Repsol to Drop Marcellus Rig in June
Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
Earnings for Big Oil Backpaddle as Natgas Prices Tumble
U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago. Results at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when …
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TotalEnergies Looking at Primary Listing in New York, Says CEO
French oil major TotalEnergies is “seriously” looking at a possible listing in New York, Chief Executive Patrick Pouyanne told analysts on Friday, to move closer to a majority of U.S.-based shareholders. The Paris-based company says it has 47% of institutional shareholders in the United States, and 39% of all global shareholders are located there. “We …
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U.S. Drillers Cut Most Oil Rigs in a Week Since November – Baker Hughes
U.S. energy firms this week cut five oil rigs, the biggest weekly drop since November, energy services firm Baker Hughes said in its closely followed report on Friday.Meanwhile, the oil and gas rig count, an early indicator of future output, fell by six to 613 in the week to April 26, the lowest since February …
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Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.
Exxon’s Guyana Gas Project a “Win-Win,” Set for Hook-up by Year-end ‘24
Exxon Mobil Corp. CEO Darren Woods said the company’s gas-to-power project in Guyana as a “win-win proposition particularly for the people of Guyana” when completed and hooked-up by year-end 2024.
Energy Transition in Motion (Week of April 26, 2024)
Here is a look at some of this week’s renewable energy news, including the close of a $1.4 billion decarbonization-focused investment fund.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
US Drillers Cut Most Oil Rigs in a Week Since November
The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.