ExxonMobil Profits Tumble Nearly 60 Percent.
The losses continue for some of the industry’s biggest names, as ExxonMobil reported major losses in the second quarter this year. [Oilpro]
Chevron Posts Third Quarterly Loss In A Row.
The bad times keep on rolling for Chevron as the company again posted underwhelming results for last quarter, posting a loss of $1.47 billion. [Oilpro]
Russia And Venezuala To Work Together For South American Energy.
Russia’s Rosneft and Venezuela’s PDVSA are considering the construction of power generation facilitiesin the South American country, according to TASS, the Russian News Agency. [Oilpro]
Saudi Aramco Extends Jack-Up Contract.
Saudi Aramco is holding onto a pair of Seadrill jack-ups for another three years, according to a press release from Mermaid Maritime. [Oilpro]
Statoil Buys Petrobas Field for $2.5 Billion.
“Statoil will buy Petrobras’s operating interest of 66 percent in the BM-S-8 offshore license in the Santos basin, which it estimates to hold between 700 million and 1.3 billion barrels equivalent of recoverable oil, according to a statement from the Norwegian driller.” [Bloomberg]
Private Banks May Lose Big Amid Singapore Oil And Gas Credit Issues.
“Oil and gas services firms have aggressively tapped the local bond market, particularly in 2013 and 2014, but a subsequent collapse in oil prices, tumbling charter rates and delays to projects has sent the industry reeling.” [Reuters]
OPEC Oil Output Set To Reach Record High.
According to a new survey, OPEC’s output in July may reach its highest in recent history as Iraq pumps more and Nigeria exports additional crude supplies. [Oilpro]
Pioneer Natural Resources Co. Says Fracking Costs Competitive With Saudis.
“The comments from [CEO Scott Sheffield], who is retiring soon, were perhaps the most concrete sign yet that the fittest U.S. shale oil producers will survive the price crash that started in mid-2014 when Saudi Arabia and OPEC moved to pump heavily to win back market share from higher-cost producers. [Reuters]
US To Speed Up Permitting For Drilling On Federal And Indian Lands.
“In an attempt to streamline drilling approvals and reduce costs for companies, U.S. Bureau of Land Management Director Neil Kornze said all drilling applications would have to be filed online under the new proposal. [Business Insider/Associated Press]
ISIS Feels Pressure As Oil Revenues Collapse.
After losing control of a number of oil fields, the Islamic State is finding itself more cash-strapped than usual and media reports say it has suffered a “near collapse” in oil revenue. [Oilpro]
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