Statoil reports adjusted earnings of USD 3.3 billion and an IFRS net operating income of USD 4.3 billion in the first quarter of 2017. The IFRS net income was USD 1.1 billion.

Compared with the first quarter 2016, CCS earnings attributable to shareholders excluding identified items increased by $2.2 billion, mainly driven by higher contributions from Upstream and Chemicals, partly offset by higher net interest expense.

Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for April 2017 was 956, up 13 from the 943 counted in March 2017, and up 10 from the 946 counted in April 2016. The international offshore rig count for April 2017 was 201, up 4 from the 197 counted in March 2017, and down 19 from the 220 counted in April 2016.

U.S. Rig Count is up 462 rigs from last year's count of 415, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged. Canadian Rig Count is up 46 rigs from last year's count of 36, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1 to 0.

U.S. crude CLc1 fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. Brent was down $2.07, or 4.1 percent to $48.71.

The US tally of active drilling rigs increased by 13 to 870 during the week ended Apr. 28, marking the 12th double-digit rise during 15 straight weeks of gains. The count is now up 466 units since the nadir of the drilling downturn on May 20-27, 2016, and at its highest point since Aug. 28, 2015. Since its last decline, the count is up 211 units.

Nabors Industries Ltd. reported first quarter 2017 operating revenue of $563 million, compared to operating revenue of $539 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $149 million, or $0.52 per share, compared to a loss of $331 million, or $1.17 per share, in the fourth quarter of 2016. The first quarter results include $7.8 million in net after-tax charges, or $0.03 per share, representing premiums incurred in open market purchases of near-term debt.

NYMEX crude for June delivery CLc1 was down 12 cents at $49.21 a barrel by 0619 GMT. London Brent crude for new front-month delivery in July LCOc1 was down 15 cents at $51.90.

Profit attributable to the owners of PJSC Gazprom for the year ended December 31, 2016 totaled RUB 951,637 million which is RUB 164,581 million, or 21 %, more than for the same period of the prior year.

Profit attributable to NOVATEK shareholders decreased by 38.7% to RR 71.0 billion (RR 23.54 per share), as compared to RR 115.9 billion (RR 38.40 per share) in the first quarter 2016. The amount of profit was significantly impacted by the foreign exchange effect (including at the joint ventures level), and its dynamics – by the effect of the disposals of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders increased by 20.2% to RR 44.3 billion compared with the first quarter 2016.

Real gross domestic product (GDP) increased at an annual rate of 0.7 percent in the first quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.

Exxon Mobil Corporation announced estimated first quarter 2017 earnings of $4 billion, or $0.95 per diluted share, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and refining operations

Chevron Corporation (NYSE: CVX) reported earnings of $2.7 billion ($1.41 per share – diluted) for first quarter 2017, compared with a loss of $725 million ($0.39 per share – diluted) in the 2016 first quarter. Included in the quarter was a gain of approximately $600 million from the sale of an upstream asset. Foreign currency effects decreased earnings in first quarter 2017 by $241 million, compared with a decrease of $319 million a year earlier.

The Petroleum Services Association of Canada (PSAC), in its second update to the 2017 Canadian Drilling Activity Forecast, announced its revision of the forecasted number of wells drilled (rig released) across Canada for 2017 to 6,680 wells. This represents an increase of 2,505 wells and a 60 per cent increase from PSAC’s original 2017 Drilling Activity Forecast released in early November 2016 of 4,175 wells rig released. PSAC based its updated 2017 forecast on average natural gas prices of $3.00 CDN/mcf (AECO), crude oil prices of US$52.50/barrel (WTI) and the Canada-US exchange rate averaging $0.74.

U.S. Rig Count is up 450 rigs from last year's count of 420, with oil rigs up 365, gas rigs up 84, and miscellaneous rigs up 1. Canadian Rig Count is up 48 rigs from last year's count of 37, with oil rigs up 14, gas rigs up 35, and miscellaneous rigs down 1.