STATOIL CUTS $1 BLN
OGJ wrote, Statoil ASA plans to cut its capital expenditure guidance for 2016 to $12 billion from $13 billion. That includes an exploration guidance reduction to $1.8 billion from $2 billion.
The Norwegian state-owned firm's production guidance remains unchanged, with expected organic production growth of 1%/year from 2014-17.
Statoil recorded equity production of 1.96 million boe/d in the second quarter. Underlying production growth in the quarter, after adjusting for divestments, was 6% compared with last year's second quarter.
The firm took a second-quarter net loss of $307 million compared with a net profit of $861 million a year earlier. First-half organic capital expenditure was $5.3 billion.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.