Suncor’s Latest Update On Response To Fort McMurray Wildfires. “First and foremost,we’re doing what we can to ensure the safety and well-being of our employees, their families and members of the broader community,” said Steve Williams, Suncor CEO, about the company’s response to the raging wildfires. [Suncor, Oilpro]
Oil Rallies As Canada Fire & Libya Violence Threaten Supply. A huge wildfire near Canada’s oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday. [NBC News]
5 Takeaways From Shell’s First Earnings Report Since Completion Of BG Buy. In Shell’sfirst earnings report since the finalization of its acquisition of BG Group in February, the company again cut its 2016 Capex, reiterated its commitment to reducing costs, and highlighted the benefits it is seeing- and plans to see- from the $54 billion takeover. [Oilpro]
OXY Raises 2016 Production Guidance… “Total company first quarter capital spending declined by $500 million from the fourth quarter of 2015. The $700 million run rate is in line with our full year budget of roughly $3 billion, and we are increasing our total year production growth outlook for the year to 4 to 6 percent,” CEO Vicki Hollub said. [Occidental Petroleum]
…So Does Continental Resources. “The resilience of our production has allowed us to increase our production guidance for 2016 without increasing capex…This reflects the quality of our assets and the success of our enhanced completion technology,” CEO Harold Hamm said. [Continental Resources]
Devon Identifies 2 Key Price Levels As It Plans For An Oil Market Recovery. On Wednesday, Devon Energy’s management team provided an update on its progress in its 1Q16 report and conference call, with an eye toward an eventual price recovery. [Oilpro]
Chesapeake Reports Earnings, Sells Anadarko Basin Acreage. “The STACK acreage sale we are announcing today accelerates value from a portion of our undeveloped acreage that currently generates very little cash flow, giving us the ability to enhance current liquidity,” CEO Doug Lawler said. [Chesapeake Energy]
$21mn O&G Email Scam. South Korean petrochemical company LG Chem has asked Seoul for help retrieving US$21 million it says it was tricked into transferring into a fake bank account. [Oilpro]
Visualizing U.S. Oil Imports. This time lapse map of U.S. foreign oil imports clearly shows how, over the last 15 years, America has been turning away from traditional oil suppliers in the Middle East to more trusted sources, closer to home. [howmuch.net, Oilpro]
Petrobras Selling $1.4bn Of Assets In Argentina And Chile. Petrobras, Brazil’s deeply troubled state-run oil firm, has announced the sale of some of its vast assets in fellow South American countries Argentina and Chile, the amount totalling around $1.4bn. [Splash 247, Oilpro]
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