By Anthony DiPaola on 9/17/2019

DUBAI (Bloomberg) – Saudi Arabia attempted to move beyond the worst oil disruption in its history, assuring the world that crude exports will not suffer, its damaged facility had partially restarted and production capacity would be back to normal within months.

The long-awaited statement on Tuesday from the kingdom — which before the strike pumped almost 10% of the world’s oil — gives the market much-needed clarity after days of speculation over how severe was the damage at the Abqaiq plant.

Read more… “Saudi Arabia partially restores output at damaged oil plant” →

9/17/2019

OKLAHOMA CITY – Devon Energy announced that David Harris has been appointed to the position of executive vice president, exploration and production. Tony Vaughn previously served in this role and will retire from Devon after 20 years of service.

“We are proud to announce David’s promotion to executive vice president, exploration and production,” said Dave Hager, president and chief executive officer. “This transition has been carefully planned and David is a seasoned and trusted leader at Devon who consistently delivers results. His decisive leadership and deep experiences across the entire value chain of our business uniquely qualify him for this role.”

Read more… “Devon Energy promotes David Harris to EVP of exploration and production” →

By Kevin Orland and Catherine Ngai on 9/17/2019

CALGARY (Bloomberg) –Forget Canadian nice. Alberta Premier Jason Kenney, whose province produces more oil than most OPEC nations, has a message for environmentalists, investors and anyone else who will listen: The world needs more Canadian crude, and standing in the way is foolish.

Kenney’s United Conservative Party swept to power in April. He’s traveling to New York and Ohio this week and planning trips to the UK, Germany and possibly Asia in the coming months to tout the benefits of Canadian oil, which he says has gotten a bad rap from critics that have unfairly demonized Alberta’s oil sands. Against the backdrop of a drone attack in Saudi Arabia that idled 5% of global oil production, Canada offers a safe, secure and socially responsible source of energy, Kenney said.

Read more… “As oil gets volatile, Alberta goes on offensive to draw investors” →

By Tsuyoshi Inajima, Alfred Cang and Javier Blas on 9/17/2019

TOKYO (Bloomberg) – Saudi Aramco notified at least four customers that some crude deliveries in early October will be delayed to later in the month after attacks on its facilities cut output, though they’ll still receive their full contracted volumes, according to people with knowledge of the matter.

Delays range from a few days to weeks, according to the people, who asked not to be identified because the information is confidential. Saudi Aramco didn’t immediately respond to an email seeking comment.

Read more… “Aramco tells customers some October oil loadings will be delayed” →

By Jeffrey Bair and Ari Natter on 9/17/2019

HOUSTON (Bloomberg) – The attack on an oil facility in Saudi Arabia that sent futures prices soaring Monday will likely begin filtering through to gas stations later this week, according to price tracker GasBuddy.

The average U.S. retail gasoline had risen just one cent a gallon since Sunday, even as futures on the New York Mercantile Exchange jumped as much as 20 cents on the back of drone strikes on Saudi oil production.

Read more… “Gasoline prices in the U.S. set to jump after Saudi attack” →

By Anthony DiPaola, Javier Blas and Julian Lee on 9/17/2019

DUBAI (Bloomberg) – The oil market is facing a prolonged disruption to Saudi Arabia’s oil production with few options for replacing such huge output losses.

The weekend attacks on the kingdom eliminated about 5% of global oil supply, propelling Brent crude to a record surge on Monday. Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a “severe” disruption measured in weeks and months and informing some customers that October shipments will be delayed.

Read more… “Saudis face lengthy oil halt, with few options to replace losses” →

By Julian Lee on 9/16/2019

LONDON (Bloomberg) – Here is a list of countries that could boost crude production to offset losses from Saudi Arabia in the event that the disruption to supplies from the attacks on its Abqaiq and Khurais processing facilities lasts longer than initially expected. It’s not a long list and much may not be accessible.

The attacks cut Saudi production by 5.7 MMbpd and officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery. The maximum spare capacity that could be brought into production in the coming weeks is estimated at about 3.9 MMbpd.

Read more… “Who can boost crude supply to offset attack on Saudi Arabia?” →

By Kevin Orland on 9/16/2019

CALGARY (Bloomberg) – Alberta Premier Jason Kenney says it’s likely his government will allow oil producers to exceed their provincially imposed output caps if they can ship those extra barrels by rail.

Energy Minister Sonya Savage is in “very serious discussions” with producers this week on the idea of exempting incremental rail shipments from curtailment, and the plan is tied to the province’s sale of crude-by-rail contracts that were signed by the previous government, Kenney said in an interview in Bloomberg’s office in New York. The province is making progress on the crude-by-rail sale, which has attracted 16 bids, he said.

Read more… “Alberta’s government sees production curtailment exemptions possible” →

9/16/2019

HOUSTON & LONDON – Baker Hughes, a GE company announced today the closing of a secondary offering of 132.25 million shares of BHGE Class A common stock, par value $0.0001 per share at a price to the public of $21.50 per share. This closing includes the underwriters’ exercise of their option in full, purchasing an additional 17.25 million shares of Class A common stock from the selling stockholders.

BHGE intends to change its corporate name to Baker Hughes Company, known as Baker Hughes. Following the name change, the Class A common stock will trade on the New York Stock Exchange under the symbol “BKR.”

Read more… “BHGE completes share repurchase, renames itself Baker Hughes Company” →