LONDON/HOUSTON (Reuters) – Saudi Arabia’s cushion of spare oil capacity is thinning far faster than widely believed, threatening to trigger price spikes in the months ahead, energy industry experts warned at the Reuters Global Energy and Climate Summit on Monday.
Concerns are growing over the kingdom’s ability to pump more oil beyond an anticipated summer boost, leaving the world exposed to any further unexpected disruptions. The world’s top exporter promised to produce as much oil as the market needs after the Organization of the Petroleum Exporting Countries last week failed to reach a deal.
SAN FRANCISCO, June 10 (Reuters) – A majority of
shareholders of Nabors Industries Ltd (NBR.N: Quote, Profile, Research, Stock Buzz) voted against the
way the world’s largest land-drilling contractor pays its top
management, despite sharp reductions in the past two years.
The vote reflects growing resistance to the lavish pay of
oil and gas executives. Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) CEO
suffered a similar rebuke on Friday [ID:nN10175875], while
Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) shareholders forced its board
to reel in pay for its wealthy retiring boss. [ID:nN06183280]
SAN FRANCISCO, June 7 (Reuters) – Global spending on oil
and gas exploration and production may grow 14 percent in 2011,
faster than a previous forecast from a survey that found
billions of dollars more flowing for North American drillers.
The forecast from Dahlman Rose & Co analyst James Crandell,
who had previously expected an 11 percent increase, bodes
particularly well for the profits at U.S.-focused oilfield
service companies such as Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) and Baker
Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz).
SAN FRANCISCO, June 3 (Reuters) – Oilfield services company
Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) sees a “much better” second half of
2011 in the Gulf of Mexico thanks to resumed deepwater
drilling, pushing its stock up 3 percent.
Chief Executive Chad Deaton said drilling had started on
about half of the dozen deepwater wells with permits, with 11
more permits pending on wells where customers had awarded
service contracts. Analysts, however, remain concerned about
how quickly permits will flow once the backlog is cleared.
DALLAS/SAN RAMON, California (Reuters) – Large blocks of investors in the two biggest U.S. oil companies on Wednesday demanded more disclosure about the environmental risks of extracting oil and gas through hydraulic fracturing.
Exxon Mobil Corp defended the practice at its annual shareholder meeting on Wednesday, even as investors peppered Chief Executive Rex Tillerson with concerns and questions about it.
Boats cruising near Chevron’s refinery on San Francisco Bay got a friendly reminder from environmentalists that it’s once again annual meeting time for the California oil company.
Three activists rappelled off the Richmond-San Rafael bridge with a neon-green banner saying ”Chevron Guilty; Clean up Amazon,” prompting a flurry of radio chatter on Monday between at least one commuter ferry and the Bay’s vessel traffic authorities.
, May 20 (Reuters) – A group of Silicon
Valley schools have built the largest solar and power-saving
system of any U.S. school district through a project undertaken
with the energy efficiency arm of Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz).
The 7.1 megawatt project at San Jose’s East Side Union High
School District should save $43 million over its life, and $3
million next year alone, or enough to fund at least 25 jobs,
according to Lan Nguyen, president of the district’s board.
SAN FRANCISCO/RIO DE JANEIRO, May 13 (Reuters) – Brazil’s
plans to build 21 offshore rigs are being closely watched by
drilling contractors because any delay would lead to an
increase in demand for existing rigs.
Dozens of new deepwater units are already being built by
the private-sector contractors that are banking on growing
demand from Brazil to prevent the global deepwater drilling
market from becoming over-supplied.
SAN FRANCISCO, May 12 (Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz)
plans to move a deepwater rig to the U.S. Gulf of Mexico next
year, owner Transocean Ltd (RIGN.VX: Quote, Profile, Research, Stock Buzz) (RIG.N: Quote, Profile, Research, Stock Buzz)
said, marking a planned
addition to the region’s fleet after months of departures.
The newly built Deepwater Champion, which will spend the
next year and a half in the Black Sea working for Exxon at a
record rate of $703,000 per day, is then set to move to the
U.S. Gulf in December 2012, according to the Transocean
fleet update out on Thursday.
SAN FRANCISCO (Reuters) – URS Corp (URS.N: Quote, Profile, Research, Stock Buzz) reported a quarterly profit that fell short of expectations, but the U.S. engineering company stuck with its full-year targets and spotted signs of life in some previously dormant markets.
Chief Executive Martin Koffel was pleased by revenue growth in the commercial and power/industrial business lines, with clients having deferred projects during the economic downturn.