First quarter revenue of $1,358 million increased 15% year-over-year, led by international growth of 21% First quarter operating income of $233 million increased 26% year-over-year First quarter net income of $112 million, an 8.2% margin, increased 56% year-over-year First quarter adjusted EBITDA* of $336 million, a 24.7% margin and the highest in over 15 years, increased 25% and 206 basis points year-over-year Cash provided by operating activities of $131 million, and adjusted free cash flow* of $82 million Debt repayments of $167 million on our 6 ..read more

Weatherford International today announced it has increased its Credit Facility by $130 million to $680 million in aggregate commitments by adding additional lenders to its facility. The facility is now comprised of a $309 million tranche available for performance letters of credit and a $371 million tranche available for revolving loans. The Company also announced notice to redeem (the “Redemption”) the remaining $81,502,600 aggregate principal amount outstanding of its 6.50% Senior Notes due 2028 (the “2028 Notes”). Weatherford expects to redeem the 2028 Notes before the end of May ..read more

Since the beginning of the flood, oil production in Kazakhstan has decreased to 20 thousand tons, while many wells are still flooded and are not working. About 450 oil production wells still remain in a flooded state, previously this figure was 673, the Ministry of Energy of Kazakhstan said. Since the beginning of the flood, oil production losses have been within 20 thousand tons, the department specified. The start of the flood was announced on April 18. At the same time, the Ministry of Energy reported that wells were flooded in the Aktobe and Atyrau regions. In total, a regime was declared ..read more

Rosneft held a Technology Day, which was attended by more than 150 representatives of the largest oil and gas companies. Specialists from Rosneft scientific institutes told their colleagues about new products and capabilities of the line of high-tech software. The event participants issued more than 200 test licenses for 13 software systems. Rosneft is the first oil company in Russia to successfully create high-tech software that covers all key oil and gas production processes. The line of high-tech software today includes 24 software products, 10 of which have already been brought to market ..read more

A new record level was set today by team No. 1 of well repair shop No. 2 under the leadership of drilling foreman Alexander Konyshev. A daily penetration of 380 m was achieved when drilling a sidetrack at well 336s2 of the Rechitsa oil field. The previous record was exceeded by 10 m. 370 m was covered in one day in July 2023. “This result became possible thanks to the well-coordinated work of management employees with the support of the oil and gas production department of Rechitsaneft and other separate divisions of the production association,” the company clarified. The production associat ..read more

According to Vice Minister of Energy Askhat Khasenov, it is planned to drill 80 prospecting and exploration wells in Kazakhstan in 2024, a Kazinform agency correspondent reports. He explained that, given the annual decline in oil production at the fields of the Kyzylorda region, in 2024, drilling of a deep exploratory well will begin in the Turgai-Paleozoic area with a depth of 5.5 thousand meters in order to discover promising oil and gas structures. Also in 2024, an exploratory well will be drilled at the Abay offshore structure in the Kazakh sector of the Caspian Sea. — Today, the amount o ..read more

Hibiscus Oil & Gas Malaysia (a subsidiary of Hibiscus Petroleum Berhad) has successfully completed the drilling of the Bunga Aster-1 exploration well on the Malaysian continental shelf. This was reported by the press service of Hibiscus Petroleum. Well Bunga Aster-1 found: oil sandstone deposits in the interval of about 17.5 m; oil deposits in the interval up to 46 m; several oil samples were taken during logging; initial assessments indicate good reservoir quality. The company notes that this is the second significant discovery made within 12 months of the opening of Bunga Lavatera in 2 ..read more

In Russia there is one more deposit. Hydraulic fracturing was successfully carried out on the parametric well Zaozernaya No. 1, located in the Khanty-Mansiysk Autonomous Okrug – Yugra. The work was carried out for the Federal State Budgetary Institution “VNIGNI” on the basis of the state assignment of Rosnedra. Hydraulic fracturing was monitored using microseismic monitoring. According to the research data obtained, the total length of hydraulic cracks was recorded to be about 570 meters, the height of the seismic cloud was about 30-35 meters, and the average width of the crack was 2.2 mm. Tha ..read more

The company’s net profit in January-March amounted to $455 million compared to $576 million in the same period last year. Earnings per share decreased to $0.45 from $0.57. Earnings excluding one-time factors were $0.43 per share, exceeding the consensus forecast of analysts polled by FactSet at $0.39 per share. Baker Hughes’ quarterly revenue increased by 12%, to $6.42 billion from $5.72 billion a year earlier, with the average expert forecast of $6.37 billion. Revenue from Baker Hughes’ oil field services and equipment manufacturing business increased 6% in the past quarter to $3.78 billion ..read more

Triangle Energy Global is set to begin drilling Booth-1, its first well in the Perth Basin in Western Australia. The company’s press service reported this on April 18, 2024. The company notes that the lease contract for the Ventia 106 drilling rig has been signed, all necessary approvals have been received, and drilling of the Booth-1 well will begin at the end of June 2024. This is the first object within which the results of 3D seismic exploration conducted in the subsoil areas L7 and EP437 will be used. The joint venture for the development of subsoil areas includes: Triangle – with a 50 ..read more