World

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 first week in three -Baker Hughes


 

 

Por Reuters

BENGALURU
Petroleumworld 25 02 2019

U.S. energy firms this week cut the number of oil rigs operating for the first time in three weeks week after U.S. crude production hit an all-time high, boosting exports to a record high and stockpiles to their highest in over a year.

Drillers cut four oil rigs in the week to Feb. 22, bringing the total count down to 853, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. RIG-OL-USA-BHI

For the month, the rig count fell by nine. That was the first time drillers removed rigs for three months in a row since October 2017. The rig count declined by two in December and 23 in January.

The U.S. rig count, an early indicator of future output, is still higher than a year ago when 799 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.

U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in a monthly report on Tuesday.

A shale revolution has helped boost the United States to the position of world's biggest crude oil producer, ahead of Saudi Arabia and Russia.

Overall crude production has climbed to a weekly record of 12 million bpd, the EIA said in its latest report, mainly due to increases in the Permian, the biggest U.S. oilpatch in the United States, and the Bakken in North Dakota. Crude stockpiles have built for a fifth straight week to their highest since October 2017 and exports hit an all-time high.

In 2019, however, several 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 $57.40 per barrel on Friday, after hitting their highest since mid-November. Prices were heading for a more than 3-percent weekly rise.

Looking ahead, crude futures were trading around $59 a barrel for the balance of 2019 and around $58 a barrel for the calendar 2020.

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 6 percent decline in capital expenditures for drilling and completions in 2019.

In total, Cowen said those E&P companies spent about $93.4 billion in 2018.

There were 1,047 oil and natural gas rigs active in the United States this week, according to Baker Hughes. Most rigs produce both oil and gas.

 

________________________

Reporting by Sumita Layek in Bengaluru Editing by Marguerita Choy de Reuters.

reuters.com 24 02 2019

Petroleumworld

Llegue a su target-publicitese con nosotros

Twitter:@petroleumworld2

 

TOP

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 reserved

 

 

This 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.