Nov 21 (Reuters) – Transocean Ltd attached some hard
numbers to industry concerns about near-term slack in the demand
for deepwater oil and gas drilling, saying its rigs would
represent more than a third of those seeking work in 2014.
Shares of Transocean, owner of the world’s largest offshore
drilling fleet, fell 3 percent in morning trading on Thursday.
SAN FRANCISCO, Nov 15 (Reuters) – California regulators said
on Friday an enhanced monitoring regime for oil and gas
production that is part of the state’s new fracking regulations
would shore up groundwater protection, a top concern in the
The law, signed by Governor Jerry Brown in September,
introduces stringent regulations of hydraulic fracturing as well
as of acid injection in anticipation of greater industry efforts
to develop the state’s vast Monterey shale.
Nov 7 (Reuters) – Transocean Ltd, the world’s
largest offshore drilling contractor, is going through a
“painful” process to reduce onshore expenses and expects to see
a drop in costs next year as a result, executives said.
Chief Financial Officer Esa Ikaheimonen also hinted on
Thursday that a change to the capital structure could be in the
works through the introduction of a partnership for certain
assets, with more details to come later this month.
(Reuters) – Transocean Ltd (RIG.N: Quote, Profile, Research, Stock Buzz), owner of the world’s largest offshore drilling fleet, reported on Wednesday a larger-than-expected third-quarter profit due to increased demand for its rigs and higher rates, sending its shares up 2 percent.
Net income for the quarter was $546 million, or $1.50 per share, compared with a loss of $381 million, or $1.06 per share, a year ago, when it took an $878 million charge for its exit from the lower end of the shallow-water jackup rig market.
(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) on Wednesday increased its dividend by 20 percent as the oilfield services company laid out plans to boost North American profit margins by 2 percentage points next year through cost reductions alone.
Halliburton shares jumped 2 percent after the dividend announcement at a meeting between company executives and analysts. Pricing in the North American oilfield market remains competitive due to spare service capacity, as a natural gas production glut forced operators to scale back plans, the executives said.
HOUSTON (Reuters) – North American energy companies are expected to spend 10 percent more next year as they drill shale wells requiring bigger hydraulic fracturing jobs in order to maximize recovery of oil and gas, a U.S.-based portfolio manager said on Tuesday.
Many energy companies are in the process of finalizing 2014 capital expenditure budgets and most investors and analysts expect budgets to grow, even if there is some debate about just how big the increases will be.
Nov 5 (Reuters) – Weatherford International will cut
its debt by up to $5 billion in the next two years as it boosts
cash flow and divests assets, the oilfield services company’s
CEO said on Tuesday.
Buoyed by higher-than-expected quarterly earnings on Monday
and the announcement that day of a settlement of U.S.
investigations that go back six years, shares of Weatherford hit
their highest since March 2012.
(Reuters) – Private oil companies, unable to get others to fork out enough money to buy them, are increasingly going to public markets to tap investors who are eager to get a piece of the U.S. onshore boom – especially if the firms target just one shale basin.
Tod Benton, the head of U.S. energy banking at Canada’s BMO Capital Markets, said initial public offerings are giving companies higher valuations at a time when buyers and sellers of oil and gas properties are having a tough time reaching agreements on price.
(Reuters) – Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz) posted a higher quarterly profit on Thursday, but its engineering project backlog shrank as the oil and gas division could not make up for lost mining work and its 2014 outlook fell short of what analysts expected.
Shares of Fluor, the largest publicly traded U.S. engineering company, dropped nearly 4 percent in after-hours trade, extending a 2 percent decline in regular trading.
Oct 29 (Reuters) – Occidental Petroleum Corp’s
earnings jumped 15 percent in the third quarter, beating
expectations due to cost cuts and higher prices for its
products, the fourth-largest U.S. oil company said on Tuesday.
Analysts said the part of Occidental’s business that
transports and stores oil and gas accounted for much of the
upside surprise, even as international output declined.