Russian gas producer Gazprom doubled its annual net profit last year, led by record sales to Europe despite pressure on EU states to diversify away from Russian energy imports. Gazprom is also working on contingency plans in case the undersea Nord Stream-2 gas pipeline to Germany is delayed and talks on a new gas transit... Continue Reading →

BP’s first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading. The slump in profits marks the first significant dent in BP’s steady recovery over the past 18 months following the sector’s 2014 downturn. Continue... Continue Reading →

Billionaire Warren Buffet’s company Berkshire Hathaway has committed to invest $10 billion in Occidental Petroleum, subject to Oxy’s entering into and completing its proposed acquisition of rival Anadarko. According to Oxy’s statement on Tuesday, Berkshire Hathaway will receive 100,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share, together with... Continue Reading →

Subsea engineering firm Oceaneering and offshore driller Pacific Drilling have entered into an industry-first, five-year digital services package agreement to digitally transform Pacific’s drilling fleet. Pacific Drilling said on Monday that this would allow the provision of emerging services such as remote ROV piloting, surveying, and automation aboard Pacific Drilling’s high-specification drillship fleet. Continue reading

Houston-based McDermott has reported quarterly loss of $70 million, or 39 cents per diluted share, compared to profit of $35 million, or 37 cents per diluted share in the first quarter of 2018. Excluding $73 million of restructuring, integration and transaction costs, the adjusted profit for the first quarter of 2019 was $3 million, or... Continue Reading →

Oil and gas shipping firm Teekay has agreed to sell all of its remaining interest in Teekay Offshore, a provider of marine services and solutions to the offshore oil industry, to Brookfield for $100 million. To remind, Canada’s Brookfield had in 2017 completed the acquisition a 60 percent stake in Teekay Offshore Partners with the... Continue Reading →

U.S. oil major ConocoPhillips reported an increase in its quarterly earnings on the back of higher output when compared to the prior-year period.  ConocoPhillips on Tuesday reported first-quarter 2019 earnings of $1.8 billion compared with first-quarter 2018 earnings of $0.9 billion. Excluding special items, first-quarter 2019 adjusted earnings were $1.15 billion compared with first-quarter 2018... Continue Reading →

Offshore driller EnscoRowan has nabbed eight rig contracts and contract extensions with the likes of Total, Kosmos, NAM, Neptune Energy and others. In a fleet status update on April 29, the company, formed earlier this month after a merger between Ensco and Rowan, said it had secured work for three floaters and five jack-ups. In... Continue Reading →

 4/28/2019 World Oil HOUSTON (Bloomberg) -- It’s becoming increasingly difficult for Anadarko Petroleum Corp. to justify sticking with Chevron Corp.’s $30.9 billion takeover as its shares gain following Occidental Petroleum Corp.’s higher offer. On Friday -- a day when most U.S. oil companies dropped amid a selloff in the crude market -- Anadarko extended its... Continue Reading →