Whenever Saudi Arabian officials are asked what oil price the kingdom want, they almost always reply that they have no preference. Recent reports that the world’s largest exporter was aiming for $80/bbl elicited the same response: there’s no target.
Apache reported earnings of $124 million, or $0.32 per share. Net cash provided by operating activities in the quarter was $615 million. Before working capital changes, Apache generated $799 million in operating cash flow. Adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses (adjusted EBITDAX) was $1.1 billion.
Bahrain, one of only three Middle East oil exporters that needs crude above $100 to break even, will soon be part of another short list: the triple-digit debt club.
McDermott International, Inc. and CBandI announced that both companies have received the necessary stockholder approvals to complete the proposed business combination.
US crude oil inventories, excluding the Strategic Petroleum Reserve, increased 6.2 million bbl for the week ended Apr. 27, according to US Energy Information Administration data.
Eni SpA makes an oil discovery on the A-2X exploration prospect.
At an Offshore Technology Conference (OTC) topical breakfast in Houston on Wednesday, Takuma Iino Deputy Director of the Petroleum and Natural Gas Division at Japan’s Ministry of Economy, Trade, and Industry, said that LNG has become even more important in the country’s energy mix.
Light, sweet crude prices for June delivery gained modestly to settle under $68/bbl on the New York Mercantile Exchange May 2 while Brent crude oil prices for July delivery gained modestly in London to remain above $73/bbl.
The offshore oil and gas industry is picking up on shorter-cycle, phased-development, making some projects more attractive to private equity, panelists told a May 2 session at the Offshore Technology Conference in Houston.
Nearly half, about 46%, of the 813 senior oil and gas professionals who participated in a recent survey said they believe there has not been enough investment in inspection and maintenance of infrastructure and equipment in recent years, Oslo-based DNV GL reported on May 1.