crude and fuel sales while triggering a flurry of requests for private U.S. offer permissions. Washington had warned it would not renew so-called license 44 absent progress by President...

Exxon Mobil CEO Darren Woods on Monday stated his business is attempting to establish it has rights over Hess Corp's Guyana properties in its dispute with Chevron, not buy the company itself. In his very first public remarks on the company's pursuit of an arbitration case that might obstruct Chevron's $53 billion offer for Hess, Woods stated Exxon would not have actually waited for Chevron to reveal its Hess offer if it had actually wished to purchase Hess. We're basically defending what our company believe is a. fundamental right, Woods informed at the CERAWeek energy. conference in Houston. Exxon is...