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Kosmos books asset impairments of $151 million in Q1

May 11, 2020
| Archives

Kosmos Energy Ltd. announced today the financial and operating results for the first quarter of 2020. For the quarter, the Company generated a net loss of $183 million, or $0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $66 million or $0.16 per diluted share for the first quarter of 2020. FIRST

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Pacific Drilling 1st Qtr results

May 11, 2020
| Archives

Pacific Drilling S.A. reported results for the first quarter of 2020. Net loss for first-quarter 2020 was $61.0 million or $0.81 per diluted share, compared to net loss of $308.1 million or $4.11 per diluted share in fourth-quarter 2019. Pacific Drilling CEO Bernie Wolford commented, “The first quarter of this year started strong with improving market fundamentals and solid

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Rig Lynx Weekly Rundown – Top 5 from this past week

May 11, 2020
| Weekly Rundown

This past week we had 11k page views and the top 5 grabbed up 4.5k of them, below are our top 5 articles for the week of May 3 – May 9! Everyone stay safe and healthy out there! #1 with 2,113 views EOG Resources to shut existing wells and cut budget even deeper #2 with 933 views $100 oil in 18 months? #3 with

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Equatorial Guinea puts three year limit on foreign labor and expatriates

May 8, 2020
| Archives

In line with Equatorial Guinea’s efforts to ensure that the country’s recovery benefits local jobs creation and national content development, the Ministry of Mines and Hydrocarbons has published a new Ministerial Order to encourage the hiring of local workforce. Ministerial Order Number 1/2020 limits to three years the period during which companies can employ foreign labour and expatriates

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Drillers expect rig count to drop to lowest point ever

May 8, 2020
| Archives

The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four units above the

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Noble 1st Qtr Highlights

May 7, 2020
| Archives

Revenue: Results for the first quarter included net after tax unfavorable items totaling $977 million, or $3.91 per diluted share – including a pre-tax non-cash charge totaling $1.1 billion ($1.024 billion, or $4.10 per diluted share on an after-tax basis) relating to the impairment of the semisubmersible rigs Noble Danny Adkins and Noble Jim Day, the drillships Noble Bully I and Noble Bully II, and certain capital spares; partially offset by

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“Oil prices to continue recovery”, says Pioneer CEO

May 7, 2020
| Archives

U.S. shale producer Pioneer Natural Resources expects oil prices to recover to at least $45 per barrel this year, its chief executive said on Thursday in a call with investors. Even when U.S. benchmark prices return to that level, few shale producers will be able to expand production because of their high debt levels, said Scott Sheffield, Pioneer’s

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$100 oil in 18 months?

May 7, 2020
| Archives

Egyptian billionaire Naguib Sawiris said the price war between de facto OPEC leader Saudi Arabia and Russia was a "calculated" effort to kill the shale industry in the United States, and that the Saudis "got it right" on oil in the long term. In March, OPEC and other major producers aligned with it failed to reach a deal to cut production, just as the coronavirus began

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