How Will The UK’s Abandonment Of The EU Impact The O&G Industry? Peter Thompson writes, “Brexit – or, if you prefer the longhand version, Great Britain and Northern Ireland leaving the European Union – has turned something that many thought was unimaginably dull (European matters) into something pulsating and vital.”[Oilpro]
OTC 2016: Drone Leader Announces Opening Of Houston Office To Serve US O&G. As OTC-2016 got underway Monday, Cyberhawk Innovations has announced the opening of a Houston office, marking its entrance into a burgeoning U.S. O&G market demand for drone technology. [Oilpro]
Oil Down Early Tuesday. Oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang. Brent was down 25 cents at $45.58 per barrel at 7:23 a.m. ET (1123 GMT). U.S. crude futures were fell 39 cents to $44.39 a barrel. [CNBC]
Anadarko Hits Off Ivory Coast. Anadarko Petroleum reported that in Q1 the company drilled its first horizontal deepwater well offshore Ivory Coast at Paon-5A, the independent announced in its operations report released on 2 May. [oedigital.com, Oilpro]
Hercules Offshore Extends Forbearance Putting Newbuild Jackup In Jeopardy.Houston-based offshore drilling company Hercules Offshore has given itself some breathing space as it faces bankruptcy having defaulted on a $450m loan. [Splash 247, Oilpro]
2 More O&G Bankruptcies: Ultra & Midstates Petroleum. Two more oil and gas companies have filed for Chapter 11 bankruptcy protection: Midstates Petroleum and Ultra Petroleum. According to court documents filed over the weekend in Houston, both companies have a total debt of $5.8 billion. [Oilpro]
Oil Price Rally Isn’t as Deep Rooted as It Looks at First Glance. At first glance, oil prices have rallied — a lot. Look closer, however, and the market is still pricing the “lower-for-longer” mantra, much as it did at the beginning of the year. [Bloomberg]
Saudis To Sell A Portion Of ARAMCO. Tim Pollard writes, “The sale of such a small portion of Aramco assets or production represents such an insignificant amount of the company capitalization and net worth that any purchase would simply be a tiny hiccough in the royal family’s holdings.” [Oilpro]
Anadarko Beats 1Q Expectations. “During the first quarter, we maintained strong operating performance and continued to improve our cost structure and efficiencies,while taking significant steps to strengthen our financial position without diluting equity,” said Al Walker, Anadarko CEO. [Anadarko]
Encana Continues Cost-Cutting In 1Q. CEO Doug Suttles said, “Our teams are drilling some of the fastest, highest performing and lowest cost wells in our core four assets and we continue to find greater efficiency in every part of the business. We are on track to deliver $550 million of year-over-year cost savings.” [Encana]
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