Fracking

Marathon Oil reports

Marathon Oil Corporation has reported net income of $287 million for the third quarter of 2024, equating to $0.51 per diluted share. This figure includes items that are not typically part of analysts' earnings estimates and affect result comparability. Adjusted net income stood at $360 million, or $0.64 per diluted share. The company recorded net operating cash flow of $1,209 million, or $1,042 million before adjustments for changes in working capital (adjusted CFO). Key Highlights for Q3 2024: Generated $659 million in free cash flow (FCF) and $589 million in adjusted FCF, which included contributions from Equatorial Guinea (E.G.) distributions and other financing. Increased third-quarter production to 207,000 net barrels of oil per day (bopd) and 421,000 net barrels of oil equivalent per day (boed), exceeding the company’s guidance of approximately 200,000 net bopd due to strong well productivity and improved drilling and completion efficiencies. Upgraded full-year 2024 production guidance to 192,000 net bopd and 393,000 net boed from previous midpoints of 190,000 net bopd and 390,000 net boed, respectively, while maintaining the original capital spending guidance range. Returned $61 million to shareholders during the third quarter through the base dividend. Reduced gross debt by $545 million and increased cash and cash equivalents by $57 million, reaching a quarter-end balance of $134 million.... > read more

Nabors Industries announces agreement

Nabors Industries Ltd. and Parker Wellbore have announced a definitive agreement in which Nabors will acquire all of Parker’s issued and outstanding common shares in exchange for 4.8 million shares of Nabors common stock. This transaction is subject to a share price collar and is set to significantly enhance Nabors' business operations across the global energy markets. Parker Wellbore, a prominent provider of drilling services, operates through its Quail Tools subsidiary, which leads the U.S. market in high-performance downhole tubular rentals. Internationally, Parker offers tubular rentals, repairs, and differentiated casing and tubular running services across key regions, including the U.S., Middle East, Latin America, and Asia. Its portfolio includes a fleet of 17 drilling rigs as well as Operations & Maintenance services in Canada and Alaska..... > read more

Marathon Oil receives stockholder approval

Marathon Oil Corporation has announced that it has secured the necessary stockholder approval for its impending merger with ConocoPhillips. This significant milestone marks a crucial step in the transaction process, which is anticipated to reshape the landscape of the oil and gas industry. In accordance with regulatory requirements, Marathon Oil plans to file the results of the special stockholder meeting in a Form 8-K with the U.S. Securities and Exchange Commission. This filing will provide transparency regarding the vote and the level of support from stockholders for the merger. Both Marathon Oil and ConocoPhillips remain optimistic about the future of the merger, maintaining their... > read more

Wellsite Innovation investment in 2024

As leading wellsite organizations aim to foster more efficient, productive, and sustainable upstream operations, investment in emerging technologies such as AI, digital twins, connected worker solutions and immersive technology is bigger than ever, with figures only set to increase. Keeping track of your competitors’ investment can be overwhelming, so we’re pleased to share with you this recent infographic focused on Investment in Wellsite Innovation in 2024, ahead of the upcoming Wellsite Innovation Summit in Houston, TX (17 September 2024)...... > read more

Helmerich & Payne acquires

Helmerich & Payne, Inc. and KCA Deutag International Limited have announced a definitive agreement under which H&P will acquire KCA Deutag for $1.9725 billion in cash. KCA Deutag, a diverse global drilling company, has a significant land drilling presence in the Middle East, representing approximately two-thirds of its calendar year 2023 Operating EBITDA. The company also operates in South America, Europe, and Africa. Additionally, KCA Deutag manages asset-light offshore operations in the North Sea, Angola, Azerbaijan, and Canada, boasting a robust backlog and long-term earnings visibility. The company's Kenera segment includes manufacturing and engineering businesses, such as Bentec, which serve the energy industry and represent long-term growth opportunities.... > read more

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Fracking News

Marathon Oil reports

Marathon Oil Corporation has reported net income of $287 million for the third quarter of 2024, equating to $0.51 per diluted ... > read more

Nabors Industries announces agreement

Nabors Industries Ltd. and Parker Wellbore have announced a definitive agreement in which Nabors will acquire all of Parker’s ... > read more

Marathon Oil receives stockholder approval

Marathon Oil Corporation has announced that it has secured the necessary stockholder approval for its impending merger with ... > read more

Wellsite Innovation investment in 2024

As leading wellsite organizations aim to foster more efficient, productive, and sustainable upstream operations, investment ... > read more

Helmerich & Payne acquires

Helmerich & Payne, Inc. and KCA Deutag International Limited have announced a definitive agreement under which H&P will acquire ... > read more

Upstream Oil & Gas Experts unite

Tank Storage News America are proud to be partnering with the Wellsite Innovation Summit on 17 September 2024 in Houston, ... > read more

Fracking News

NexGen announces additional mineralization

NexGen Energy Ltd. has announced that drilling at Patterson Corridor East has intersected mineralization in drill hole RK-24-193 ... > read more

Fervo Energy doubling down on geothermal

Fervo Energy, a Houston-based startup, is on a mission to significantly increase the share of geothermal energy in the United ... > read more

ExxonMobil leads

Recent consolidation activity in the energy sector has led to the emergence of larger companies with increased ownership ... > read more

Weyerhaeuser and Lapis Energy announce

Weyerhaeuser Company and Lapis Energy LP have recently announced the signing of an exclusive exploration agreement for subsurface ... > read more

Fervo Energy drilling results show

Exciting advancements in the geothermal industry have been unveiled at the Stanford Geothermal Workshop, where Fervo Energy ... > read more

Diamondback Energy and Endeavor Energy merge

In a major development, Diamondback Energy, Inc. and Endeavor Energy Resources, L.P. have announced their merger in a definitive ... > read more

Fracking News

Archer awarded contracts worth USD 125 million

Archer, a global provider of drilling services, is pleased to announce that its subsidiary in Argentina has been awarded ... > read more

Eavor announces

Eavor Technologies Inc.,a pioneer in the field of advanced geothermal energy solutions have announced the successful completion ... > read more

ExxonMobil announces merger

Exxon Mobil Corporation and Pioneer Natural Resources jointly announced a definitive agreement for ExxonMobil to acquire ... > read more

National Drilling Company signs contract

As part of the agreement, Schlumberger will provide support to the National Drilling Company in drilling three wells for ... > read more

SilverBow Resources announces acquisition

SilverBow Resources, Inc. have announced that it has entered into an agreement to acquire Chesapeake Energy Corporation’s ... > read more

NOG provides update on 2023

Northern Oil and Gas, Inc. have provided an update to 2023 guidance and a preliminary second quarter financial and operational ... > read more

Fracking News

SLB awarded five year contract

SLB has been awarded a five-year contract by Petrobras for an enterprise-wide deployment of its Delfi™ digital platform. ... > read more

Hess electrifies Bakken Rigs

Hess Corporation has replaced diesel fuel with electricity to power its four Bakken drilling rigs – a project that over ... > read more

GA Drilling emphasizes advancements

GA Drilling mentioned Eavor as one of Canada’s leading Advanced Geothermal Systems (AGS) in a LinkedIn article. The ... > read more

NOG announces joint acquisition

Northern Oil and Gas, Inc. has announced that it has entered into a definitive agreement to acquire a 33.33 percent undivided ... > read more

Earthstone Energy announces

Earthstone Energy, a US-based oil and gas exploration and production company, has announced plans to acquire Novo Oil & Gas ... > read more

NOG announce joint acquisition of Forge Energy

Northern Oil and Gas, Inc. have announced that it has entered into a definitive agreement to acquire a 30 percent undivided ... > read more