Industry Trends ///

TotalEnergies starts pullback from Russia with $4 billion writedown

TotalEnergies SE took a $4.1 billion writedown on its flagship Russian gas project and indicated that it may belatedly join its peers in pulling back from the country two months after the invasion of Ukraine.

Big Oil’s huge Russia writedowns eased by cash from $100 oil

Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting.

Data business in oil & gas market expected to be valued at $145 billion by 2032

The global data business in the oil & gas market is projected to rise at a compound annual growth rate of 16.5% for the next decade, rising from a valuation of $31.6 billion in 2022 to $145.9 billion by 2032.

Baker Hughes slumps as Russia sales suffer amid sanctions

Baker Hughes Co. tumbled by the most in two years after warning that sales in Russia would continue to erode amid sanctions on the warring nation.

Romar International, Abrado Wellbore Services merge to form Romar-Abrado

The combined entities will offer advanced milling and swarf handling services to deliver permanent, verifiable, emission-free well barriers and highly predictable alternative zonal isolation solutions to the plugging and abandonment industry.

Energy transition still means billions in fossil-fuel investment

The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment.

AADE fluids conference opens with financial keynote and rig count forecast

Spears & Associates Managing Director Richard Spears’ talk, titled, How extreme financial discipline impacts drilling activity in 2022 and 2023, outlined what has caused oil companies to display uncharacteristic financial restraint, despite surging oil prices.

Halliburton raises North American oil-industry spending outlook

Halliburton Co. said North American oil and natural gas drillers will lift spending by 35% this year, an increase from the biggest fracer’s pre-Russian war forecast.

Report shows U.S. upstream mergers and acquisitions open strong in 2022

As the M&A market marched into the new year, $14 billion in deals were announced during the first quarter of 2022. The $6 billion transacted in January was the strongest M&A market launch in five years.

Real-time operations center drives new ESG opportunities by integrating personnel and data

Lei Wang, Chris Stewart

An integrated platform, incorporating data from multiple systems that are accessible to a real-time operations center and field personnel, produces a comprehensive model of a company’s ecosystem. The innovative combination results in safer, more reliable operations with less downtime.

Researchers claim oil companies have ‘questionable claims’ in climate disclosures

Some of the largest firms are already voluntarily divulging their greenhouse-gas emissions, but the lack of government regulation and unified reporting underscores the challenges investors face when comparing inconsistent data across companies.

Shell to write down as much as $5 billion on Russia exit

Shell Plc said its withdrawal from Russia will result in $4 billion to $5 billion of impairments, while also warning investors that extreme energy price volatility in the first quarter could hit cash flow.

U.S. oilfield sector jobs rise in March – Energy Workforce & Technology Council

Employment in the U.S. oilfield services and equipment sector rose by an estimated 2,698 jobs to 608,702 in March, according to preliminary data from the Bureau of Labor Statistics and analysis by the Energy Workforce & Technology Council.

Exxon sees up to $4 billion writedown on Russian departure

Exxon Mobil Corp. expects to take a writedown of as much as $4 billion on the Sakhalin-1 oil development in Russia as the company attempts to exit the operation following the invasion of Ukraine.

Oil & gas market report expects continued demand increases this year

A new market update report shows the U.S. oil and gas (O& G) industry can expect to see continued demand recovery and positive effects from the passage of the Infrastructure Investment and Jobs Act, but regulatory environments tightened last year.

Cnooc weighs sale of $3 billion U.K. North Sea portfolio

Cnooc Ltd. is considering a sale of its U.K. North Sea portfolio, in what could be one of the biggest disposals in the aging basin by a foreign firm in recent years, people familiar with the matter said.

Biden, allied leaders discuss new round of oil reserve release

The U.S. and other major economies discussed oil supply and the potential for another round of releases, raising the prospect of new government intervention to ease supply strains.

Dallas Federal Reserve: Oil and gas expansion accelerates as outlooks improve significantly

Activity in the oil and gas sector accelerated during first-quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey, which is punctuated with a number of record highs.

First Oil: Poor U.S. energy policy clashes with global realities

Kurt Abraham

As many in the upstream industry anticipated, military action in Ukraine has sent oil and gas prices to their highest levels since 2008, with crude peaking at well above $100/bbl, with no end in sight.

Occidental plans 70 plants to capture carbon from air by 2035

Occidental Petroleum Corp., the shale giant backed by Warren Buffett, plans to build 70 carbon capture facilities around the world by 2035 that will each remove as much as 1 million tons per year of the greenhouse gas directly from the atmosphere.

TotalEnergies to stop buying Russian oil, funding arctic LNG

TotalEnergies SE said it will stop buying Russian crude and diesel by the end of the year, becoming the latest energy giant to shun the country’s oil in protest against the invasion of Ukraine.