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Tuesday, April 24, 2018

Average Gas Prices News

Kerr-McGee Reports 2Q Results

Kerr-McGee Corp. reported second-quarter 2001 net income of $175 million ($1.71 per diluted share). This compares with income before special items of $217 million ($2.13 per share) and net income of $110 million ($1.11 per share) in the same prior-year quarter. The 2000 quarter included $107 million ($1.02 per share) in special charges. No special charges were recorded in the 2001 quarter. "Kerr-McGee continued to generate strong earnings and cash flow per share during the second quarter while taking steps to further strengthen and balance its portfolio of assets," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We have supplemented our drilling success with the announced agreement to acquire HS Resources, a core U.S. onshore gas asset.

Statoil's Q1 2011 Results

Statoil's first quarter 2011 net operating income was NOK 50.7 billion, a 28% increase compared to NOK 39.6 billion in the first quarter of 2010. The quarterly result was mainly affected by a 33% increase in the average prices for liquids measured in NOK, a 20% increase in average gas prices, and a 12% decrease in liftings, when compared to the same period last year. "In the first quarter of 2011 we delivered good financial results and passed important industrial milestones. Through the Skrugard discovery and the new acreage awarded Statoil in the Barents Sea…

Statoil Reports Dramatic Increase in Net Income

Statoil's second quarter 2011 net operating income was NOK 61 billion, a 129% increase compared to NOK 26.6 billion (nearly $11.3 billion) in the second quarter of 2010. The quarterly result was mainly affected by a 32% increase in the average prices for liquids measured in NOK, a 28% increase in average gas prices, a NOK 8.8 billion (over $1.6 billion) gain related to the 40% Peregrino divestment and an 18% decrease in lifted volumes, when compared to the same period last year. "Statoil delivered record net income in the second quarter of 2011, reflecting an operational performance in line with expectations, the value-creating Peregrino transaction and strong oil and gas prices throughout the period.

Further Progress In Ukraine-Russia Gas Row - EU

Europe's Energy Commissioner said on Monday Ukraine and Russia had made further progress in a dispute over gas prices and his proposal that Ukraine to pay $2 billion of back debt by Thursday could pave the way for further talks on Friday. Speaking after three-way talks with Russia's and Ukraine's energy ministers, Guenther Oettinger said the two governments would study his proposal that Ukraine pay Russia $2 billion by Thursday and a further $500 million by June 7. Oettinger, acting as a mediator in the capital of his home country Germany, said if the governments agreed to the deal, further talks about the gas price from April could then be held from Friday. "We've achieved progress but we didn't achieve a breakthrough," Oettinger told reporters at a news conference in Berlin.

Ukraine To Pay Gas Arrears If It Gets Contract First

Ukrainian Prime Minister Arseniy Yatsenyuk

Ukraine is prepared to pay arrears to Russia for gas once it has a contract with Moscow and will take the country to court if it refuses to sign, Ukrainian Prime Minister Arseny Yatseniuk was quoted as saying by a German newspaper on Saturday. Ukraine told Russia on Friday a $786 million partial payment on a bill that Russia says could exceed $5 billion by next week was on its way to Moscow. That averted an immediate threat that Russia would stop supplying the former Soviet republic with gas if it fails to make advance payments.

Statoil Stronger Results, Volatile Markets

Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11% increase compared to NOK 35.5 billion in the first quarter of 2009. The quarterly result was mainly affected by a 48% increase in liquids prices measured in NOK and a 35% decrease in gas prices. Adjusted earnings in the first quarter of 2010 were NOK 38.9 billion. The 8% increase in adjusted earnings from first quarter 2009 to first quarter 2010 was primarily caused by the increase in prices for liquids and was only partly offset by reduced gas prices, lower entitlement volumes and lower results from oil trading. Net income in the first quarter of 2010 was NOK 11.1 billion, compared to NOK 4.0 billion in the first quarter of 2009.

Trump Rails Against Oil Prices, OPEC Pushes Back

© Igor Groshev / Adobe Stock

U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high…

Statoil: Third quarter 2011 Results

Helge Lund, Statoil's chief executive officer

Statoil's third quarter 2011 net operating income was NOK 39.3 billion, a 39% increase compared to NOK 28.2 billion in the third quarter of 2010. "Statoil delivered strong financial results in the third quarter of 2011, reflecting operational performance in line with expectations and strong oil and gas prices throughout the period," says Helge Lund, Statoil's chief executive officer. Statoil presented the long term strategy and long term growth outlook on its capital markets day in June 2011…

Harvey Impacts Domestic Fuel Network

File Image (CREDIT: AdobeStock / (c) leeylutung)

U.S. drivers are starting to feel the effects of Tropical Storm Harvey in their wallets as the country's fuel distribution network starting at the Gulf Coast and stretching across the country is squeezed by floods, refinery closures and dwindling supplies. At least 3.6 million barrels per day (bpd) of refining capacity is offline and more refineries are at risk of shut downs as the storm relentlessly dumps rain on Texas and heads toward Louisiana. The longer refineries remain shut, the more retail prices will increase, traders and analysts said.

​Semco Maritime Generated Positive Operating Results in 2017

Photo: Semco Maritime

Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…

EIA: Falling Fuel Costs, Rising U.S. Production Ahead

The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). •         EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter, which was 11% colder than the previous 10-year average nationally. Projected average household expenditures for propane and heating oil are 27% and 15% lower, respectively, because of lower heating demand and prices. Lower heating demand and higher prices contribute to natural gas and electricity expenditures that are 5% and 2% lower than last winter. •         Driven in large part by falling crude oil prices, U.S.

Short-Term U.S. Energy Outlook

Short-Term Energy Outlook - U.S. Energy Information Administration  EIA .

The U.S Energy Information Adminstration have provided projections in their short-term Energy Outlook. * Driven in large part by falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3.49/per gallon (gal) in August, 12 cents below the July average and 21 cents below the average in June. U.S. regular gasoline retail prices are projected to continue to decline to an average of $3.18/gal in December, 12 cents lower than projected in last month's STEO. EIA expects U.S.

EIA Release Short-Term Energy Outlook

© iQoncept / Adobe Stock

The U.S. Energy Information Administration released its Short-Term Energy Outlook. • North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.

Oil Continues Downward Spiral

The latest report from the U.S. •    North Sea Brent crude oil spot prices fell by more than 15% in November, declining from $85/barrel (bbl) on November 3 to $72/bbl on November 28. Monthly average Brent crude oil prices have declined 29% from their 2014 high of $112/bbl in June to an average of $79/bbl in November, the lowest monthly average since September 2010. The November price decline reflects continued growth in U.S. tight oil production along with weakening outlooks for the global economy and oil demand growth. •    The current values of futures and options contracts suggest high uncertainty in the price outlook (Market Prices and Uncertainty Report). WTI futures contracts for March 2015 delivery, traded during the five-day period ending December 4, averaged $67/bbl.

Panama Canal LNG Volume Soars as Global Demand Grows

On April 17, the Panama Canal transited three LNG vessels – Clean Ocean, Gaslog Gibraltar and Gaslog Hong Kong – in one day, marking a first for the waterway. (Photo: Panama Canal Authority)

The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…

U.S. Crude Oil Production October Exceeded Imports Reports EIA

Diesel chart courtesy of EIA

The U.S. Energy Information Administration (EIA) releases latest short-term energy outlook. Monthly estimated domestic crude oil production exceeded crude oil imports in October 2013 for the first time since February 1995. The weekly U.S. average regular gasoline retail price has fallen by more than 40 cents per gallon since the beginning of September. EIA's forecast for the regular gasoline retail price averages $3.24 per gallon in the fourth quarter of 2013, $0.10 per gallon less than forecast in last month's STEO.

EIA: Short-Term Energy Outlook

Average crude oil prices for July were little changed from June. The West Texas Intermediate (WTI) spot average for July was $30.75 per barrel compared to $30.66 in June. EIA’s Outlook is for prices to remain firm through the rest of 2003, or at least until autumn, when OECD oil inventories may rebuild above observed 5-year lows. Once inventories have been rebuilt, WTI oil prices may slide gradually to $26 per barrel during 2004, as Iraqi oil exports return to near pre-war levels. U.S.

Baltic Index Snaps Seven-session Losing Streak

© yaniv / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Monday, helped by a rise in capesize vessel prices. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up four points, or 0.42 percent, at 952 points, marking its first gain in eight sessions. The capesize index gained 30 points, or 3.64 percent, at 854 points, moving further away from a near nine-month low touched on April 5.

Trump's Revenge: US Oil Floods Europe, Hurting OPEC, Russia

File Image (CREDIT: AdobeStock / © Carabay)

U.S. supplies to Europe set for all-time high in April; on course to overtake Russia, Saudi. As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs.

Wärtsilä: Maintenance Pact for Viking Grace

(Image: Wärtsilä)

Wärtsilä and Viking Line signed an Optimized Maintenance agreement for the Wärtsilä LNGPac system onboard passenger ferry Viking Grace, significant in that it is the first Optimized Maintenance agreement ever made for Wärtsilä LNGPac, a complete gas handling system for ships fueled by liquefied natural gas (LNG). Viking Grace was the first passenger ferry to useLNG as a fuel source. The agreement also includes Condition Based Maintenance (CBM) and online support for the Wärtsilä LNGPac system.

IEA Report: Natural Gas’ Potential “Golden Age”

As supply and demand factors increasingly point to a future in which natural gas plays a greater role in the global energy mix, the International Energy Agency (IEA) released a special report exploring the potential for a “golden age” of gas. The new report, part of the World Energy Outlook (WEO) 2011 series, examines the key factors that could result in a more prominent role for natural gas in the global energy mix, and the implications for other fuels, energy security and climate change. The report, titled, “Are We Entering a Golden Age of Gas?” presents a scenario in which global use of gas rises by more than 50% from 2010 levels and accounts for more than a quarter of global energy demand by 2035.

W&T Offshore Reports 2Q Results

Oil and gas explorer W&T Offshore Inc. said its second-quarter profit rose 18 percent on higher revenues from its August 2006 acquisition of Kerr-McGee properties. Net income rose to $45.5 million, or 60 cents per share, from $38.5 million, or 58 cents per share, a year earlier. Revenue rose 64 percent to $272.6 million from $165.8 million. Analysts polled by Thomson Financial expected, on average, earnings of 46 cents per share on revenue of $263.8 million. The company posted higher production of natural gas and oil, with an increase in the average natural-gas price and a decline in the average oil price. Source: AP

Baltic Index Near 15-week High

File Image: CREDIT: Port of Portland, UK

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday to near 15-week highs, boosted by rising rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 25 points, or about 2 percent, at 1,306 points, its highest since Jan. 10. The capesize index gained 94 points, or 4.9 percent and hit 2,009 points, its highest in 14 weeks. Capesize earnings continued…

Maritime Reporter Magazine Cover Apr 2018 - Offshore Energy Annual

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