Oil & Gas Equipment

A widening rally in U.S. stocks is offering an encouraging signal to investors worried about concentration in innovation shares, as markets wait for essential jobs information and the Federal Reserve's. anticipated rate cuts in September. As the marketplace's fortunes keep fluctuating with. huge tech stocks such as Nvidia and Apple,. investors are likewise putting cash in less-loved value stocks and. little caps, which are anticipated to benefit from lower interest. rates. The Fed is expected to start a rate-cutting cycle at. its financial policy conference on Sept. 17-18. Numerous investors see the widening trend, which got. steam last month before...

Exxon Mobil said on Monday it anticipates unrefined demand to remain above 100 million barrels per day (bpd) through 2050, similar to today's levels, a. forecast 25% higher than leading European competing BP. The more powerful need projected by the biggest U.S. oil. business in its newest international oil outlook underpins Exxon's. production development plans, the most enthusiastic among Western oil. majors. It did not have a 2050 demand figure in its previous. outlook released in 2023. The business also painted a more mournful view on global carbon. emissions decreases than BP. Improvements in innovation will. permit emissions reductions after...

U.S. oil and gas production reveal even more indications of flattening out or refusing, a delayed reaction to the decline in rates over the last 2 years after the preliminary shock brought on by Russia's intrusion of Ukraine in early 2022. Overall crude and condensates production from the Lower 48 states, leaving out federal waters in the Gulf of Mexico, balanced 11.0 million barrels each day (b/d) in May up from 10.6 million b/d in the very same month a year earlier. The seasonal boost was the smallest considering that the very first wave of the coronavirus pandemic in 2020...

Britain's decision to increase a windfall tax on oil and gas producers to assist pay for its push to grow renewables will result in a sharp drop in earnings and accelerate the ageing basin's decline, North Sea drillers stated. The new Labour government revealed on Monday it will increase the Energy Profits Levy (EPL) by 3% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, among the greatest on the planet. It will also ditch the levy's 29% investment allowance, which enables companies to offset tax from capital that is re-invested....

U.S. oil need rose to a seasonal record in May as American vehicles guzzled one of the most gasoline given that before the pandemic, information from the U.S. Energy Details Administration (EIA) revealed on Wednesday. Overall crude oil and petroleum item provided, the EIA's proxy for need, increased by 792,000 barrels daily (bpd). month-over-month to 20.80 million bpd in May, the data revealed. That is the greatest regular monthly figure because August, and a record. high for the month of May. The information marks a considerable reversal in the trajectory. of U.S. oil demand: weekly updates from the EIA had...

Brazilian prosecutors, who have advised that environmental firm Ibama block drilling by staterun oil business Petrobras near the mouth of the Amazon river, have required that Ibama react within 3 days, a document seen shows. The federal prosecutors office (MPF), an independent agency, filed a July 22 notice that appeared on Ibama's system on Monday, cautioning that an unjustified hold-up in responding could have civil, administrative and chastening consequences. The deadline of three working days will start from the minute Ibama confirms it was informed, the MPF said in a. declaration to Reuters, including that the existing notice was. sent...

Brazilian district attorneys, who have advised that environmental firm Ibama block drilling by staterun oil company Petrobras near the mouth of the Amazon river, has actually demanded that Ibama react within three days, a document seen shows. The federal district attorneys workplace (MPF), an independent firm, filed a July 22 notice that appeared on Ibama's system on Monday, cautioning without citing a date that an unjustified hold-up in responding might have civil, administrative and penal consequences. Petrobras, MPF and Ibama did not right away respond to ask for remark. In May 2023, Ibama denied Petrobras' ask for an offshore drilling...

Personal equity firm EQT has actually initiated a tactical evaluation of the U.S. operations of Spanish amusement park operator Parques Reunidos that might result in a sale of the business, according to 2 sources familiar with the matter. JP Morgan is conducting the evaluation, which might lead to the sale or merger of the 15 leisure centres that the business runs in the U.S., the sources stated on condition of anonymity due to the fact that the discussions are private The evaluation is at an early stage, and it is early to predict its outcome, according to one of the...

Mexico's stateowned oil business Pemex swung to a 256 billion peso ($ 14 billion). secondquarter bottom line on Friday, red ink the energy giant. chalked up to lower sales, a greater expense of sales and large. currency exchange losses. The quarterly loss compared to a net revenue of more than. $ 25.4 billion in the same period of in 2015. Pemex stated the loss would have been even higher if not for a. lower tax expense and a slower rate of wear and tear of fixed. possessions, according to a filing with the Mexican stock market. Revenue for among the...

Oilfield services firm Baker Hughes beat experts' estimates for secondquarter earnings on Thursday, powered by greater demand for its drilling services and equipment in international markets. The outcomes echo those from SLB and Halliburton , as strong global need assists the world's largest oilfield firms counter weakness in The United States and Canada due to mega mergers amongst oil majors and uninspired natural gas prices. International rig count, a sign of future production, was partially up at 963 on an average in the second quarter, from a year earlier, according to Baker Hughes information. Total earnings from Baker Hughes' worldwide...

Baker Hughes cut its outlook for costs by oil producers on Friday, mentioning lower drilling activity by North American companies, signing up with other oilfield service business in cautioning about softness in the region. Nevertheless, the company raised its full-year profits and earnings estimates, banking on strong global growth and demand for gas devices. Shares of the company, which beat analysts' price quotes for second-quarter earnings on Thursday, rose 4% to $36.99. Lukewarm demand and a wave of mergers have actually constrained producer spending plans in The United States and Canada, with service business betting on worldwide and overseas markets...

U.S. oil manufacturer Occidental Petroleum is nearing a deal to offer its possessions in the Barilla Draw region of Texas to Permian Resources for about $1 billion, people acquainted with the matter informed on Thursday. The 2 companies remain in the procedure of settling the deal that might be revealed in the coming weeks if the talks don't. break down, the sources stated, cautioning that a deal is not. ensured which a competing suitor for the Permian basin assets. might emerge. The sources asked for privacy as the conversations are. private. Occidental and Permian Resources did not. instantly reply to...

Shares in U.S. oil manufacturer Hess suffered their biggest day-to-day portion drop in 20 months on Thursday on fallout from the lengthy brand-new delay to its proposed sale to Chevron An arbitration panel arranged to hear an Exxon Mobil challenge to the $53 billion sale will not meet until next May, pressing back any closing until the second half of 2025. The 2 business initially had hoped to conclude the merger previously this year. Hess' stock fell $11.25, or 7.35%, the largest day-to-day percentage drop since November 2022. Chevron shares were also off 4%, or $6.57, at $153.93 in midday...

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 head of Brazil's ecological agency stated on Wednesday that he anticipates a choice soon on state-owned oil business Petrobras' demand to conduct exploratory studies in an area called the Equatorial Margin, as both the business and the federal government push for a drilling license. Petrobras has been looking for to explore the northern most part of the Equatorial Margin, near the mouth of the Amazon River, however got a traffic signal from environment guard dog Ibama in May of in 2015 due to concerns over the possible influence on Native communities and the environment. Ever since, Petrobras has been...

Venezuelalinked lender G&A Strategic Investments has submitted a claim in Texas state court seeking to recover $1.5 billion from promissory notes defaulted by Venezuela's state oil company PDVSA, according to a. court document seen on Tuesday. The suit was filed in Harris County District Court. against PDV Holding, among the business in between. Caracas-headquartered PDVSA and its U.S. refining. system, Citgo Petroleum. Shares in PDV Holding are being auctioned by a federal court. in Delaware to pay up to $21.3 billion in claims from past. expropriations and defaults in Venezuela. This new lawsuit could. complicate an auction that is expected...

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** New Period Cap, a provider of major U.S. sports league headware, has accepted acquire sports lifestyle brand name '47,. people familiar with the matter stated. ** Investment company MNC Capital has raised its offer to. get sporting and outside items company Vista Outdoor. to $39.50 per share, or over $3 billion, the investment. company said. ** Dolby Laboratories said it was getting GE. Licensing, an intellectual property service targeting the. customer digital media and electronic devices sectors, in a $429. million offer. ** Trading platform...

Italy is intending to sign a. letter of intent with Germany and Austria to accelerate. development of a more than 4billion euro ($ 4.35 billion). southern pipeline for supplying hydrogen to main Europe,. sources near to the matter told on Tuesday. The administration of Giorgia Meloni has actually laid out strategies to. turn Italy into an energy entrance and in 2015 it signed with. Germany and Austria a joint letter for a hydrogen-ready pipeline. between North Africa and Europe. The European Union aims to produce 10 million metric tons. and import 10 million lots of eco-friendly hydrogen by 2030 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...

Argentina's oil production in the key province of Neuquen reached a record high in April, driven by increased activity in the huge Vaca Muerta shale development, the city government stated on Tuesday, edging up to around 390,326 barrels daily. The embattled South American country is making a significant push on energy output in Vaca Muerta, the world's second-largest shale gas reserve and fourth biggest for shale oil, where state energy company YPF leads development along with local and international firms. Petroleum production rose around 19% compared to April 2023 and has notched a similar boost so far this year, the...

A severe cold snap in Argentina has actually required gas providers to hit the breaks on fuel distribution to filling station and markets around the nation, companies stated, restricting supply to those on contracts which allow them to be cut in such situations. Half of the clients of Camuzzi Gas Pampeana, which supplies 269 gas stations in the provinces of Buenos Aires and La Pampa, has been impacted, spokesperson Rodrigo Espinosa informed . The primary goal is to provide concern to the gas available in the main pipelines to the top priority demand: homes, services, healthcare facilities, federal government firms,...

Paraguay is advancing talks with energy firms and highranking federal government authorities from Argentina and Brazil over a possible $1.5 billion gas pipeline to link the 3 countries, senior federal government authorities for Paraguay and Brazil told . The strategy being drawn up by Paraguay, reported in information for the first time, aims to take on a rival Bolivian quote to repurpose existing pipelines to transport Argentine gas to Brazil. If either job is recognized it would mark a significant potential shift in regional energy flows. We wish to sign a memorandum of comprehending at a. presidential level (for the...

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...

Exxon Mobil Corp: * EXXONMOBIL GUYANA MOVES ON WITH 6TH OFFSHORE ADVANCEMENT * EXXONMOBIL - $12.7 BILLION OF ADDITIONAL FINANCIAL INVESTMENT IN GUYANA'S GROWING ECONOMY * EXXONMOBIL - SIXTH STABROEK BLOCK DEVELOPMENT WILL INCLUDE CAPABILITY OF 250,000 BARRELS OF OIL EACH DAY * EXXONMOBIL - WHIPTAIL PROJECT RECEIVES GOVERNMENT APPROVALS; PRODUCTION TARGETED TO BEGIN IN 2027 * EXXONMOBIL: WHIPTAIL, SIXTH JOB ON STABROEK BLOCK, IS EXPECTED TO ADD APPROXIMATELY 250,000 BARRELS OF DAILY CAPABILITY BY END OF 2027 * EXXONMOBIL: $12.7 BILLION WHIPTAIL JOB WILL CONSIST OF AS MUCH AS 10 DRILL CENTERS WITH 48 PRODUCTION AND INJECTION WELLS. *...