The flood of North American crude oil is set to become a deluge as Mexico dismantles a 75-year-old barrier to foreign investment in its oil fields.
Schlumberger Ltd., the world’s largest oilfield contractor, said international profit margins are poised to rise. The company’s shares gained 6.6 percent.
U.S. exports of natural gas liquids, already at a record amid surging output from shale deposits, are poised to quadruple by 2020 as the expansion of the Panama Canal cuts shipping costs to Asia.
U.S. natural-gas companies are getting hit with the highest costs in four years as they shift more production to oil to escape low gas prices.
Schlumberger Ltd., the world’s largest oil-services company, is reducing work in Venezuela because of trouble getting paid by state-owned Petroleos de Venezuela SA.
Oil refiners will deliver the lowest returns among energy stocks in the next 12 months, according to a survey of 175 senior energy executives and institutional investors.
BP Plc’s oil spill in the Gulf of Mexico will drive down rental prices for deep-sea drilling vessels by about 20 percent, analysts say, creating an oversupply of rigs as demand slows.
The U.S. moratorium on deep-water oil and gas drilling in the Gulf of Mexico prompted by BP Plc ’s spill will crimp second-half profits, Pride International Inc. and National Oilwell Varco Inc. said.
Transocean Ltd. , the world’s largest offshore driller, reported its biggest first-quarter profit decline in nine years amid a wordwide surfeit of rigs used to find oil and natural gas.
Baker Hughes Inc. led oilfield- services and equipment providers higher in New York trading after JPMorgan analyst J. David Anderson raised his rating of the company’s shares to “overweight” from “neutral.”
"Most service companies have been dealing with payment issues in Venezuela ever since Hugo Chavez came to power."
- Kurt Hallead on Mar 18, 2013