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.
MarketWatch: Dow finishes up over 700 points as stocks score best day in more than 3 weeks
Stocks rose sharply Tuesday in a broad rally, gaining ground as investors focused on...
Stocks rose sharply Tuesday in a broad rally, gaining ground as investors focused on earnings and guidance as equities extended a bounce from their June lows. The Dow Jones Industrial Average rose around 754 points, or 2.4%, to close near 31,827, according to preliminary figures. The S&P 500 SPX, +2.76% jumped 2.8% to finish near 3,937, while the Nasdaq Composite COMP, 3.11% advanced 3.1% to end near 11,713. The small-cap Russell 2000 RUT, +3.50% also jumped, rising 3.5% for its biggest one-day advance since Jan. 6, 2021, according to preliminary figures.
Shipments of Canadian oil to US refiners were thrown into disarray by a pipeline disruption just days...
Shipments of Canadian oil to US refiners were thrown into disarray by a pipeline disruption just days after President Joe Biden’s unsuccessful bid to coax more crude out of Saudi Arabia.
The force majeure declared by TC Energy Corp. on some crude flows through its massive Keystone pipeline prompted traders and refiners to bid up the price of a crucial grade of oil, potentially adding to already rampant energy inflation.
The disruption triggered by a power outage at a pump station in South Dakota -- where temperatures topped more than 100 Fahrenheit (38 Celsius), or 20 degrees above normal -- came after Biden returned from a meeting with Saudi royalty without any pledges to immediately expand crude supplies.
Oil producer APA Corp. on July 18 warned that its second-quarter oil and gas volumes would fall about...
Oil producer APA Corp. on July 18 warned that its second-quarter oil and gas volumes would fall about 8,000 bbl/d, or 3%, short of guidance following mixed production results from certain wells.
The company anticipates its second-quarter production in the U.S. to be 200,000 boe/d, versus a previous forecast of 206,000 boe/d.
Around 4,000 boe/d of the shortfall is associated with the performance of non-operated wells, while the rest is due to mixed results from wells that came online during the quarter in the Austin Chalk region in southeast Texas.
