México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

U.S. oil drillers cut rigs for fourth week in five -Baker Hughes


 

 

 

By
Reuters

NEW YORK
Petroleumworld 02 04 2019

U.S. energy firms this week cut the number of oil rigs operating for a fourth time in the past five weeks as some drillers follow through on plans to spend less on new wells this year.

Drillers cut 15 oil rigs in the week to Feb. 1, bringing the total count down to 847, the lowest since May 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. RIG-OL-USA-BHI

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 765 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.

In 2019, however, some drillers have said they plan to remove rigs due in part to forecasts for lower crude prices than last year.

U.S. crude futures were trading around $55 a barrel on Friday, near their highest in over two months on signs the United States and China could soon settle their trade dispute while producer cuts and U.S. sanctions on Venezuelan exports tighten supplies.

Looking ahead, crude futures were trading around $56 a barrel for the balance of 2019 and calendar 2020 . EIA projected West Texas Intermediate WTC- spot crude would average $54.19 in 2019 and $60.76 in 2020, down from an average of $65.06 in 2018.

U.S. shale producer Continental Resources said this week it expects oilfield services costs to remain low in 2019 as companies that provide drilling and completion work continue to face pressure from softer oil prices.

U.S. crude production, meanwhile, continued to rise, hitting a new high of 11.9 million barrels per day in November, the U.S. Energy Information Administration said this week.

Exxon Mobil Corp said on Friday its output in the Permian Basin, the largest U.S. shale oil basin, rose 90 percent over a year ago.

U.S. financial services firm Cowen & Co said this week that early indications from the exploration and production (E&P) companies it tracks point to a 2 percent increase in capital expenditures for drilling and completions in 2019.

In total, Cowen said those E&P companies spent about $88.7 billion in 2018.

There were 1,045 oil and natural gas rigs active in the United States this week, according to Baker Hughes. Most rigs produce both oil and gas.

Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the average combined oil and gas rig count will fall from 1,032 in 2018 to 999 in 2019 before rising to 1,087 in 2020. That forecast was the same as last week.


________________________



We invite you to join us as a sponsor.

 

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

Hit your target - Advertise with us

PW 300.000 plus request per week

Reporting by Scott DiSavino Editing by Chizu Nomiyama from Reuters.

reuters.com 02 01 2019


Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites
 

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.