Saudi Minister: We See Lack of Refining Capacity, Not of Oil
Saudi Arabia’s foreign minister said on July 19 that he saw no...
Saudi Arabia’s foreign minister said on July 19 that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in the capacity to process crude oil into various oil products.
“As of today, we don’t see a lack of oil in the market. There is a lack of refining capacity, which is also an issue, so we need to invest more in refining capacity,” Foreign Minister Prince Faisal bin Farhan Al Saud told reporters in Tokyo.
Global oil prices have soared after Russia’s invasion of Ukraine and ensuing sanctions on Russian energy stoked supply concerns.
Orion Diversified Holding Co. Inc., a company that trades on over-the-counter public...
Orion Diversified Holding Co. Inc., a company that trades on over-the-counter public markets, said in July it had acquired Hugoton Field assets in Kansas for an undisclosed sum.
The acquired royalty interest in the Hugoton Field is located on 160 acres in Greeley County, Kan., in the southwest corner of the state, with a 1.56% royalty interest, according to a release from the Nevada-based company.
In the release, Orion said it owns mineral interests in more than 21,000 acres in the Bakken, Permian, Powder River and Hugoton Basins as well as the Haynesville, Niobrara, and Eagle Ford shales. More than 3,200 acres are being operated by Orion in the Eagle Ford and Permian Basin with more than 70% net revenue interest.
The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million...
The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels. In the week prior, the API reported a build in crude oil inventories of 4.762 million barrels after analysts had predicted a draw of 1.933 million barrels.
The build comes as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending July 15, to 480.1 million barrels.
U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.83 million barrel gain since the start of 2020, according to API data.
Cushing inventories rose by 523,000 barrels this week, on top of last week’s build of 298,000. Official EIA Cushing inventories for the week ending July 8 was 21.646 million, up slightly from 21.330 in the prior week.
Total revenue up but net income was down in 2Q for Halliburton
Halliburton Company reported a second-quarter drop in net income compared...
Halliburton Company reported a second-quarter drop in net income compared to the first quarter of the year, indicating income totaled $109 million or 12 cents a diluted share.
The company said it was down from the first quarter net income of $263 million or 29 cents a share.
Halliburton’s total revenue for the second quarter of 2022 was $5.1 billion compared to revenue of $4.3 billion in the first quarter of 2022. The reported operating income was $374 million in the second quarter of 2022 compared to the reported operating income of $511 million in the first quarter of 2022.
