Surging oil and natural gas prices drove higher global demand for NOV Inc.’s oilfield services in the third quarter as orders eclipsed shipments, but “pandemic-related supply chain issues” pressured some projects, CEO Clay Williams said Wednesday. Williams and his management team discussed the Houston-based operator’s third quarter performance and the outlook ahead during a conference…
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Crestwood Expanding in Williston, Permian with $1.8B Oasis Midstream Takeover
Crestwood Equity Partners LP said Tuesday it has agreed to pay $1.8 billion in equity and cash, including debt, for Oasis Midstream Partners LP, expanding its foothold in two of the Lower 48’s prized oil basins. The deal expands Crestwood’s midstream footprint in the Williston Basin and the Permian Basin’s Delaware sub-basin. The firms said…
Latin America Oil, Natural Gas Activity Rebounding as Market Tightens
Oil and natural gas activity in Latin America is resurgent after a severe pandemic-driven downturn, according to the CEOs of three oilfield services giants. The chief executives of Halliburton Co., Schlumberger Ltd. and Baker Hughes Co. each cited a substantially improved outlook for the region in their third-quarter earnings calls last week. Halliburton reported a…
Chart Industries Hit by Supply Chain Woes, but Demand Remains Strong for Oil, Natural Gas Products
Chart Industries Inc. wrestled with inflationary pressures and operational challenges during the third quarter that weighed on results, but the company stressed that it continues to see “broad-based” demand for its products. Chart engineers and manufactures equipment, including systems to liquefy hydrocarbons, hydrogen and helium. Like other industrial companies, supply chain, labor and logistics challenges…
Valero Says Gasoline Sales Near Pre-Pandemic Levels, Natural Gas-to-Oil Switching Imminent
Management of refining giant Valero Energy Corp. painted a bullish picture for oil products demand on Thursday, citing low inventories and surging global natural gas prices among factors boosting healthy crack spreads for U.S. refineries. “Refining margins were supported by strong recovery in product demand coupled with product inventories falling to low levels during the…
Schlumberger Sees E&P Activity Climbing as Oil, Natural Gas Investments Accelerate
The global oil and natural gas upcycle has begun, with more capital spending set to flow into the onshore and offshore heading into 2022, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The head of the world’s largest oilfield services (OFS) company shared a bullish view of the energy markets during a third-quarter conference call…
Precision Drilling CEO Bullish on Improving North American Oil, Natural Gas Activity
Precision Drilling Corp., an oilfield services behemoth whose reach extends across Canada, the United States and into international markets, is seeing “ the most promising backdrop for our business that we have experienced in almost a decade,” CEO Kevin Neveu said Thursday. The bullish views have led the Calgary-based operator to pump up its capital…
Kinder Morgan’s Focusing on Natural Gas Growth Today, with Slow Transition to Low-Carbon Projects
As natural gas demand continues to outstrip supply, Kinder Morgan Inc. is in preliminary discussions with Texas regulators and other stakeholders about expanding storage capabilities outside its current market area, CEO Steven Kean said Wednesday. Kean joined other members of the executive team to discuss with investors the third quarter results. Kean said the additional…
Baker Hughes Eyeing More LNG Orders into 2022 as Customers Look to Build Global Supplies
Baker Hughes Co. expects to score a few orders for liquefied natural gas (LNG) equipment before year’s end, with a double-digit growth forecast for 2022, CEO Lorenzo Simonelli said Wednesday. Simonelli and CFO Brian Worrell shared a microphone to detail for investors the 3Q2021 performance. Some “challenges” hit the bottom during the quarter, Simonelli said,…
North American E&Ps Boosting Capex as Natural Gas, Oil Prices Soar, Says Halliburton CEO
North America exploration and production (E&P) companies should increase their capital spending by 20% in 2022 as they lock up equipment and labor in an ever tightening global market, Halliburton Co. CEO Jeff Miller said Tuesday. The No. 1 completions expert in North America kicked off earnings season for the oilfield services sector in an…