Production ///

Total profit beats estimates as production, refining advance

Total SA’s second-quarter profit almost matched year-earlier results as higher margins at Europe’s biggest refining business helped the company shrug off a 50% slump in crude prices.

How pipelines saved America’s biggest oil basin from bust

To understand why U.S. oil production is so resilient, it helps to consider the maze of pipelines running out of Midland, Texas.

WellAware launches Chemical Management Solutions to reduce oilfield operating costs and optimize production

WellAware has launched the WellAware Chemical Management and WellAware Chemical Optimization products. Designed for E&P and chemical service companies, the new products reduce operating costs, minimize pump and well downtime, and optimize production.

Statoil’s Reitan sets sights on U.S. shale oil cost cutting

Torgrim Reitan, who’s about to take charge of Statoil's U.S. business after serving as CFO since 2011, has one priority: improve profitability by cutting costs.

U.S. could be energy superpower with repeal of oil export ban, Senate committee hears

U.S. Sen. Lisa Murkowski (R – Alaska) testified before the Senate Banking Committee Tuesday on the benefits of lifting the ban on domestic crude oil exports.

FERC approves Excelerate Energy's Puerto Rico FLNG project

The U.S. Federal Energy Regulatory Commission (FERC) has granted authorization to Excelerate Energy, in cooperation with the Puerto Rico Electric Power Authority (PREPA), to site, construct, and operate the proposed Aguirre Offshore GasPort project.

Husky assessing West White Rose development options

Husky Energy continues to assess potential development options for the West White Rose extension in the Jeanne d'Arc basin, the company said Monday.

BP has worst profit in 10 years on Libya write-off, trading

BP Plc reported the lowest quarterly profit in at least 10 years after a boom in trading faded and the conflict in Libya forced almost $600 million of writedowns.

Statoil second-quarter profit beats estimates as output rises

Statoil, Norway’s biggest oil and gas producer, said adjusted earnings after tax fell 27% in the second-quarter following a plunge in crude prices.

Iraq southern oil exports at record amid market share battle

Iraqi’s oil exports from the south climbed to a record this month at the same time the self-ruled Kurds in the north are shipping crude independently, adding to a global supply glut as producers vie for market share.

Libya crude output drops as conflict cuts power at oil fields

Libya’s crude production dropped below 400,000 bpd as the conflict in the divided North African country cut electricity supply at oil fields, according to the state-run National Oil Corp.

Natural gas gains as heat sweeping eastern U.S. boost fuel use

Natural gas futures rose after two days of declines on speculation that hotter weather in the eastern half of the U.S. will boost demand for the power plant fuel.

Borets introduces PMM-PCP technology to North America

Borets has conducted a North American field trial of its PMM-PCP system, the first permanent magnet motor (PMM) running at a slow speed without a gear reducer to drive a progressing cavity pump.

Report highlights importance of Strategic Petroleum Reserve

U.S. Sen. Lisa Murkowski (R – Alaska) has reiterated her opposition to selling off 101 MMbbl of oil from the nation’s Strategic Petroleum Reserve (SPR) to pay for unrelated legislative proposals with a new report highlighting the stockpile’s importance to the nation's energy security.

Oil majors delay $200 billion of spending, Wood Mackenzie says

Global oil and natural-gas producers have delayed $200 billion of investment in more than 45 projects following the slump in crude prices, according to Wood Mackenzie Ltd.

Goodrich Petroleum sells Eagle Ford assets for $118 million

Goodrich Petroleum Corp. has entered into a definitive agreement to sell its proved reserves and associated leasehold in the Eagle Ford shale in LaSalle and Frio Counties, Texas, for $118 million.

Oil slides in bear market as U.S. drillers increase rig count

Oil extended losses in a bear market as a rebound in U.S. drilling signaled that producers can withstand lower prices and may keep adding supplies to a global glut.

Encana slides to 13-year low as oil collapse brings job cuts

Encana Corp., the Canadian natural gas producer switching its focus to oil, fell to a 13-year low after second-quarter earnings missed analysts’ estimates.

URTeC '15: Self-suspending proppant reduces formation damage, Fairmount Santrol says

Self-suspending proppant increases oil and gas production by not harming the formation, according to a technical paper presented by Fairmount Santrol at URTeC.

KBR wins Fort Hills oil sands project contract

KBR has received an award associated with the Fort Hills oil sands mining project. KBR won a reimbursable contract to provide construction services at the facility located 90 km north of Fort McMurray, Alberta.