Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings before the market opened Friday. For the full year, revenue rose 18% year over year, while adjusted earnings jumped 37%. SLB also raised its quarterly dividend 10% to 27.5 cents from 25 cents. SLB reported adjusted earnings of 86 cents a share for the quarter, beating Wall Street’s call for 84 cents, according to FactSet. Revenue of $8.99 billion was above … Continue reading “Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4”

Oil Field Services Giant SLB Reports Reduced Drilling in the U.S. and Gulf of Mexico

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported mixed third quarter earnings on lower-than-expected revenue Friday before the market opened. SLB EPS beat by a penny while total revenues came in roughly as expected. $SLB stock was down 4% after the release with concerns about and activity in the North American onshore market may have plateaued this year. Q3 net income rose to $1.12B, or $0.78/share, from $907M, or $0.63/share, in the year ago quarter, … Continue reading “Oil Field Services Giant SLB Reports Reduced Drilling in the U.S. and Gulf of Mexico”

Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion

Houston based oil and gas producer Occidental Petroleum reported on Tuesday agreed to pay $1.1 billion for Canadian direct air capture (DAC) supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change. Occidental said it has been working with Carbon Engineering on DAC deployment since 2019. The deal is another from oil majors looking to add to participate in energy transition. In early July Exxon Mobil (XOM) bought Dallas … Continue reading “Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion”

Oil Field Services Giant SLB Reports International and Offshore Growth

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected second quarter earnings on lower-than-expected revenue Friday before the market opened. $SLB stock was down 1% after the release with concerns about and activity in the North American onshore market may plateau this year. Earnings per share rose to $0.72 per-share from $0.50 a year earlier, just above the consensus of $0.71. Revenue jumped 20% to nearly $8.1 billion but fell short of the … Continue reading “Oil Field Services Giant SLB Reports International and Offshore Growth”

U.S. Natural Gas Storage Exceeded Five Year Average by 6% Since April – EIA

In the June STEO and the weekly natural gas storage report said U.S. natural gas production has outpaced demand, resulting in more natural gas injected into storage midway through the 2023 refill season (April 1–October 31). Since April 1, net injections into natural gas storage have exceeded the five-year (2018–22) average by 6% (66 Bcf) and working natural gas inventories have reached 69% of working gas capacity so far this refill season. In their June Short-Term Energy Outlook, they “forecast … Continue reading “U.S. Natural Gas Storage Exceeded Five Year Average by 6% Since April – EIA”

EIA Forecast World Oil Consumption to Overtake Production This Year with Russia and KSA Cuts

In the July STEO, EIA forecast that world oil consumption will overtake production this year, this reverses earlier forecasts. The EIA 2023 world oil demand growth forecast was raised by 170kbpd to 1.76mbpd Y/Y,however, the 2024 forecast demand cut by 60kbpd to a 1.64mbpd Y/Y. A small drop in oil production from OPEC+ alliances with the extension of production cuts and those outside of them will trim global supply to 101.1mbpd a day, just short of demand. EIA sees US … Continue reading “EIA Forecast World Oil Consumption to Overtake Production This Year with Russia and KSA Cuts”

EIA Sees Brent Higher but Forecast Non-OPEC Growth will Offset OPEC+ Production Cuts

In the June STEO, EIA forecast that despite the extension of OPEC+ production cuts, global liquid fuels production will increase by 1.5 million b/d in 2023 and by 1.3 million b/d in 2024, primarily because of growth from non-OPEC producers. EIA also raised its 2023 world oil demand growth forecast by 30Kbpd, seeing an increase of 1.59m bpd this year. However, the EIA lowered next year’s demand forecast by 20Kbpd to a 1.70 mbpd increase. They see most of this … Continue reading “EIA Sees Brent Higher but Forecast Non-OPEC Growth will Offset OPEC+ Production Cuts”

EIA Sees U.S. Natural Gas Power Demand Just Off Record Highs This Summer

In the May STEO, EIA estimate natural gas consumption for electricity generation this summer (May–September) just off last year’s record pace and averaging about 38 billion cubic feet per day (Bcf/d), just down from 39 Bcf/d recorded last year. The EIA increased natural gas consumption for electricity generation from last month by about 2% for 2023 and 3% for 2024 because of their methodology change which results in more CDDs, and in more U.S. electricity generation during the summer. High … Continue reading “EIA Sees U.S. Natural Gas Power Demand Just Off Record Highs This Summer”

EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024

In the May STEO, EIA expects energy demand growth to bring the global oil market into balance between Q3 2023 and Q1 2024. EIA estimated global liquids fuel production to increases by 1.5 million b/d in 2023 compared with 2022 primarily because of growth from non-OPEC producers. Excluding production from Russia, which is forecast to fall by 0.3 million b/d in 2023, they expect non-OPEC liquid fuels production to increase by 2.2 million b/d in 2023 and by an additional … Continue reading “EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024”

Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs

Houston oil producer and shale exploration company Marathon Oil reported better than expected first quarter earnings after the close Wednesday. MRO reported adjusted earnings of $420 million or $0.67 per share for the period. Ahead of analysts $0.60 per share expectations. The company’s revenue for the quarter fell 4.0% to $1.68 billion from $1.75 billion last year. Marathon Oil Corporation NYSE: $MRO Marathon Oil Q1 23 Earnings: Highlights Production U.S. Equatorial Guinea Ensign Natural Resources As previously announced, Marathon Oil … Continue reading “Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs”