1. Saudi Aramco achieved its highest quarterly profit since 2018
Driven by the recovery of oil and chemical prices, Saudi Aramco follows its large oil competitors with huge profits. The second quarter net profit of the world’s largest energy company was 95.5 billion rials (US $25.5 billion), the highest level since the end of 2018. Free cash flow increased to US $22.6 billion, higher than the quarterly dividend of US $18.8 billion paid by the state-owned company for the first time since the beginning of the coronavirus pandemic.
2. The surge in oil exports led to Canada’s largest trade surplus since 2008
Statistics Canada said last Thursday that as energy exports jumped to the highest level since March 2019, Canada’s trade surplus in June reached the highest level since 2008, reaching US $2.56 billion (3.2 billion Canadian dollars), exports increased by 8.7%, while imports decreased by 1.0%.
3. Nextier will acquire Alamo pressure pumping for us $268 million
Nextier oilfield solutions agreed to acquire Alamo pressure pumping LLC for about US $268 million in cash and stock transactions, which nextier said would consolidate its position as a leading supplier of low-carbon well completion solutions in the Permian Basin.
4. Due to the lag of investment, it is difficult for African oil producing countries to increase oil production
Global data, a data and analysis company, said on Friday that as international oil giants are shifting their investment focus, it will be difficult for Sub Saharan Africa, especially its largest oil producing countries Nigeria and Angola, to increase oil production before 2015.
5. California resources sold Ventura basin business for $102 million
California resources, the largest oil drilling company in California, disclosed the sale of its Ventura basin business on August 5, but the specific buyer information was not disclosed, which may bring cash income of up to US $102 million. Ventura basin, a California resource company, produced 3600 BOE / D (about 65% of oil) in the first quarter.
6. Indian refiners plan to invest US $27 billion to increase production capacity by 20%
Indian deputy oil minister rameswar Teli told parliament last Wednesday that India’s state-owned refiners planned to spend $27 billion (2 trillion Indian Rupees) to improve the country’s oil refining capacity.
India, the world’s third largest crude oil importer, hopes to increase its refining capacity by 20% by 2025. At present, the refining capacity is about 5 million barrels / day.
7. BHP will invest US $800 million to overweight the Gulf of Mexico oil project
Mining giant BHP Billiton (BHP) announced on Friday that the board of directors had approved two investments totalling more than US $800 million (a $1.08 billion) for Shenzi north and Trion oil projects in the Gulf of Mexico.
Post time: Aug-10-2021