No Relief: Tanks Continue To Fill. William Edwards writes, “A little more than a year ago I submitted a post alerting the industry to an ominous over-production situation.” Today, “[T]anks are about 240 million barrels closer to running over than they were as we began last year.” [Oilpro]
Oil Prices Ease Early Thursday. Oil futures slid after setting a 2016 high on Thursday as traders locked in profits. Government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. [Reuters]
Wood Group Bags $500mn EPCM Contract From BP. Wood Group has won a new five year contract with BP-operated projects, valued at $500 million, to deliver services to eight facilities, offshore Azerbaijan. [Wood Group]
Subsea 7 Stacks 2 More Vessels. UK-headqartered subsea specialist Subsea 7 has revealed that it has stacked an additional two vessels and let go of an additional chartered vessel during the first quarter of 2016. [Splash 247, Oilpro]
Key Wednesday Earnings
ConocoPhillips Cuts Spending Again On Reduced Deepwater Activity. The company has reduced its 2016 capital expenditures guidance from $6.4 billion to $5.7 billion, primarily driven by reduced deepwater exploration activity, deferrals and lower costs across the portfolio. [ConocoPhillips]
NOV Sees Better Days Ahead. CEO Clay Williams said, “Better days lie ahead. Our strong financial resources enable us to continue to invest in new technologies, products and acquisitions that better position us for the inevitable upturn.” [National Oilwell Varco]
Technip’s 1Q Better-Than-Expected. “Technip’s performance in the first quarter illustrates well our areas of focus in this unprecedented environment. We can secure early stage engagement with our clients and drive their project costs down through the application of technology, simplicity and standardization,” CEO Thierry Pilenko said. [Technip]
Hess To Reduce Bakken Rig Count To 2, Utica Count To Zero. Bakken-focused Hess Corp said that production from its U.S. onshore portfolio was up in 1Q16 versus 4Q15 despite a reduction in rig activity. Overall, though, production was slightly lower to 350,000 boepd in the first quarter, from 355,000 boepd last year. [Oilpro]
Aker Solutions Reports 33% Net Profit Drop. Aker said its greatest growth potential is outside of Norway, where the company has been expanding. The company’s tendering activity remains steady and currently totals more than NOK 40 billion. [Aker Solutions]
Ensco Achieves Operational Utilization Of 99% For Rig Fleet. CEO Carl Trowell said, “Notwithstanding very challenging market conditions, we continued to set new company records by achieving operational utilization of 99% for our rig fleet and a total recordable incident rate of 0.23 reflecting excellent safety performance.” [Ensco]
Meet Senior Energy Advisor, Mark Harrington, #HUMANSofOG. He writes, “During times as we have now, many believe in the ‘Acquire, Fire and Flip’ approach. They missed the boat. The most important asset is the people who create value.” [Oilpro]
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