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Goodbye 'Oracle of oil' T. Boone Pickens
Sept. 12, 2019
Source: Reuters

Goodbye 'Oracle of oil' T. Boone Pickens

Celebrated corporate raider and energy industry magnate, T. Boone Pickens passed away yesterday at the age of 91. Pickens, who suffered a stroke back in 2016, closed his BP Capital energy hedge fund. The oil tycoon contributed heavily towards the advances in medical research, athletic and educational initiatives. He will also be remembered for encouraging the increased domestic utilization of abundant natural gas.

New Head at Schlumberger outlines Digital strategy
Sept. 5, 2019
Source: Reuters

New Head at Schlumberger outlines Digital strategy

Olivier Le Peuch, the new CEO of Schlumberger, yesterday outlined his vision for the firm at the Barclays CEO Energy-Power Conference in New York. He vowed to withdraw from unprofitable businesses, rearrange some units and laid emphasis on returns. Peuch also cautioned towards a sizeable, non-cash charge to write down assets in this quarter. Analysts and investors are looking at Peuch to navigate Schlumberger through the new era of digitalization.

Croatia awards exploration licenses for northeast blocks
Aug. 30, 2019
Source: Reuters

Croatia awards exploration licenses for northeast blocks

The Croatian government yesterday informed about awarding exploration and exploitation licenses for six blocks in its flat north-eastern region. The award was secured by Croatia’s biggest energy group INA, Canada’s Vermilion Energy, Hungary-based Aspect Croatia, and Crodux Derivati. Valid for 30 years, the licenses pertain to the blocks which span over an area of around 14,000 square kms.

IOCL planning to invest $28 billion by 2023-24
Aug. 29, 2019

IOCL planning to invest $28 billion by 2023-24

India’s biggest oil guzzler, Indian Oil Corp is planning to devote $27.98 billion in upcoming five-seven years to fulfill energy requirements of diverse user groups. Talking at a shareholders meeting yesterday, Chairman Sanjiv Singh said that the investment would allow IOCL to evolve into a future-ready corporate. This will also help provide comprehensive energy solutions.

PDC Energy to acquire SRC for $971 million
Aug. 27, 2019
Source: Reuters

PDC Energy to acquire SRC for $971 million

PDC Energy yesterday agreed to acquire rival SRC Energy Inc in a $971.3 million all-stock deal. The deal, which will create the second-largest producer in Colorado’s DJ basin, is expected to conclude in the fourth quarter. The merged entity will gain ownership to 182,000 net acres in the Wattenberg field in the DJ basin. PDC’s management team will expand to a nine-member board including two SRC directors.

South Sudan makes first oil discovery post-independence
Aug. 23, 2019

South Sudan makes first oil discovery post-independence

Central African country, South Sudan has discovered oil in the Adar area of the state, its first-ever since independence in 2011. Informing about discovery, the oil minister of the country said that the field contains 5.3 million barrels of recoverable oil. The field will be connected to the nearby Paloch oilfields, operated by Dar Petroleum Operating Company.

ONGC first quarter profits dip by 4%
Aug. 14, 2019

ONGC first quarter profits dip by 4%

Indian state-run oil major, ONGC registered a 4% drop in net profit at Rs 5,904 crore for 1Q2019, stressed by lower crude oil production and realization. The oil major’s total crude oil production for the quarter grossed at 5.86 Million Tonne (MT), declining 5.6% from 6.21 MT posted in the same quarter last year. ONGC made four discoveries in the April-June 2019 period.

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz
Aug. 13, 2019

Aramco to acquire 20% stakes in RIL’s refinery, chemical biz

Saudi state-run behemoth, Saudi Aramco has agreed to acquire 20% stakes in RIL’s oil refinery and chemical business at an enterprise value of $75 billion. The announcement came directly from RIL Chairman, Mukesh Ambani who was talking at Reliance Industries' 42nd annual general meeting. Saudi Aramco will own a 20% stake in a planned special purpose vehicle (SPV) covering the twin refineries of Reliance apart from RIL's petrochemical complex.

BPCL registers lower profits for Q1
Aug. 10, 2019

BPCL registers lower profits for Q1

India’s state-run refiner, BPCL registered a 41.48% plunge in profits for the first quarter. BPCL collected Rs 1,799.59 crore in profits, slipping from Rs 3,075.06 crore in the corresponding quarter last year. The oil guzzler’s income dipped 4.01% from Rs 83,605.07 crore to Rs 86,956.29 crore. Ebitda was Rs 2,981.9 crore against Rs 4,598 crore last year.

OIL’s first quarter earnings dip
Aug. 10, 2019

OIL’s first quarter earnings dip

Oil India Limited recorded an 11% dip in first quarter profits, slipping over lower international crude prices and slump in production. The oil major’s net profit totaled to ₹625 crore, declining from ₹703 crore in the corresponding quarter last fiscal. In a statement, OIL informed that crude oil production for the quarter is 0.813 MMT which is 3.67% lower than Q1 FY 2018-19.

OMCs release LOI for 9,000 new petrol pumps
Aug. 6, 2019

OMCs release LOI for 9,000 new petrol pumps

Keeping in line with their biggest-ever expansion of fuel retail network, state-owned oil majors have released letters of intent (LOI) for over 9,000 new petrol pumps. The companies are now moving swiftly to choose dealers for new pumps. An LOI contains the company’s intent to employ an applicant as a dealer at a specific location, subject to conditions.

Chevron sees 26.3% jump in Q2 profits
Aug. 3, 2019
Source: Reuters

Chevron sees 26.3% jump in Q2 profits

Supermajor Chevron, yesterday, registered a 26.3% hike in profits for the second quarter that ended June 30th. Chevron’s net income from the quarter jumped to $4.31 billion, from $3.41 billion a year earlier. Chevron benefitted from a $1 billion breakup fee received from Anadarko Petroleum. The termination fee brought in additional $720 million to the Chevron’s profit.

Exxon Mobil’s profit dip by 21%
Aug. 3, 2019
Source: Reuters

Exxon Mobil’s profit dip by 21%

Supermajor Exxon Mobil yesterday recorded a 21% dip in profits for the second quarter of 2019, as weaker refining and chemicals business outweighed higher oil production. Exxon’s net income in the quarter fell to $3.13 billion, from $3.95 billion in the corresponding quarter last year. Exxon’s silver lining came from oil and gas production which rose 7% to 3.9 million barrels per day.

Petrobras registers highest-ever quarterly profits
Aug. 2, 2019
Source: Reuters

Petrobras registers highest-ever quarterly profits

Brazilian state-run, Petrobras recorded its highest-ever quarterly profits yesterday. The state-run behemoth registered 18.87 billion reais ($4.92 billion) in profits, easily beating analysts’ estimates. Petrobras’ largest share of profit came from asset sales. The firm cashed in about $12.764 billion from asset sales, which also includes $8.722 billion from gas pipelines sale to France’s Engie SA in the quarter.

Occidental Petroleum reports lower profits in second quarter
Aug. 1, 2019
Source: Reuters

Occidental Petroleum reports lower profits in second quarter

Occidental Petroleum Corp saw a 14% dip in core profit for the second quarter. Occidental, which recently acquired Anadarko in a $38 billion deal, reported $729 million in core income for the second quarter, dropping from $848 million in the corresponding quarter last year. Lower income for Occidental has been attributed to the offset of higher oil prices by adjustments to derivatives contracts and poorer natural gas prices.

Apache Corp’s profit tumbles by 78.6%
Aug. 1, 2019
Source: Reuters

Apache Corp’s profit tumbles by 78.6%

Apache Corp released second-quarter earnings yesterday, registering a 78.6% dip in the adjusted profits. Apache’s revenue was hit by low prices of oil, gas and natural gas liquids (NGL) and high operating costs. The firm recorded $41 million in adjusted earnings, falling down from $192 million a year earlier. Quarterly earnings report also showed a 23.5% rise in Apache’s total operating expenses to $1.76 billion.

ConocoPhillips posts lower-than-expected Q2 profits
July 31, 2019
Source: Reuters

ConocoPhillips posts lower-than-expected Q2 profits

US oil major, ConocoPhillips registered lower-than-expected profits in the second quarter, stressed by lower crude prices. Adjusted earnings for Conoco dipped to $1.14 billion in the quarter that ended June 30, from $1.29 billion in 2018. IBES data from Refinitiv showed that Conoco’s capital expenditure reached $1.73 billion during the quarter, topping estimates of $1.53 billion.

MEG Energy registers higher profits in second quarter
July 31, 2019
Source: Reuters

MEG Energy registers higher profits in second quarter

Canadian oil sands producer, MEG Energy Corp’s quarterly profits trumped estimates on Tuesday, climbing on the back of ramped up production and higher prices. MEG Energy saw a 36.4% jump in the production of low-grade bitumen crude, to 97,288 barrels per day (bpd) in the second quarter. Net loss for the firm narrowed to C$64 million from C$179 million in the previous year.

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