Sentences with phrase «oil production this year»

Driven by shale expansion, US oil production this year is forecast to increase by 570,000 barrels per day (bpd) to 9.9 million bpd, the US Energy Information Administration estimates.

These stunning budget expansions will fuel an expected 25 % increase in Concho's oil production this year, while Parsley Energy plans to deliver a gaudy 78 % increase in output this year, though that's partially due to the incremental production from its acquisition binge.

Not exact matches

LONDON, April 25 (Reuters)- Oil eased on Wednesday, but held in sight of three - year highs reached the previous day, as rising U.S. fuel inventories and production weighed on an otherwise bullish market.

«Despite the temporary pullback in production in the first quarter, we still expect our oil sands volumes for the year to be within our original guidance of 364,000 to 382,000 barrels per day,» he told a conference call with analysts.

«We're near record production in oil and gas but we're at a 20 - year low in our carbon emissions.

Continental posted net income of $ 233.9 million, or 63 cents per share, compared with $ 469,000, or less than a penny per share, in the year - ago quarter, when oil prices plummeted - and the company's production costs were higher.

LONDON — Pierre Andurand, a leading oil fund manager, said that lack of investment in new production could lead to a situation where $ 300 per barrel oil is «not impossible» within the next few years, Bloomberg reported.

A lot has changed in crude oil markets in North America in the last few years, and these changes have had significant impacts on the value of Western Canadian crude production.

On Thursday, it announced it would reduce its production guidance for the year by about 10,000 barrels of oil equivalent per day to an average of about 315,000 boe / d, with exit production of about 335,000 boe / d, to account for lower heavy oil production, an advanced schedule for maintenance at its Tucker oilsands project and a slower ramp up in liquids - rich natural gas output from its BD Project in Indonesia.

Total upstream production came in at 689,400 barrels of oil equivalent per day in the first quarter, compared to 725,100 boe / d in the prior year quarter, as oilsands output fell to 404,800 barrels per day from 448,500 bpd.

April 30 - Strong compliance with OPEC - led production cuts, robust demand and supply disruptions in the Middle East are likely to lift oil's average price this year to above $ 67 a barrel, a Reuters poll showed on Monday.

Investment bank Jefferies called current prices unsustainable and said production declines across most of the important non-OPEC producers is likely to set the stage for an oil price recovery in the second half of this year.

Goldman Sachs has downgraded its estimations for oil prices for this year, citing a potential rise in shale gas production, new projects and OPEC restrictions.

PARIS, April 26 (Reuters)- Record output and high oil prices helped French oil and gas major Total report a consensus - beating rise in net adjusted profit during the first three months of the year, with Total adding it would surpass its production target for 2018.

In 1956, Pickens founded an oil production company that became Mesa Petroleum and ran it for nearly 40 years.

West Texas Intermediate crude oil, the US benchmark, has gained 11 % this year as Russia along with the Organization of Petroleum Exporting Countries continue to cut their production.

Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilize oil markets after the current supply cut deal ends this year, its oil minister said on Saturday.

In the intervening years since TransCanada originally proposed Keystone XL, U.S. oil production has grown by more than 80 percent, from just over 5 million barrels per day to about 9.6 mb / d today.

Moody's studied 37 oil and gas companies in Canada and the U.S., concluding that although the oil industry has dramatically slashed its cost of production in the past three years and is currently in the midst of posting much better financials this year, there is little room left for more progress.

Birol said he did not see U.S. oil production peaking before 2020, and that he did not expect a decline in the next four to five years.

Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers.

Iranian oil production rose after former President Barack Obama ended years of sanctions.

OPEC wants to keep oil prices relatively higher than they have been in recent years, having lost $ 76 billion in 2016 due to cheap oil caused by rising American and Iranian oil production, according to a report by the US Energy Information Administration (EIA).

The pace of oil and gas production gains has consistently surprised forecasters since horizontal drilling and hydraulic fracturing, better known as «fracking», were pioneered in U.S. shale rock formations about ten years ago.

«This year, however, (OPEC's) production curbs will increasingly have to make do with playing second fiddle to a Texas - sized wave of U.S. shale growth,» Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note Wednesdoil analyst at PVM Oil Associates, said in a research note WednesdOil Associates, said in a research note Wednesday.

Although the oil rig count has been rising, US production is still down year - on - year, reflecting some continued caution and weakness among the largest producers.

In a closely - watched monthly report published by the International Energy Agency (IEA) on Tuesday, the Paris - based organization said a rise in global oil production — led by the U.S. — was on track to outpace growth in demand this year.

While American oil production grew by some 850,000 barrels a day during that year, followed by an increase of 1 million barrels per day during 2013, it wasn't until recently that prices began to reflect the increased activity.

Oil is on course for its biggest weekly gain in six years, while commodities surge after Glencore announces production cuts.

«The most significant growth came from the company's U.S. operations, where oil production increased 82 % year over year,» the company's Q4 2014 operations report said.

«I'm really concerned that we're going to have a real collapse in Venezuela in oil production over the course of the next year,» which would in turn affect the government's ability to pay its debt, Rodriguez — who was head of the Venezuelan Congressional Budget Office from 2000 to 2004 — said at the AS / COA event.

Riding a strong oil price tailwind amid rising oil and gas production in the US, Perth - based Amadeus Energy Ltd is powering towards a record year.

LONDON, April 25 (Reuters)- Oil edged higher on Wednesday, nearing three - year highs reached the previous day, as rising U.S. fuel inventories and production weighed on an otherwise bullish market.

Oil dipped on Monday as soaring North American production was seen undermining efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years.

After falling off sharply in late 2015 through the first half of 2016, US oil production has been steadily increasing over the past year:

Second, that Saudi Arabia, the driving force within OPEC and the shock absorber in oil markets for the past 40 years, would cut production if necessary to keep prices from falling too low.

Unlike traditional onshore oilfields, which might have an annual production decline of 5 % or less, shale oil wells often decline more than 50 % in their first year.

After years of declines, U.S. oil production has picked up dramatically since 2010 thanks to the so - called «shale revolution.»

The current premier is asking supporters to stick with his brand of «21st century socialism» in order to keep the country on track to recover 70 percent of its lost oil production in the first six months of the year.

Five years ago, says Gheit, the industry needed oil at $ 90 to justify the development of new production of U.S. oil shale.

Blackstone's Foley added that oil will still be part of the equation in 25 years, despite a move to electric cars and lower long - term production.

Cenovus reported total production of 555,000 barrels of oil equivalent per day in the fourth quarter, up from 283,000 boe / d in the same period last year, as oilsands production rose to 361,000 bpd from 164,000 bpd.

Cenovus reported fourth - quarter net income of $ 620 million or 50 cents per share on Thursday, well ahead of $ 91 million, or 11 cents per share, in the year - earlier period, thanks to better refinery profits, stronger oil prices and production that almost doubled after it bought out its oilsands partner, Houston - based ConocoPhillips, last year.

That's already visible in U.S. government forecasts, which say U.S. crude oil production will rise from an average of 9.2 million barrels a day this year to 9.9 million barrels a day in 2018, a new all - time high beating a record set in 1970.

BG, which will report full - year results on Feb. 5, said it expected 2015 production volumes to have hit 704,000 barrels of oil equivalent per day (boepd), above its previous forecast of 680 - 700,000 boed, due to new fields that have come on stream in Australia, Brazil and Norway.

Environmentalists have fought for years to stem Canadian oil sands production, which some call tar sands, in favor of cleaner energy.

LONDON, May 1 - BP's profits surged in the first three months of the year to their highest since mid-2014, driven by a recovery in oil and gas prices and rapid growth in production.

With oil and gas production surging over the past few years, this job mainstains a strong place on our list.

The discount on Western Canadian oil production since the spill has hovered around US$ 24 a barrel, much higher than the US$ 13 spread for the past two years, and Scotiabank expects it to average US$ 21.6 a barrel for 2018.

Rosenstein says that the company's average oil and gas production over three years has a significant impact on management's long - term incentive pay, which makes up the largest part of its compensation.