Middle East
Paisie: Oil Demand to Rise 1.2 MMbbl/d in Second Half
WTI’s price is expected to stay in the low $80s/bbl.
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.
H&P’s $2B KCA Deutag Deal Positions Driller as Global Powerhouse
Helmerich & Payne’s acquisition of U.K. service company KCA Deutag will expand its international reach, particularly in the Middle East, as well as its onshore presence in the U.S.
Nabors’ High-spec Rigs Help Keep Lower 48 Revenue Stable in 2Q
Nabors’ second quarter EBITDA was down 1% quarter-over-quarter but the company sees signs of increased drilling activity in international markets the second half of the year.
STRYDE Provides Seismic Survey Solutions Globally
Companies across various sectors look to use STRYDE’s conventional and in-field processing services for 2D and 3D seismic surveys.
Helmerich & Payne to Acquire KCA Deutag for $2B
H&P expects the acquisition of KCA Deutag to expand its international footprint, particularly in the Middle East, and enhance its global onshore drilling role.
Despite Slowing NAM Activity, Weatherford Declares First-ever Dividend
Weatherford reported a softer North America market but strong overseas growth, leading the company’s board to authorize its first share buyback program and first quarterly dividend.
E&P Highlights: July 22, 2024
Here's a roundup of the latest E&P headlines, with LLOG acquiring 41 blocks in the Gulf of Mexico and Saipem securing $500 million in contracts from Saudi Aramco.
What's Affecting Oil Prices This Week? (July 22, 2024)
While oil traders have been adding to their net long positions in recent weeks, the rate of increase has slowed. Last week, traders of WTI increased their net long positions by only 4.25% by increasing their long positions while decreasing their short positions, while traders of Brent crude decreased their net long positions by increasing their short positions.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.