Weak

A long-awaited El Nino event — warmer-than-average sea surface temperatures in the central Pacific Ocean near the equator — has arrived, but unlike some of its predecessors, it is likely to remain weak and exert little influence on global weather and climate, according to forecasters at the National Oceanic and Atmospheric Administration (NOAA).

Natural gas last year expanded its share of the global energy mix even though demand growth was hindered by a weak economy in Europe, according to the International Energy Agency (IEA), which said the United States was a standout among gas-producing countries.

Natural gas last year expanded its share of the global energy mix even though demand growth was hindered by a weak economy in Europe, according to the International Energy Agency (IEA), which said the United States was a standout among gas-producing countries.

Talisman Energy Inc. is shopping its Eagle Ford Shale acreage with hopes of raising up to US$2 billion, according to a Reuters report that cited unnamed sources.

No. 3 oilfield services provider Baker Hughes Inc. on Friday reported a 30% drop in first quarter profits, stung by weak North American drilling, its biggest market. Schlumberger Ltd., the world’s largest oilfield services operator, also reported a drop in quarterly profits on declines in North America, and management said the outlook for the United States and Canada this year remains uncertain.

Baker Hughes Inc. on Friday reported a 30% drop in first quarter profits, stung by weak North American drilling, but there is more optimism about the U.S. onshore rig count through the rest of the year, management said Friday. Schlumberger Ltd. also reported a drop in quarterly profits on declines in North America, and executives said the outlook this year for the United States and Canada remains uncertain.

Baker Hughes Inc. on Friday reported a 30% drop in first quarter profits, stung by weak North American drilling, but there is more optimism about the U.S. onshore rig count through the rest of the year, the management team said Friday. Schlumberger Ltd. also reported a drop in quarterly profits on declines in North America, and executives said the outlook this year for the United States and Canada remains uncertain.

The “reality and potential” of expanding natural gas and liquids from shale continues to have a dramatic impact on the regional and global balances for both economies, PIRA Energy Group said Monday in a new report.

Weak natural gas prices forced Devon Energy Corp. to write down almost $900 million in the value of its assets in the fourth quarter, the Oklahoma City-based operator said Wednesday.