Equinor earns $4.3 billion on $18.1 billion in revenueHigher U.S. and Brazilian production helped Equinor ASA turn in 43% higher YOY adjusted earnings in Q2 at $4.3 billion and after-tax profits of $1.7 billion in the second quarter, up 30% from a year ago. Formerly called Statoil and two-thirds owned by Norway's government, the company said that higher realized oil and gas prices also help lift earnings up. Revenue increased 22% to almost $18.1 billion.Equinor said its net operating income of $3.8 billion was up 18% YOY on higher liquids...
Aug 16, 2018
People & Companies International Deals - April 04, 2018Frontera Energy Corp. announced
the resignation of CFO Camilo McAllister
effective March 9. The company is
retaining a search firm to find a new CFO
but corporate finance director Alejandro
Piñeros will take on the role in the interim. PentaNova Energy Corp named
Ralph Gillcrist as CEO and President,
Alan Aitchison as COO and Rafael
Orunesu as VP, business
development and country
manager, Argentina. Gillcrist
is also named to the company’s board.
Previously, he was CEO of...
Apr 04, 2018
People & Companies - March 16, 2018Frontera Energy announced the
resignation of CFO Camilo McAllister
effective March 9. The company retains
a search firm to find a new CFO but
corporate finance director Alejandro
Piñeros will take on the role in the interim. PentaNova Energy Corp. named
Ralph Gillcrist as CEO and President,
Alan Aitchison as COO and Rafael
Orunesu as VP, business
development and country
manager, Argentina. Gillcrist
is also named to the company’s board.
Previously, he was CEO of Petroamerica
Oil Corp....
Mar 16, 2018
Aker Solutions sells $190 million in 2022 notesAker Solutions ASA, which just agreed to provide subsea services to Statoil, has completed the issue of NOK 1.5 billion ($190 million) of senior unsecured notes maturing in July 2022. The bonds were issued at three-month Nibor plus 315 bps. The notes were listed for trading on the Oslo Børs on Jan. 25.DNB Markets, Nordea, SEB and SwedBank were joint lead managers for the oversubscribed bond issue and conducted a market assessment for the bonds in early January. CFO Svein Stoknes said the sale...
Jan 29, 2018
Flutura partnership shows high-tech’s growing roleFlutura, an artificial intelligence startup, has a new partner—The JAG Group, which is guided by some retired leaders from the energy sector. The partnership will focus on utilizing Flutura’s flagship Cerebra Industrial Internet of Things (IIOT) platform for the benefit of oil and gas, just another sign of how Silicon Valley thinking is entering the oilfield.“Onshore North America used to be a market where state-of-the-art technology went to be humiliated,” said Tom Curran, an energy...
Jul 20, 2017
What the Analysts are Saying About - May 22, 2017Chevron Corp. (CVX; $106.70-May 1; Buy)Q1 cash flow was negatively impacted by a series of one-offs, which should turn-around going forward (>$1.5B higher per quarter for the rest of '17). 2017 capex should be towards the bottom end of the $17-22B range. Production guidance remains at 4-9% y/y growth (ex-asset sales) but biased to the higher end. Gorgon is currently at 85% utilization with T2 back up and running - it should generate $2B of CFFO this year. Concerns around...
May 22, 2017
Flemish Pass prepares for spudding this fallHusky Energy and partner Statoil are wrapping up seismic acquisition on Canada's east coast in preparation to spud the first Flemish Pass appraisal well this fall. The well is a quick followup to Statoil's Bay du Nord discovery, which was announced last August and estimated to contain 300-600 MMbbl contingent. Bay du Nord came on the heels of Statoil's Mizzen discovery, estimated to hold 100-200 MMbbl. A third major discovery at Harpoon is still under evaluation.On a call, Husky CEO...
Aug 11, 2014
As sanctions come, ExxonMobil rig moves to Russian ArcticA simple journey into Russian waters to explore for oil is drawing unwanted scrutiny to ExxonMobil as tensions between Russia and the West intensify. The contracted rig left for Russian waters on June 21 and began drilling shortly thereafter.The exploration work will target the Universitetskaya structure at the East Prinovozemelsky Block in Russia's Kara Sea. Icebound for 270-300 days a year and featuring winter temperatures as low as -51ËšF, the sea is to the southeast of Russia's...
Jul 25, 2014
Johan Sverdrup recovery rate could exceed 70%Norwegian billionaire and majority owner of Aker ASA Kjell Inge Rokke believes investments in infrastructure and technology, combined with the reservoir's excellent quality, will lift the giant Johan Sverdrup field's expected recovery rate a full 10%, to 70%. This would bring the field's estimated recoverable reserve base up to 2.4 Bboe.Discovered 90 miles west of Stavangerin ~400 ft of North Sea water at a reservoir depth of 6,200 ft in 2010, early reserve estimates for Johan Sverdrup...
Apr 10, 2014
Who's Hot, Who's Not - February 20, 2014Upgrades:• Baker Hughes Inc. (BHI/$61.17/$42.60/$61.73/$26.74B) from Hold to Buy by Argus.• Bonanza Creek Energy Inc. (BCEI/$45.76/$31.11/$57.47/$1.84B) from Sector Outperform to Focus Stock by Howard Weil.• Bristow Group Inc. (BRS/$71.17/$55.83/$85.70/$2.58B) from Market Perform to Outperform by William Blair.• Cabot Oil & Gas Corp. (COG/$39.66/$26.22/$41.78/$16.7B) from Equal Weight to Overweight by Barclays.• Cheniere Energy Inc....
Feb 20, 2014
Who's Hot, Who's Not - As of December 24, 2013Upgrades:• Alon USA Energy Inc. (ALJ/$15.87/$8.55/$21.24/$995.32M) from Hold to Buy by Deutsche Bank.• Cabot Oil & Gas Corp. (COG/$38.57/$23.40/$40.34/$16.24B) from Hold to Buy by Deutsche Bank.• Capital Product Partners LP (CPLP/$10.20/$6.26/$10.33/$804.7M) from Hold to Buy at Deutsche Bank.• Delek US Holdings Inc. (DK/$33.90/$19.83/$41.47/$2.04B) from Hold to Buy by Deutsche Bank.• PDC Energy Inc. (PDCE/$53.81/$31.77/$73.93/1.88B) from Hold to Buy...
Dec 24, 2013
Analysts' view on select stocks - June 28, 2013Upgrades:• EV Energy Partners LP (EVEP/$36.84/$32.65/$66.30/$1.57B) from Neutral to Buy by Global Hunter Securities.• Linn Energy LLC (LINE/$34.50/$29.10/$42.57/$8.11B) from Sector Perform to Sector Outperform by Howard Weil.• Linn Co LLC (LNCO/$37.16/$32.62/$44.20/$1.29B) from Sector Perform to Sector Outperform by Howard Weil.• Newfield Exploration (NFX/$24.13/$19.57/$35.65/$3.19B) from Hold to Buy by Stifel.• OGE Energy...
Jun 28, 2013
Who's Hot/Who's Not - As Of February 19Upgrades:• Alpha Natural Resources Inc. (ANR/$9.50/$5.28/$20.70/$2.1B) from Hold to Buy by Dahlman Rose.• Buckeye Partners LP (BPL/$53.31/$44.37/$62.66/$5.23B) from Hold to Buy by Argus.• CARBO Ceramics Inc. (CRR/$90/$60.33/$110.66/$2.07B) from Neutral to Buy by Global Hunter Securities.• Chesapeake Energy Corporation (CHK/$20.36/$13.32/$26.09/$13.12B) from Hold to Buy by Stifel Nicolaus.• Core Labs NV...
Feb 21, 2013
Who's Hot, Who's Not-As of January 8Upgrades:• Access Midstream Partners LP (ACMP/$34.76/$22.50/$37.57/$5.14B) from Neutral to Buy by UBS.• Bill Barrett (BBG/$18.03/$15.42/$35.45/$851.95M) from Hold to Buy by Wunderlich.• Concho Resources (CXO/$85.02/$76.17/$116.82/$8.8B) from Outperform to Top Pick by RBC Capital Markets.• Diamond Offshore Drilling Inc. (DO/$70.94/$55.83/$73.50/$9.86B) from Market Perform to Market Outperform by Howard Weil.• Duke Energy...
Jan 08, 2013
People Briefs - December 16, 2013• Ecopetrol appointed Magda Manosalva as CFO. She previously served as CFO of Reficar and head of treasury at Ecopetrol.• Ernst & Young Energy Group appointed Celine Delacroix as executive director, oil & gas lead advisory. She previously served as director at Barclays Capital.• InterOil Exploration & Production appointed Carlos Guerrero Moreno as general manager, Interoil Colombia. He previously served as exploration and new ventures manager at Gran Tierra Energy...
Dec 16, 2013