Oil & Gas Equipment

Energy Information Administration (EIA), a government agency, reported on Wednesday that crude oil and fuel stocks in the United States fell last week due to increased refining and demand. The EIA reported that crude inventories dropped by 5.8 millions barrels, to 415.1 million in the week ended June 20. This was more than analysts expected in a poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 464,000 barils in the past week. This week's report is all about supply and demand. The market is likely to stabilize following all of the geopolitical news reports if...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

The U.S. Energy Information Administration announced on Wednesday that they estimate that the average number oil wells completed within 50 feet from each other simultaneously in the Lower 48 States has more than doubled since the last decade. The agency stated that the number of wells completed simultaneously per location has increased from 1 1/2 wells per location in December 2014 to over three wells per location in June 2024. This will allow operators to "accelerate production timelines and reduce costs per well." The EIA defines wells that are drilled within a 50-foot radius of each other as being at...

Devon Energy's first-quarter profits missed Wall Street expectations on Tuesday as lower oil prices offset increased production. In extended trading, shares were down about 1 % at $30.29. Brent crude futures averages have fallen on average by a year in the first quarter on fears of U.S. trade tariffs and the ensuing war on energy. OPEC+ is also ramping up production. Devon reported that the realized price of oil, including cash settlements during the quarter, was down by 8% compared to last year at $69.15 per barrel. Devon, based in Oklahoma City, increased its total quarterly production by 22.7% compared...

Diamondback Energy, a U.S. shale oil and gas producer, lowered its production and capital budget forecasts for 2025 on Monday as global energy demand is impacted by macroeconomic uncertainty. The tariffs imposed by Donald Trump have increased uncertainty in the oil industry. A trade war that follows is expected to reduce global economic growth, and, therefore, energy demand. The company announced that it would reduce its capital budget for 2025 by approximately $400 million, to between $3.4 and $3.8 billion. The company said that during the current period of macro-instability, it would drill and complete fewer oil wells to maximize...

Canadian pipeline operator TC energy missed analyst's expectations for the first-quarter profits on Thursday due to weakness in its power solutions and natural gas operations, while higher interest costs offset gains in their natural gas operations. Shares of the company listed in the United States were down by 4%. As energy demand grows in North America, the demand for electricity that is renewable and emits less pollution will also increase. TC Energy invested in ten power-generation plants with a total generating capacity of 4,600 megawatts. The company's core profit in its power and energy solutions division fell by 30%, to...

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...

SLB missed Friday's analysts' expectations for the first-quarter profit, due to a slowdown of demand for oilfield equipment and service in Latin America. Following the results, shares of the company dropped by nearly 2% during premarket trading. SLB's earnings report completes the first quarter earnings of top U.S. oilfield services providers. Halliburton, Baker Hughes and other rivals had earlier in the week expressed concerns over weakening markets and tariff uncertainty. Halliburton warned that its second-quarter earnings would be hit by tariffs and reduced North American activity in the oilfields, while Baker Hughes predicted further spending cuts from global producers due...

Halliburton reported lower first-quarter profits on Tuesday, as a decline in drilling activities in North America dampened the demand for its oilfield equipment and services. Shares of the company fell by 6% before market opening following results which included a $356 million pre-tax charge. Halliburton, the largest U.S. oilfield service provider, is the first to announce earnings. The sector is bracing for the impact that President Donald Trump's new tariffs will have on supply chains. They are also expected to increase the price of steel equipment like drilling rigs and casings. The sector is under pressure due to a continuing...

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...

U.S. banks, oil companies, and tech giants all extended their losses on Friday, after Beijing responded with an additional 34% duty on U.S. products. This heightened investor concern over a escalating trade war, which has led to fears of a global recession. Beijing's tariffs will go into effect on April 10. Beijing also announced restrictions on the export of heavy and medium rare-earths and added 11 U.S. companies to its "unreliable entities" list. Tesla and Apple, two of the companies that have the most revenue exposure to China, both saw their shares plummet by more than 6%. Alphabet and Microsoft...

Analysts and traders claim that gold stocks in Comex storage facilities are likely to reach new records within the next few days, due to the possibility of tariffs preventing shipments from other countries to the United States. According to the latest data from Comex (part of CME group), gold in US warehouses has reached a record high of 43.3 millions troy ounces, worth $135 billion, compared with 17.1 in November, when Donald Trump became U.S. president. On Monday, spot gold prices soared to new highs of $3,100 an ounce. Bullion prices are up 19% this year, after a 27% increase...

A person familiar with this matter said that Abu Dhabi's state-owned oil company ADNOC was in the initial stages of evaluating a bid to purchase the U.S. Natural Gas assets owned by investment firm Aethon. ADNOC made a series of acquisitions, including in the fields of gas and chemicals. Along with LNG and renewables, it sees these as the pillars that will support its future growth. The energy giant purchased a stake and a supply contract for 20 years in NextDecade’s liquefied gas export project located in Texas. Source: Other parties are also involved in the discussions regarding the assets...

On Wednesday, Turkish Energy minister Alparslan Bayraktar announced on the social media platform X that TPAO, Turkey's national oil company, had signed a joint-venture agreement with U.S. producer Continental Resources for the development of shale deposits in Diyarbakir Basin. This cooperation will contribute greatly to our goal to bring Turkiye’s oil and natural gas resources into our economy. "I hope that this agreement will benefit all parties, as it opens up a new phase in Turkiye's exploration," he wrote in the blog. The Turkish oil and gas industry is not very large. Continental Resources CEO Doug Lawler stated in an...

British oil and gas manufacturer BP, Venezuela's state oil business PDVSA and Trinidad and Tobago's National Gas Company are speeding settlements for a Venezuelan license to develop gas deposits in the Caribbean Sea, 4 individuals knowledgeable about the matter said. The companies in 2015 resumed settlements for establishing the Cocuina-Manakin gas field on the maritime border between Trinidad and Venezuela, which includes about 1 trillion cubic feet of gas. The talks have progressed because the U.S. in May gave an permission for the task, supplying an exemption to energy sanctions on Venezuela. The parties now aim to sign the Venezuelan...

The partners in Israel's. Leviathan gas field stated on Wednesday they prepared to invest up. to $500 million to expand its capability after the government. authorized the export of more natural gas from its offshore fields. to boost the economy. Energy Minister Eli Cohen said the decision to more than. double the amount of gas enabled exports would enhance. diplomatic ties, enhance Israel's energy security and bring an. included windfall to the economy. His ministry okayed for the export of an. additional 118 billion cubic metres of natural gas from the east. Mediterranean reserves, beyond the 105 bcm previously authorized....

U.S. melted gas (LNG). supplier NextDecade has actually signed a nonbinding arrangement. with Saudi Aramco to provide 1.2 million tonnes per. year (MTPA) of LNG for 20 years, the companies stated on. Thursday. The offer comes at a time when Aramco is looking for to. reinforce its position in the LNG market, which is set to grow. internationally by 50% by 2030, especially in the United States, where. LNG capacity is set to nearly fold the next 4 years. Aramco stated the deal became part of its efforts to expand its. existence in global energy markets. Under the terms, LNG...

QatarEnergy signed a deal on Wednesday to provide Taiwan's stateowned oil company CPC with liquefied gas (LNG) for 27 years and giving it a stake in the Gulf state's gas growth project. The state-owned Qatari company said that it will supply CPC with 4 million tons per year (mtpa) of LNG from the North Field East, the eastern growth of the job. CPC will likewise take an equity stake because part of the job, QatarEnergy's declaration stated. The stake is the equivalent of 5% of one LNG train with capability of 8 million metric loads a year. This transfer will...

Oil futures rates have been up to the most affordable level for four months and calendar spreads have plunged after OPEC+ ministers indicated their intent to begin increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial conference on June 2, up just $2 per barrel compared with the exact same time in 2015. Front-month Brent futures traded at a premium of $1.50 per barrel over contracts 6 months further forward (56th. percentile for all months because 2000) down from an average...

Oil rates fell on Friday and published a weekly loss as financiers awaited an OPEC+ conference on Sunday that will figure out the fate of the manufacturer group's. output cuts. Brent futures for July delivery were down 24 cents,. or 0.3%, to $81.62 a barrel, while the more liquid August. agreement was down 77 cents, or 0.8%, at $81.11. U.S. West Texas Intermediate (WTI) unrefined futures fell 92. cents, or 1.2%, at $76.99. For the week, Brent calmed down 0.6%, with WTI posted a 1%. loss. It's the uneasiness ahead of the OPEC conference over the. weekend, said Matt Smith,...

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT on Friday: ** Spanish bank BBVA asked stock exchange manager CNMV to authorise its 12.23-billion-euro hostile takeover offer for smaller rival Sabadell, a potential tie-up of lenders that Madrid opposes. ** Swiss personal bank Julius Baer held talks with EFG International about a possible takeover in current months however the discussions have stopped, individuals with knowledge of the matter told . ** British IT services group Redcentric is in the early stages of talks over a sale of the company to Milan-listed Wiit medspa, it stated. ** Private...

The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Friday: ** U.S. investment company KKR is expected to get genuine EU antitrust approval to purchase Telecom Italia's. ( TIM) fixed-line network after consenting to keep. business contracts with TIM rivals, individuals with direct. knowledge of the matter said. ** Spanish holding company Criteria stated it had actually become the. second-biggest shareholder in a/c after purchasing a 9.4%. stake in the construction business for 983 million euros ($ 1.06. billion), as it broadens its financial investments in leading companies in. Spain. ** Italy has actually approved a...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...

Oil futures edged up on Monday after Saudi Arabia hiked June crude rates for many regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing worries the IsraelHamas dispute might still expand in the crucial oil producing region. Brent unrefined futures climbed up 28 cents, or 0.3%, to $ 83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate unrefined futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices (OSPs) for its unrefined offered to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong...