BP Kicks Off Earnings Season For The Majors. BP lowered its 2016 Capex to $17 billion from $17-$19 billion and said it could be lowered further in 2017- to $15-$17 billion- if oil prices remain depressed. Due to these cost cuts, BP said it can breakeven at $50-$55/bbl prices next year, down from the $60/bbl it previously forecast. [Oilpro]
Permian-Focused Pioneer Produces More. The Permian-focused company expects to deliver production growth of 12%+ in 2016 compared to the Company’s previous production growth target of 10%; the higher forecasted growth rate reflects improving Spraberry/Wolfcamp well productivity. [Pioneer Natural Resources]
Husky Selling Part Interest In Midstream Assets For C$1.7 Billion. Husky Energy said on Monday it will sell 65 percent ownership in select midstream energy assets in Canada to Cheung Kong Infrastructure Holdings Ltd (1038.HK) and Power Asset Holdings Ltd (0006.HK) for C$1.7 billion ($1.34 billion). [Reuters, Oilpro]
“A New Era” For Swift Energy As It Emerges From Bankruptcy. Eagle Ford-focused Swift Energy announced Thursday that it has emerged from bankruptcy after completing its final restructuring. The company filed for Chapter 11 bankruptcy in January after cutting its Capex 60% and its workforce by 20%. [Oilpro]
Yemen Retakes Oil Export Terminal From Al Qaeda. Yemeni government forces and allies from the United Arab Emirates took back control of Yemen’s largest oil export terminal from Al Qaeda on Monday, security officials said, a day after routing the militants from their nearby stronghold, the southern port city of Al Mukalla. [New York Times]
Harkand Dive Support Vessels Receive Bareboat Charter Terminations. Oslo-listed Harkand Finance and its bond trustee Nordic Trustee have agreed to terminate the bareboat charters of two of Harkand’s dive support vessels after the shipping company’s bonds were found to be in default. [Splash 247, Oilpro]
Hamm Endorses Trump For President. After telling the Wall Street Journal on March 4 that he would support Donald Trump for president if he secured the Republican nomination, Continental Resources CEO Harold Hamm officially endorsed the real estate mogul on Friday. [Oilpro]
Petronas Unit To Buy Remainder 50% In JV To Boost Tanker Fleet. MISC, the shipping arm of Malaysia’s national oil company Petroliam Nasional Bhd has agreed to buy the remaining 50% stake it doesn’t already own in a ship operator for $56.445 million. [asia.nikkei.com, Oilpro]
“No Urgency” To Freeze Production At $45/bbl, Indonesia’s OPEC Governor Says.Indonesia’s OPEC Governor said Monday that $45/bbl oil was “not bad” and that if prices remained at that level there wouldn’t be an urgency to act on an oil production freeze deal. [Oilpro]
Hercules Offshore In Danger Of Plunging Back Into Bankruptcy. Houston-based offshore drilling company Hercules Offshore is in danger of falling into bankruptcy for the second time in less than a year, according to Bloomberg. [Splash 247, Oilpro]
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