Industry Trends ///

Cenovus Energy reports strong second quarter, planned divestitures

Cenovus Energy Inc. has reported a strong second quarter that reflected 45 days of results from the assets recently acquired from ConocoPhillips.

API welcomes Senate support for U.S. offshore energy development

API welcomed a letter sent by 36 U.S. Senators to Interior Secretary Zinke in support of the safe and environmentally responsible development of U.S. offshore energy resources, as the administration begins developing a new five-year offshore oil and natural gas leasing program.

Statoil profit returns to pre-crash level after drastic cuts

Statoil ASA lifted profit back to the highest level since oil prices started collapsing three years ago as the Norwegian company reaped the benefits of drastic cost cuts.

If Petronas can't beat U.S. LNG suppliers, it may join them

Malaysia’s Petroliam Nasional Bhd has pulled the plug on its $27-billion plan to ship liquefied natural gas from Canada’s west coast to Asia, losing out to U.S. suppliers who got to market first. Well, if it can’t beat them, it may still join them.

Kuwait joins Saudis, UAE in promising more OPEC oil cuts

Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut.

Total ready to make acquisitions as financial strength grows

Total plans to make acquisitions and pursue growth, shrugging off uncertainties about oil prices as its financial position strengthens.

Shell's cash flow rises to highest since oil crash began

Shell’s cash flow from operations rose to the highest since the oil price slump started in 2014 as asset sales and cost cuts helped Europe’s largest energy company pay down debt and boost profit.

Wood Mac: Shale sector to be cash flow positive by 2020

The tight oil sector has struggled to generate positive cash flow since 2010. Last year, only one company in the sector posted positive cash flow. But there is light at the end of the tunnel.

Major oil companies beating slump as CEOs learn to live with $50 crude

Major oil companies are starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices.

Permian operators’ lofty production targets supported by strong hedging, IHS Markit says

Oil-weighted exploration and production (E&P) companies operating in the prolific Permian basin have 65% of their oil production hedged at an average strike price of approximately $50/bbl. This supports their aggressive production targets for 2017, according to new analysis from IHS Markit.

URTeC speakers discuss variety of issues in first-day session

In multiple panel sessions and a topical luncheon, speakers during Day 1 of the Unconventional Resources Technology Conference (URTeC) in Austin, Texas, tackled a wide-ranging list of subjects, ranging from the viability of international shales to manpower, digital transformation, community responsibility and service/supply margins. And in some cases, the speakers did not pull their punches.

America's largest oil port looks to catch the shale export wave

The biggest U.S. oil-import hub wants to grab a piece of surging North American crude exports.

Oil rallies 2% as Saudi Arabia promises to cut exports

Oil rose by more than 2% on Tuesday after Saudi Arabia vowed to reduce exports from next month and OPEC called on members to boost compliance with agreed output cuts to help curb oversupply and support flagging crude prices.

Halliburton sees North American customers "tapping the brakes"

Halliburton Co. reported impressive second-quarter results on Monday, but warned the growth in North American rig count was "showing signs of plateauing," sending shares down as much as 4.2%.

QEP Resources turns to Permian, sells Wyoming assets for $740 million

QEP Resources Inc. said it would sell its natural gas assets in Wyoming to privately held Pinedale Energy Partners LLC for about $740 million, as the U.S. oil and gas producer focuses on liquids-rich, higher-margin assets.

While oil patch bleeds, gas drillers race to unleash wells

Oil prices have been lousy for so long that U.S. producers are hoarding unfinished wells rather than pumping crude out of them. In the natural gas patch, just the opposite is happening.

Shale boom may finally have succumbed to oil's price slump

Oil’s bear market may finally be taking its toll on the shale boom.

Mexico's Pemex says $5-billion bond deal covers needs through 2018

Mexico's national oil company Pemex said on Monday that recent bond placements totaling about $5 billion would cover its minimum financing needs through the end of 2018.

Falcon Seaboard launches $145-million Permian investment fund

Falcon Seaboard Resources, LLC, has announced the launch of the $145-million Falcon Seaboard Permian Fund I, LP. The fund is the first time David Dewhurst, the CEO and chairman of Falcon Seaboard Diversified, Inc., and former Lieutenant Governor of Texas, has accepted outside investments.

UAE sees OPEC considering oil-cuts extension in November

OPEC may need to consider extending its oil-cuts agreement when the group meets in November, as crude markets are taking too long to recover, United Arab Emirates Energy Minister Suhail Al Mazrouei said.