Advanced Chart
  • Today, 10:38 AM
    • Statoil (STO +2.2%) is higher despite posting a surprise loss for the second quarter in a row and cutting its 2016 capex by another $1B.
    • STO says Q3 profits were hurt in part because it produced less oil and gas than normal as it carried out extensive maintenance work on its operations.
    • But investors appear to be heeding the advice of Bernstein analyst Oswald Clint to “ignore the earnings miss,” and focus instead on cash and the potential for further expansion with lower spending and costs.
    • STO says it will cut full-year capex to $11B from $12B and its exploration spending to $1.5B from $1.8B.
    • Produced 1.8M boe/day during Q3 vs. 1.91M boe/day in the year-ago quarter, but maintains its target of annual organic production growth of 1% during 2014-17.
    • STO says it lowered its net-debt-to-capital-employed ratio to 30.3% at the end of September from 31.2% three months earlier, as it seeks to drop below 30%.
    | Today, 10:38 AM
  • Today, 6:44 AM
    | Today, 6:44 AM | 2 Comments
  • Today, 5:50 AM
    • Statoil (NYSE:STO): Q3 EPS of -$0.14 misses by $0.19.
    • Revenue of $11.86B (-12.9% Y/Y) beats by $240M.
    • Press Release
    | Today, 5:50 AM | 2 Comments
  • Today, 2:58 AM
    • Nokia's (NYSE:NOK) quarterly profit fell less than expected, boosted by resilient broadband demand and a patent licensing payment from Samsung.
    • Telefonica (NYSE:TEF) grew out its customer base during Q3, but decided to cut its dividend to speed up debt reduction.
    • Reflecting Brexit worries and investment delays, ABB's orders slipped while the firm appointed a new CFO.
    • Statoil (NYSE:STO) reported a net loss and cut its 2016 capital expenditure again due to persistently low oil prices.
    • Barclays (NYSE:BCS) posted big pre-tax profits on a bond-trading boom, but also revealed a £600M fine for mis-selling PPI.
    • Also see: VW back to profit after Dieselgate blow (Oct. 27 2016)
    | Today, 2:58 AM
  • Yesterday, 8:47 AM
    • Norway's Petroleum Safety Authority asks Statoil (NYSE:STO) to investigate whether recent incidents at the company's facilities might be related and linked to cost cuts.
    • In the last two weeks, a STO offshore platform caught fire and another was shut after a gas leak, a drilling rig struggled to contain a well, five people were injured at an oil terminal, and a leak at the country's biggest refinery prompted an evacuation.
    • The PSA held an urgent meeting with STO early today following yesterday's incident at the 240K bbl/day Mongstad refinery.
    | Yesterday, 8:47 AM | 1 Comment
  • Mon, Oct. 17, 7:59 AM
    • Norway's Petroleum Safety Authority is investigating a fire on Statoil's (NYSE:STO) Statfjord A platform in the North Sea over the weekend that caused the company to evacuate personnel.
    • STO says the situation is under control but it is unclear when the production could restart.
    • Statfjord is an oilfield on the border between the Norwegian and U.K. sectors of the North Sea which produces ~24.7K boe/day; last month, STO celebrated the five billionth barrel of oil produced from Statfjord.
    • Also over the weekend, STO shut down production from its Gullfaks A platform off Norway after a gas leak, and reported a well control incident on a contracted drilling rig while at the Troll field in the North Sea.
    | Mon, Oct. 17, 7:59 AM
  • Thu, Oct. 13, 6:41 PM
    • North Dakota oil production dropped below 1M bbl/day in August for the first time in more than two years, as the state's higher-cost production continues to struggle relative to other parts of the U.S.
    • Production from North Dakota’s portion of the Williston Basin fell to 981K bbl/day in August, down 4.7% from July and the lowest since March 2014; the state's peak production, in December 2014, was more than 1.23M bbl/day.
    • Lynn Helms, director of the state’s Department of Mineral Resources, expects oil production to decline to a low of ~900K bbl/day by mid-2017 before recovering.
    • Companies with a presence in North Dakota's Bakken Shale include CLR, WLL, EOG, ERF, HK, HES, MRO, OAS, QEP, SM, STO, TPLM.
    | Thu, Oct. 13, 6:41 PM | 42 Comments
  • Tue, Oct. 11, 12:49 PM
    • Norwegian oil service workers have ended a three-week strike that halted operations on 17 drilling rigs after the Industri Energi union won its pay demands with employers.
    • The strike at subcontractors to the oil industry included workers at Schlumberger (SLB -0.9%), Halliburton (HAL -1.4%), Baker Hughes (BHI -0.9%) and Oceaneering (OII -0.8%).
    • An extended strike had threatened closure of Statoil's (STO -2.1%) Melkoeya liquefied natural gas plant and Royal Dutch Shell's (RDS.A, RDS.B) Nyhamna gas processing plant.
    | Tue, Oct. 11, 12:49 PM
  • Tue, Oct. 11, 7:55 AM
    • BP says it is abandoning plans to drill deepwater oil exploration wells off in the Great Australian Bight, deciding that the project would not be able to compete for capital investment against other upstream opportunities.
    • BP says the decision to drop the project off Australia's southern coast in an environmentally sensitive area was not influenced by regulatory delays, but it had faced strong opposition from environmental groups that warned of potential spills on the scale of the 2010 Deepwater Horizon disaster.
    • BP says it made the move following discussions with Statoil (NYSE:STO), its joint venture partner in the region.
    • BP is now looking for other work for the Ocean GreatWhite semi-submersible drilling rig that was contracted from Diamond Offshore (NYSE:DO) in 2013; BP says the decision to quit the Great Australian Bight project does not impact the rig contract.
    | Tue, Oct. 11, 7:55 AM | 6 Comments
  • Thu, Oct. 6, 8:42 AM
    • Statoil's (NYSE:STO) Melkoeya liquefied natural gas plant and Royal Dutch Shell's (RDS.A, RDS.B) Nyhamna gas processing plant would be shut if today's wage talks fail and workers go on strike, the country's oil and gas industry association says.
    • Melkoeya turns natural gas from the offshore Snoehvit field in the Barents Sea into gas to be transported by tanker, while Nyhamna feeds the Langeled pipeline, Britain's main subsea gas import route.
    • The strike also could affect ExxonMobil's (NYSE:XOM) oil refinery at Slagen, but it has been shut for maintenance; the association says a strike could delay its return to operation.
    | Thu, Oct. 6, 8:42 AM | 1 Comment
  • Tue, Oct. 4, 9:56 AM
    • Hurricane Matthew threatens to shut in ~33M barrels of oil storage in the Bahamas and disrupt shipping in the Caribbean Sea this week, as the Category 4 storm passes over Haiti today on its way to eastern Cuba and the U.S. Atlantic coast.
    • Statoil (STO +0.8%) operates the 6.7M-barrel South Riding Point terminal in Freeport on Grand Bahama Island, and Buckeye Partners (BPL +0.3%) operates a 26.2M-barrel terminal on the island, two terminals that are significant for storage and used for blending and transshipment of crude and petroleum products.
    • Jamaica hosts two petroleum terminals, one operated by Aegean Marine Petroleum (ANW +0.6%) and Petroleum Corp. of Jamaica.
    | Tue, Oct. 4, 9:56 AM
  • Tue, Oct. 4, 8:28 AM
    • Petrobras (NYSE:PBR) and Statoil (NYSE:STO) are expanding an existing partnership to help the Brazilian company stop declining production at aging wells in the offshore Campos Basin, Reuters reports.
    • PBR and STO signed a memorandum of understanding in August that has since evolved to targeting aging wells, and the companies are discussing terms for STO to obtain stakes in some fields in exchange for fresh investment and technological cooperation, according to the report.
    • The move comes two months after STO agreed to pay $2.5B for a 66% stake in Carcará, one of PBR's largest oil and gas prospects, and the companies recently signed a deal to collaborate on existing fields in Brazil's Campos and Santos Basins.
    | Tue, Oct. 4, 8:28 AM | 1 Comment
  • Tue, Sep. 27, 9:45 PM
    • Australia’s oil and gas regulator is expected to rule this week on BP’s proposal to begin deepwater exploration drilling in the Great Australian Bight, a pristine stretch of ocean that is a sanctuary for whales and other protected species.
    • BP, Statoil (NYSE:STO) and Chevron (NYSE:CVX) are among several companies with permits to explore the area, which could contain up to 1.9B boe.
    • Critics warn that BP's presence would risk another “Deepwater Horizon-style” oil spill; Australia’s oil and gas regulator already has twice denied BP’s environmental plan for the area.
    • But even as the oil majors have de-emphasized high-risk deepwater frontier exploration wells in favor of lower-risk opportunities close to existing infrastructure, BP is under pressure to find new resources after underperforming peers in terms of booking new oil reserves during recent years, and the Great Australian Bight is one of the world's largest untested deepwater basins.
    | Tue, Sep. 27, 9:45 PM | 5 Comments
  • Tue, Sep. 27, 10:27 AM
    • North American Drilling (NADL -4.1%) is sharply lower after Statoil (STO -2%) canceled its drilling contract for NADL's West Epsilon jack-up about two months before expiration; Seadrill (SDRL -2.2%), which owns ~70% of NADL, also is lower.
    • NADL says it will receive an $11M lump sum payment because of the early termination.
    • The rig's dayrate is $247K, so the cancellation means ~$14M in lost backlog; NADL's total backlog is now an estimated $370M.
    | Tue, Sep. 27, 10:27 AM | 9 Comments
  • Wed, Sep. 21, 10:21 AM
    • More than 300 Norwegian oil service workers are on strike after wage talks broke down, hitting operations of subcontractors to the country's oil and gas industry including Schlumberger (SLB +1%), Halliburton (HAL +2.3%), Baker Hughes (BHI +2%) and Oceaneering (OII +1.5%).
    • The conflict will force oil companies to halt drilling of some wells on Norway's continental shelf and later could cut into the country's production of ~2M bbl/day of oil, condensate and natural gas liquids; state-controlled Statoil (STO +0.8%) is Norway's largest oil firm.
    • Brent crude recently was 1.6% higher at $46.58/bbl and WTI had jumped 2.1% to $45, sparked by the strike and API data showing a surprise drop in U.S. crude inventories.
    | Wed, Sep. 21, 10:21 AM | 15 Comments
  • Wed, Sep. 21, 8:58 AM
    • Statoil (NYSE:STO) celebrates the extraction of 5B barrels of crude from the North Sea Statfjord field, where production began in 1979.
    • STO originally had hoped to recover 40% of the oil at the field, but Statfjord so far has reached a record high of 67%.
    • Statfjord’s productive life is not over yet and the operators plan to pump oil from it until 2025; there are 451 wells currently functioning, with 70 more planned to be drilled.
    | Wed, Sep. 21, 8:58 AM | 1 Comment