In the latest transaction, Statoil will divest some of its non-operated interests in the US state of West Virginia to Antero Resources Corporation (“Antero”) for approximately USD 96 million in cash.

U.S. Rig Count is up 1 rig from last week to 463, with oil rigs up 3 to 374, gas rigs down 2 to 86, and miscellaneous rigs unchanged at 3. Canadian Rig Count is up 17 rigs from last week to 119, with oil rigs up 12 to 60, gas rigs up 5 to 58, and miscellaneous rigs unchanged at 1.

With the oil market entering a new normal of lower prices, the price per barrel is projected to settle in the range of $53 to $60 by 2020, when supply and demand are expected to be in balance.

International Brent crude oil futures LCOc1 were trading at $42.51 at 0617 GMT, down 19 cents, or 0.4 percent, from their previous close, the lowest since April. U.S. West Texas Intermediate (WTI) crude CLc1 fell 26 cents, or 0.6 percent, to $40.88 a barrel, slipping below $41 for the first time since April.

Brent crude oil prices averaged at the lowest level since 2004, significantly reducing profits and cash flow for energy companies.

Statoil ASA (OSE:STL, NYSE:STO) and Petróleo Brasileiro S.A. - Petrobras (“Petrobras”) (BVMF: PETR4, NYSE:PBR) have agreed that Statoil will acquire Petrobras’ 66% operated interest of the BM-S-8 offshore licence in Brazil’s highly prolific Santos basin. The acquisition includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years.

TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced net income attributable to common shares for second quarter 2016 of $365 million or $0.52 per share compared to $429 million or $0.60 per share for the same period in 2015.

"Our portfolio continues to perform exceptionally well, and we've continued to significantly reduce our cost structure throughout the year," said Al Walker, Anadarko Chairman, President and CEO.

Suncor recorded a second quarter 2016 operating loss of $565 million ($0.36 per common share) and cash flow from operations of $916 million ($0.58 per common share), compared to operating earnings of $906 million ($0.63 per common share) and cash flow from operations of $2.155 billion ($1.49 per common share) in the prior year quarter. A net loss of $735 million ($0.46 per common share) was recorded in the second quarter of 2016, compared with net earnings of $729 million ($0.50 per common share) in the prior year quarter.

National Oilwell Varco, Inc. (NYSE:NOV) reported a second quarter 2016 net loss of $217 million, or $0.58 per share. Excluding other items, net loss for the quarter was $114 million, or $0.30 per share. Other items included $143 million in pre-tax charges ($103 million net of tax) primarily associated with severance, facility closure costs, and write-off of certain fixed assets.