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Thursday, January 29, 2015 - Shell misses profit expectations and announces a 3-year, $15-billion cut in spending.
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Industry Headlines

Bomb Threat Made at Schlumberger Facility
Thursday, January 29, 2015 A package containing a bomb threat was received at the Schlumberger Rosharon Technology Center.
Keystone XL Advances in U.S. Senate, Faces Obama Veto
Thursday, January 29, 2015 The U.S. Senate will likely pass a bill approving the long-pending Keystone XL oil pipeline, a measure the White House said President Barack Obama would veto.
Helmerich and Payne May Cut 2,000 Jobs as it Idles Rigs
Thursday, January 29, 2015 Helmerich & Payne said it may cut 2,000 jobs as it begins to idle rigs amid a slide in crude oil prices.
Conoco, Occidental and Shell Cut 2015 Budgets on Crude Slide
Thursday, January 29, 2015 ConocoPhillips and Occidental Petroleum Corp slashed exploration spending plans for this year, as the third- and fourth-largest U.S. oil companies attempt to cope with a steep slide in crude prices.
Occidental Results Beat Expectations On Texas Production
Thursday, January 29, 2015 Occidental Petroleum reports better-than-expected quarterly results as its Texas shale assets boost total production even as crude oil prices slump.
Pennsylvania Governor Bans New Oil/Gas Leases On State Land
Thursday, January 29, 2015 Pennsylvania Governor Tom Wolf signs an executive order reinstating a moratorium on new leases for oil and natural gas development in state parks and forests.
Kemp: US Crude Oil Stocks Return To 1930s Crisis Levels
Thursday, January 29, 2015 US commercial crude oil stocks last week hit their highest level since 1931.
Total Signs 40-Year Onshore Oilfield Deal with Abu Dhabi
Thursday, January 29, 2015 Total will take a 10% stake in 15 onshore oilfields in Abu Dhabi.
Wood Mackenzie: China's Energy Demand Needs Review Amid Economic Changes
Thursday, January 29, 2015 Wood Mackenzie says China's energy demand needs to be reviewed due to fundamental economic changes, while slowing domestic gas demand growth is likely to rebound in the next few years.
Shell Falls Short After Oil Production Income Collapses
Thursday, January 29, 2015 Shell misses profit expectations and announces a 3-year, $15-billion cut in spending.
PumpWELL Offers New Approach to Enhancing Artificial Lift Production
Thursday, January 29, 2015 Calgary-based PumpWELL says it offers a breakthrough solution and approach to artificial lift technology.

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Exploration

BP to Hand Back Two Exploration Blocks to Indonesia on Risk Concerns
Friday, January 30, 2015 BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company says.
Santos Acquires 20% Stake in Sabah's Deepwater Block R
Friday, January 30, 2015 Santos acquires 10 percent interest each from Inpex and JX Nippon Oil & Gas Exploration in Block R, offshore Sabah, Malaysia.
Hibiscus to Capitalize on Lower Service Rates for 2015 Drilling Operations
Friday, January 30, 2015 Malaysia's Hibiscus Petroleum hopes to capitalize on lower service rates for its 2015 drilling operations.
Buru Energy Continues Drilling at Sunbeam 1 Well in WA's Permit EP 129
Thursday, January 29, 2015 Buru Energy provides update on drilling operations at Sunbeam 1 well in permit EP 129 in Western Australia.
Soco Cuts 2015 Investment Budget to Focus on Vietnam, Africa
Thursday, January 29, 2015 Oil producer Soco International reduces its 2015 capital expenditure budget by more than 60 percent versus last year and will focus on projects in Vietnam and Africa, the company says.
Gulfsands Completes Testing on Dardara Southeast 1 Well, Morocco
Wednesday, January 28, 2015 Gulfsands completes testing on its Dardara Southeast 1 discovery well on the Rharb Centre Permit, onshore Morocco.
Chevron Teams Up with BP, ConocoPhillips in GOM Leases
Wednesday, January 28, 2015 Chevron announces it will work with BP and ConocoPhillips to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico.
KrisEnergy Commcences 2D Seismic Survey at Udan Emas PSC in West Papua
Wednesday, January 28, 2015 KrisEnergy commences 2D seismic survey in Indonesia's onshore Udan Emas production sharing contract in West Papua.
Buru Energy Spuds Sunbeam 1 Well in Permit EP 129 in Canning Basin
Wednesday, January 28, 2015 Buru Energy spuds Sunbeam 1 exploration well in permit EP 129 in the Canning Basin, Western Australia.

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Production

Development of APLNG Project is 88% Complete, First LNG Seen in Mid-2015
Friday, January 30, 2015 Origin Energy reports that Australia Pacific LNG project in Queensland, Australia is 88 percent complete, with first liquefied natural gas scheduled for delivery in mid-2015.
Small-Scale LNG Projects in British Columbia Nudge Ahead
Friday, January 30, 2015 Small-scale LNG projects are emerging as bright spots in British Columbia's bid to become a major exporter of natural gas, with two floating projects on the Canadian province's Pacific Coast moving ahead even as larger projects face delays.
Murphy Closes Sale of 30% of its Malaysian Oil, Gas Assets to Pertamina
Friday, January 30, 2015 Murphy closes the second phase of the sale of 30 percent of its Malaysian oil and gas assets to Pertamina.
Indonesia Plans to Produce 825,000 Bopd in 2015, Up 4% YOY
Thursday, January 29, 2015 Indonesia plans to produce 825,000 barrels of oil per day in 2015, up 4% from last year, while a decision on contract extension for the Mahakam block is expected in February.
DNV Wins Verification Services Contract with Wintershall
Thursday, January 29, 2015 Technical services firm DNV is selected by Wintershall Norge to supply verification services for the SURF part of the Marian field development project in the Norwegian Sea.
Cyprus in Talks with Noble on Exploitation of Gas Find
Wednesday, January 28, 2015 Cyprus and US independent energy firm Noble discuss the potential exploitation of a gas field discovered in 2011.
Russia's Gazprom Cancels Plans to Expand Nord Stream
Wednesday, January 28, 2015 Russia's Gazprom cancels a plan to build two more branches of the Nord Stream natural gas pipeline, according to sources.
MedcoEnergi Inks Agreement to Sell Gas from Aceh's Block A to Pertamina
Wednesday, January 28, 2015 MedcoEnergi inks agreement to sell $2 billion of gas to Pertamina from Block A, Aceh, Indonesia.
Australia State Suspends AGL's Fracking License, Banned Chemicals Found
Wednesday, January 28, 2015 An Australian state government suspends AGL Energy's license to operate a pilot coal seam gas field after banned chemicals were found in water supplies.

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Finance and Investing

Thailand's PTTEP Slips to 4Q Net Loss as Weak Oil Prices Weigh
Thursday, January 29, 2015 PTTEP, Thailand's largest oil and gas explorer, reports its first quarterly net loss in more than a decade, mainly due to higher impairment loss on assets after declines in global oil prices.
Small Oil Firms Hunt For Cash As Crude Slump Shuts IPO Door
Tuesday, January 20, 2015 Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times.
Reliance Posts 2.9% Fall in Oil, Gas Revenue to $460.2M in 3Q FY 2015
Monday, January 19, 2015 Reliance's oil and gas exploration and production segment posts a 2.9 percent decline in revenue for third quarter 2015 that ended Dec. 31, 2014.
Rig Maker Lamprell Expects 2015 Revenue Below Current View
Monday, January 12, 2015 Rig-maker Lamprell says the slump in oil prices hurt its ability to secure new business, and that it expects its revenue for this year would be about 10 percent below current expectations.
EMAS Offshore Posts Net Profit of $148M in 1Q 2015, Up from $13M a Year Ago
Thursday, January 08, 2015 EMAS Offshore posts net profit of $148.4 million for the first quarter of financial year 2015 that ended Nov. 30, 2014, up from $13 million in the previous year.
Sources: Petronas May Slash Domestic Investment 30% as Crude Slumps
Thursday, January 08, 2015 Petronas may slash capital expenditure even more than it has signalled because the continuing rout in oil prices has hurt revenue, with domestic spending facing cuts of about 30 percent, sources say.

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Company Operations

Alam Lands Contract for Repair, Maintenance Project in Kedah, Malaysia
Friday, January 30, 2015 Alam Maritim lands contract to provide air/saturation diving services for a repair and maintenance project in Kedah, Malaysia.
MEO Cuts Costs, Rejects Mosman Oil and Gas' Revised Takeover Proposal
Friday, January 30, 2015 MEO Australia implements cost cutting measures and rejects a revised takeover proposal from Mosman Oil and Gas.
Gazprom Warns of Reduced Investment Program if Oil Price Decline Continues
Thursday, January 29, 2015 Gazprom warns that any further decline in crude oil prices may adversely affect its business and investment program as it reports a 31-percent fall in its nine-month pre-tax profit.
Helmerich & Payne Warns US Land Rig Revenue To Fall
Thursday, January 29, 2015 Helmerich & Payne Inc expects revenue for US land rigs to decrease in the current quarter amid a slump in crude oil prices.
OMV Drops 2016 Output Goal, Takes 4Q Charge
Thursday, January 29, 2015 Austria's OMV says reduced investment due to lower oil prices and Libyan uncertainty would prevent it from reaching its 2016 output target.
Brazil's Petrobras Plans To Raise $3 Billion From 2015 Asset Sales
Thursday, January 29, 2015 Petrobras plans to raise $3 billion from asset sales in 2015, according to a presentation of its unaudited third-quarter financial results.
Oil Search to Cut Spending to Cope with Crash of Crude Price
Thursday, January 29, 2015 Papua New Guinea oil and gas producer Oil Search, which tripled production in 2014, is now looking to cut spending in the wake of the near 60 percent drop in crude prices since June.
Beach Energy Cuts Capex in 2H FY15 by $43M Due to Lower Oil Prices
Thursday, January 29, 2015 Beach Energy reduces its capital expenditure for second half of financial year 2015 by $43 million to $339-371 million as a result of lower oil prices.
Keppel FELS Delivers Ultra Harsh Environment Jackup to Maersk Drilling
Thursday, January 29, 2015 Maersk Drilling takes delivery of its third ultra harsh environment jackup from Keppel FELS in Singapore.

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