Schlumberger Reports Higher Profit as Drilling Increases, Hikes Dividend
Top oilfield services firm Schlumberger Ltd. reported a higher first-quarter profit...
Top oilfield services firm Schlumberger Ltd. reported a higher first-quarter profit on April 22 and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment.
Oil prices climbed to their highest in more than a decade during the quarter as Russia's invasion of Ukraine upended global supply dynamics. Oilfield service firms, including Halliburton Co. and Baker Hughes Co., posted stronger year-over-year profits and are forecasting higher margins this year as activity recovers from the coronavirus pandemic.
“The confluence of elevated commodity prices, demand-led activity growth, and energy security are resulting in one of the strongest outlooks for the energy services industry in recent times,” Schlumberger CEO Olivier Le Peuch said in a statement.
Morgan Stanley Raises Q3 Brent Forecast on Oil Supply Concerns
Morgan Stanley raised its third-quarter price forecast for Brent by $10/bbl to $130 citing...
Morgan Stanley raised its third-quarter price forecast for Brent by $10/bbl to $130 citing a “greater deficit” this year due to lower supply from Russia and Iran, which is likely to outweigh short-term demand headwinds.
“The oil market is contending with negative GDP revisions, the effects of China’s zero-COVID policy, and a particularly large release from the Strategic Petroleum Reserves,” Morgan Stanley said in a note dated April 21.
“Our forecasts still point to declining inventories and shrinking spare capacity as the year unfolds,” it added.
Exxon Mobil (XOM) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
Wall Street expects a year-over-year increase in earnings on higher revenues when Exxon Mobil...
Wall Street expects a year-over-year increase in earnings on higher revenues when Exxon Mobil (XOM) reports results for the quarter ended March 2022. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
This oil and natural gas company is expected to post quarterly earnings of $2.22 per share in its upcoming report, which represents a year-over-year change of +241.5%.
Revenues are expected to be $87.59 billion, up 48.1% from the year-ago quarter.
The number of total active drilling rigs in the United States rose by 2 this week, after an increase...
The number of total active drilling rigs in the United States rose by 2 this week, after an increase of 4 rigs in the week prior, according to new data from Baker Hughes published on Friday.
The total rig count increased to 695 this week—257 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 45 rigs in the last eight weeks.
Oil rigs in the United States rose this week by 1 rig to 549, while gas rigs rose by 1 to 144. Miscellaneous rigs stayed the same at 2.
Get the total breakdown of the US Rig Count by visiting the OKM's proprietary rig count dashboard, and find out which Oklahoma County had the most rigs running last week.
Mexico Tells Oil Giant Pemex ‘You’re on Your Own’ to Cover Debt Payments
(Bloomberg) -- Petroleos Mexicanos bonds tumbled to fresh lows as the state-owned oil giant prepares...
(Bloomberg) -- Petroleos Mexicanos bonds tumbled to fresh lows as the state-owned oil giant prepares to resume paying its own debt maturities, halting a government policy of covering its amortizations.
Pemex has the cash flow to make its debt payments, Mexico Finance Minister Rogelio Ramirez de la O said at an event in Washington on Thursday, confirming earlier reports.
“To the extent that they do have this cash flow and they can make the payments, they will be making their payments,” Ramirez said, adding that the government would be fully behind Pemex should the Covid-19 pandemic worsen again and the company needed its support.
