Source: Reuters (Reuters) – U.S. Silica Holdings shares plunged 33% after the frac sand miner said it expects demand to slow in the fourth quarter and reported a bigger-than-expected quarterly loss on Tuesday, weighed down by lower prices. Prices for the proppant used to crack the ground and extract oil have dropped in North America as oil producers drill and
From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline
By Tyler Losier, Energy Reporter, Oil & Gas 360 Magellan Midstream prices $500 million of its 3.950% senior notes due 2050 Magellan Midstream Partners LP (stock ticker: MMP), based out of Tulsa, Oklahoma, has priced $500 million of its 3.950% senior notes due 2050 at 99.910% of par to yield 3.955% to maturity. Proceeds from the offering, after deducting underwriting
From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending
From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling
By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum and Ecopetrol S.A. form joint venture in the Midland Basin Occidental Petroleum Corporation (stock ticker: OXY), the fourth largest public E&P by market capitalization, has formed a joint venture (JV) with Colombia-based Ecopetrol S.A. (stock ticker: EC) to develop 97,000 net acres of Occidental’s Midland Basin properties, subject to
From The Houston Chronicle Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August. Houston-based Oxy said it plans to close the Anadarko deal next week after the scheduled Aug. 8 vote of Anadarko shareholders to
From Reuters Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per share, in the
From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led
Seven Generations Energy Delivers $355 Million of Adjusted Funds Flow, $1.00 Per Share, and $44 Million of Free Cash Flow in the Second Quarter Of 2019
From The Houston Chronicle Houston oilfield service company National Oilwell Varco reported a multibillion loss during the second quarter amid what executives are calling a “generational oilfield downturn.” NOV reported a nearly $5.39 billion loss on $2.13 billion of revenue during the second quarter. The figures translated into a $14.11 loss per share. The second quarter earnings were mixed compared
From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
