Brent was up 66 cents, or 1%, at $62.79 a barrel, WTI rose 48 cents, or 0.8%, to $57.02 a barrel.

During the meeting held at ADNOC headquarters, the Council revealed the discovery of new hydrocarbon reserves estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas, putting the UAE in the sixth place in terms of global oil and gas reserves, with a total reserves of 105 billion barrels and 273 trillion cubic feet of conventional gas.

Let’s see which companies are still undervalued and which ones are out of my radar. Some of them reached their fair value and some other stopped to satisfy my parameters.

Saudi Aramco earned net income of $68.2 billion compared with $83.1 billion for the same period a year ago, it said in a statement posted on its website. The state company’s revenue slipped to $217 billion from $233 billion.

Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion, somewhat below the $2 trillion valuation by Saudi Crown Prince Mohammad Bin Salman when he first floated the idea of an IPO nearly four years ago.

Exxon Mobil Corporation announced estimated third quarter 2019 earnings of $3.2 billion, or $0.75 per share assuming dilution. Earnings included a favorable tax-related identified item of about $300 million, or $0.07 per share assuming dilution. Capital and exploration expenditures were $7.7 billion, including key investments in the Permian Basin.

Chevron Corporation (NYSE: CVX) reported earnings of $2.6 billion ($1.36 per share - diluted) for third quarter 2019, compared with $4.0 billion ($2.11 per share - diluted) in the third quarter 2018. Included in the current quarter was a tax charge of $430 million related to a cash repatriation. Foreign currency effects increased earnings in the third quarter 2019 by $74 million.

TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced net income attributable to common shares for third quarter 2019 of $739 million or $0.79 per share compared to net income of $928 million or $1.02 per share for the same period in 2018. Comparable earnings for third quarter 2019 were $970 million or $1.04 per common share compared to $902 million or $1.00 per common share in 2018.

U.S. Rig Count is down 8 rigs from last week to 822, Canada Rig Count is down 5 rigs from last week to 142

Brent crude was up 27 cents, or 0.4%, at $59.89 a barrel, West Texas Intermediate crude rose 32 cents to $54.50 a barrel,

Crude oil prices are projected to average US$60 per barrel in 2019 and weaken to US$58 per barrel in 2020

Profit attributable to shareholders of PAO NOVATEK increased to RR 370.0 billion (RR 122.86 per share), or eight-fold, in the third quarter of 2019

The Government Pension Fund Global returned 1.6 percent, or 236 billion kroner, in the third quarter of 2019.

Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.

In aggregate between July 26, 2018 and October 17, 2019, Shell repurchased 390,525,007 ordinary shares for an aggregate consideration of $12 billion (the ‘aggregate previous tranches’).