Weatherford International plc (ticker: WFT) reported a net loss of $1.94 billion, or a loss of ($1.95) per share for the fourth quarter of 2017. Non-GAAP net loss for the fourth quarter of 2017, excluding charges and credits, was $329 million, or ($0.33) diluted loss per share. Revenue in the fourth quarter of 2017 was $1.49 billion, which increased 2% from revenue of $1.46 billion for the third quarter
Exxon Mobil Corporation (ticker: XOM) reported 2017 earnings of $19.7 billion, compared to $7.8 billion in 2016 – this represents a 151% increase. Non-cash asset impairments of $1.5 billion were recorded during the year, mainly due to upstream assets. Q4 2017 earnings were $8.4 billion. Earnings excluding U.S. tax reform and impairments were $3.7 billion, which is down 2% compared with
Halliburton Company (ticker: HAL) announced a loss from continuing operations of $805 million, or ($0.92) per diluted share, for the fourth quarter of 2017. Adjusted income from continuing operations for the fourth quarter of 2017, excluding charges related to United States tax reform and Venezuela receivables, was $462 million, or $0.53 per diluted share. This compares to income from continuing
GeoPark Limited (ticker: GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Brazil, Argentina, Chile and Peru, issued an operational update. GeoPark’s 2018 work program and budget is $100-$110 million. The company is targeting the drilling of 30-plus wells, representing a 15-20% production increase over 2017 average levels. The projects
International Petroleum Corp. (ticker: IPCO) has acquired conventional oil and gas assets in Alberta, Canada. The Suffield and Alderson conventional oil and natural gas assets are held over a large, contiguous land position of 800,000 net acres of shallow natural gas rights and 100,000 net acres of oil rights in south-east Alberta, Canada. Production and reserves from the assets come
U.S. rig count is up by one from last week, to 931, according to Baker Hughes’ latest rig count data. One land rig was added. Overall, the change from last year has been a positive gain of 278 rigs from the 653 rigs reported December 23, 2016. The Gulf of Mexico has maintained 19 rigs this week with no changes.
Royal Dutch Shell plc (ticker: RDS.A) and Kuwait Petroleum Corp. have signed an LNG contract that secures Kuwait’s domestic energy needs for the next 15 years. A private source told Bloomberg that the contract will cover 2-3 million metric tons of LNG a year, all while undercutting Brent benchmark prices by 11%. “The big issue for Kuwait is they burn
Introduces feed gas this week: commissioning operations underway Dominion Energy Cove Point (ticker: D) introduced feed gas into its new LNG facility this week. The facility has been under design, permitting and construction for the past several years and it is finally undergoing the commissioning process in Lusby, MD. When Cove Point is greenlighted to export liquefied natural gas, it
Current production and consumption The UK government released an industrial strategy white paper this week, giving a small hint about the future of fracing with the British Empire. The white paper revealed that the UK government is still considering shale as an industrial resource. “The emerging shale gas industry offers the prospect of creating jobs, enhancing the competitiveness of downstream
The shackles are being taken off the U.S. energy sector, which spells trouble for Canadian jurisdictions trying to attract oil and gas investment dollars – Fraser Institute What is the Global Petroleum Survey? The annual survey, published by the Fraser Institute, studies barriers to investment in oil and gas exploration and production facilities in various jurisdictions around the globe. The
OMV purchases a 25% stake in the Yuzhno Russkoye gas field in Western Siberia, gains 100 MBOEPD OMV Aktiengesellschaft (ticker: OMG), an Austrian integrated oil and gas company, announced Sunday that the company purchased a 24.99% stake in the Yuzhno Russkoye gas field in Russia, creating a new core area for the company’s upstream business. OMV anticipates the new assets
Court decision would see Exxon pay Chad nearly seven-times the country’s GDP in penalties A court decision handed down in the African country of Chad ordered international oil major ExxonMobil (ticker: XOM) to pay 44 trillion CFA francs ($75 billion) in connection to unpaid royalties. The company said it disagreed with the court decision, which would see the company pay
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