By Anna Driver
(Reuters) – Apache Corp declined to comment on
Monday whether it has received and rejected an unsolicited
takeover offer from an unidentified company as its shares soared
as much as 13 percent.
On Sunday, Bloomberg News reported that Apache, which has
operations in Egypt, the North Sea and Texas, had rejected a
takeover approach and hired investment bankers from Goldman
Sachs to help with a defense.
HOUSTON/NEW YORK, Nov 6 (Reuters) – U.S. shale oil
producers, having slashed fat from 2015 budgets after a
50-percent drop in crude prices, risk cutting to the bone next
year as they pare spending further and get ready for a prolonged
Top shale companies including Devon Energy Corp,
Continental Resources Inc and Marathon Oil Corp
this week released preliminary 2016 plans for capital spending
that may fall by double digits.
(Reuters) – A handful of U.S. shale oil producers are pushing up their production forecasts, saying efficiency gains from drilling in prime rock are helping them eke out more crude in the middle of the worst price crash in six years.
The slightly bolder outlooks this week from Oasis Petroleum Inc (OAS.N: Quote, Profile, Research, Stock Buzz), Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz), Pioneer Natural Resources Co (PXD.N: Quote, Profile, Research, Stock Buzz) and Diamondback Energy Inc (FANG.O: Quote, Profile, Research, Stock Buzz) show that the confident swagger that typified the U.S. shale boom’s early days has yet to be fully tempered by the more than 50 percent drop in oil prices CLc1 since last year.
By Anna Driver
(Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) said on Friday third-quarter profit fell 47 percent on low crude prices but results were better than expected, helped by higher profit in the oil company’s refining business.
Crude prices have fallen more than 50 percent from last year’s high above $100 a barrel. While the crude decline hurt Exxon’s largest oil and gas business, it also boosted profit margins in refining by lowering feedstock costs.
Oct 30 (Reuters) – Exxon Mobil Corp said on Friday
third-quarter profit fell 47 percent on low crude prices but
results were better than expected, helped by higher profit in
the oil company’s refining business.
Crude prices have fallen more than 50 percent from last
year’s high above $100 a barrel. While the crude decline hurt
Exxon’s largest oil and gas business, it also boosted profit
margins in refining by lowering feedstock costs.
HOUSTON, Oct 30 (Reuters) – Huge cost savings are waning for
U.S. shale oil companies, marking an end to the drastic price
cuts on equipment and services over the past 16 months that
helped them survive the worst industry downturn in six years.
Companies including Anadarko Petroleum Corp,
ConocoPhillips and Occidental Petroleum Corp
have saved millions on drilling and fracking wells in Texas,
Colorado and North Dakota since the oil price slide started by
demanding that oilfield service companies slash prices by 20
percent to 30 percent or more.
Oct 29 (Reuters) – ConocoPhillips reported a
third-quarter loss on Thursday, and the largest U.S. independent
oil company lowered its 2015 spending target in response to the
lingering slump in crude prices.
The Houston-based company said it would divest assets and
lower its cost structure in response to the more than 50 percent
slide in crude oil prices from last year’s high of more than
$100 per barrel.
HOUSTON (Reuters) – Stagnating rig productivity shows U.S. shale oil producers are running out of tricks to pump more with less in the face of crashing prices and points to a slide in output that should help rebalance global markets.
Over the 16 months of the crude price rout, production from new wells drilled by each rig has risen about 30 percent as companies refined their techniques, idled slower rigs and shifted crews and high-speed rigs to “sweet spots” with the most oil.
HOUSTON (Reuters) – Cam Hewell runs Premium Oilfield Technologies, a small company that makes equipment and spare parts for drilling rigs from North Dakota to Texas. Like his rivals, he is trying to withstand the worst oilfield downturn in six years, but they face a vexing obstacle: cannibals.
In a bid to save cash, rig owners are cannibalizing parts such as motors and drill pipe from idled rigs to fix 800 active ones in the U.S. when stuff breaks.
HOUSTON (Reuters) – Easy money, super-sized frack jobs, and desperate drillers offering deep discounts to oil producers – all three have been credited for sustaining U.S. crude output during the worst price slump in six years.
Now there appears to be a new factor in the mix: old vertical wells that can quickly be drilled, injected with water or fracked for a second time to increase production at low cost.