Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
BP back in balance even if oil moves back toward $50 per barrel
by Daniel J. Graeber
Washington (UPI) Oct 31, 2017


There are clear signs the market is back on solid ground and adjusting to historically lower, but recovering, crude oil prices, BP said.

"We have made strong progress this year in adjusting to the lower oil price environment and have now brought our finances, including the full dividend, back into organic balance at an oil price just below $50 a barrel," Chief Financial Officer Brian Gilvary said in a statement.

The price for Brent crude oil, the global benchmark, was around $60 per barrel in early Tuesday trading, holding firm at its highest level in years. Gilvary said Tuesday the company would start buying back shares during the fourth quarter and the company said its $1.87 billion for the equivalent of net income was roughly twice as high as it was last year.

RBC Capital Markets said in an emailed statement Monday it was expecting BP would be "one of the potential winners this quarter" given its lack of disruptions and lower charges from the 2010 oil spill in the Gulf of Mexico.

In August, when Brent was trading around $52 per barrel, CEO Bob Dudley said the company was positioned for the "new oil price environment." In this new environment, BP reported oil and gas production for the third quarter was 13 percent higher than third quarter 2016 and three new projects started up since Dudley made his statement after the second quarter.

Six out of seven projects the company said it would start up this year are in production and the last one, the Zohr natural gas project offshore Egypt, is on pace to begin operations by the end of the year. In September, the company signed up to extend its production sharing agreement for oil fields in the deep Azeri waters in the Caspian Sea for another 25 years.

"Looking ahead, we expect fourth-quarter reported production to be higher than the third quarter reflecting the continued ramp-up of major projects and recovery from seasonal turnaround and maintenance activities," the company said.

Spending during the third quarter, meanwhile, was up 14 percent from the same period to $4 billion. Spending over the first nine months of the year was up 2.5 percent to $12.2 billion.

OIL AND GAS
Raton Basin earthquakes linked to oil and gas fluid injections
Boulder CO (SPX) Oct 26, 2017
A rash of earthquakes in southern Colorado and northern New Mexico recorded between 2008 and 2010 was likely due to fluids pumped deep underground during oil and gas wastewater disposal, says a new University of Colorado Boulder study. The study, which took place in the 2,200-square-mile Raton Basin along the central Colorado-northern New Mexico border, found more than 1,800 earthquakes up ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Expanding Brazilian sugarcane could dent global CO2 emissions

Stiff fibers spun from slime

Converting carbon dioxide to carbon monoxide using water, electricity

Separating methane and CO2 will become more efficient

OIL AND GAS
Fitch: U.S. decision on Paris doesn't matter for renewable growth

Oil-rich Alberta adding more solar components

UNIST researchers develop highly stable perovskite solar cells

New fractal-like concentrating solar power receivers are better at absorbing sunlight

OIL AND GAS
New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

Scotland outreach to Canada yields wind energy investment

OIL AND GAS
South Korea to push ahead with nuclear power plants

AREVA NP awarded contract for safety upgrades in seven reactors

AREVA NP installs a system allowing flexible electricity generation at Goesgen nuclear power plant

Dessel: a new step forward with the dismantling of the site

OIL AND GAS
A drier south: Europe's drought trends match climate change projections

Carbon dioxide levels lower than thought during super greenhouse period

Study reshapes understanding of climate change's impact on early societies

IMF chief warns of 'dark future' over climate change

OIL AND GAS
Energy firms back investment into diesel engine

Investors fuel a multibillion-dollar ride-sharing frenzy

'Dieselgate' costs choke Volkswagen profits

Opel drives Peugeot's sales, but China stalls

OIL AND GAS
Iraq PM wins Iran support as forces battle IS, Kurds

Hashed al-Shaabi: controversial force on Iraq's frontlines

Fierce clashes with IS near Mosul; Return of 5,600 jihadists poses major threat: Soufan

Iraq's Abadi: 'hero' who tackled mission impossible

OIL AND GAS
US adds sanctions on North Korea for rights abuses

Iranian sentenced to death for spying; US Navy saves Iran fishing boat from pirates

India shrinks ties with NKorea but will not close embassy

Philippines says sanctions strengthen Kim as Chinese, SK defence chiefs meet




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement