 |
Louisiana Light • 4 days | 84.39 | +0.14 | +0.17% | ||
|
Bonny Light • 3 days | 84.45 | -0.41 | -0.48% | ||
|
Opec Basket • 4 days | 84.23 | -2.94 | -3.37% | ||
|
Mars US • 184 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 2 days | 2.555 | -0.041 | -1.59% |
|
Bonny Light • 3 days | 84.45 | -0.41 | -0.48% | ||
|
Girassol • 3 days | 85.44 | -0.34 | -0.40% | ||
|
Opec Basket • 4 days | 84.23 | -2.94 | -3.37% |
|
Peace Sour • 3 days | 72.15 | -0.05 | -0.07% | ||
|
Light Sour Blend • 3 days | 75.20 | -0.05 | -0.07% | ||
|
Syncrude Sweet Premium • 3 days | 82.15 | -0.05 | -0.06% | ||
|
Central Alberta • 3 days | 72.55 | -0.05 | -0.07% |
|
Eagle Ford • 4 days | 75.43 | -0.05 | -0.07% | ||
|
Oklahoma Sweet • 4 days | 75.50 | +0.00 | +0.00% | ||
|
Kansas Common • 6 days | 72.25 | -0.75 | -1.03% | ||
|
Buena Vista • 7 days | 87.60 | -1.22 | -1.37% |
Breaking News:
Biden Aims to Bridge the Decarbonization Divide With $7 Billion Solar Initiative
There are disparities in climate…
China, Australia, and Russia Dominate Global Gold Production
Global gold production soared past…
Schlumberger To Grow Revenue By $5B This Year, And Again In 2024
Giant oilfield services company Schlumberger Ltd (NYSE:SLB) will grow its revenue by $5B in the current year and by a similar amount in 2024 thanks to a recent resurgence in offshore and international drilling. Previously, the company had forecast it would grow its topline by $4.2 billion. SLB also expects to grow EBITDA by $1.5 billion in the current year.
Deepwater production remains the fastest-growing upstream oil and gas segment with production set to increase by 60% by 2030. Ultra-deepwater production is set to continue growing at breakneck speed to account for half of all deepwater production by 2030.
Deepwater production hit 10.4 million boe/d in 2022 from just 300,000 barrels of oil equivalent per day (boe/d) in 1990. Wood Mackenzie has predicted that by the end of the decade, that figure will pass 17 million boe/d
Stocks of offshore oil and gas drillers and producers have gone on a tear after recent contracts broke records, reversing their seven-year downturn that reached its nadir during the Covid-19 pandemic. Rising global petroleum demand, coupled with increasing deepwater exploration and drilling, has been keeping offshore contractors really busy.
Leading with impressive gains is deepwater drilling specialist, Transocean Ltd. (NYSE:RIG), whose stock has gained 95.8% in the year-to-date. RIG stock jumped nearly 10% after the company reported a three-year, $518 million contract to deploy one of its drillships in the Gulf of Mexico, the latest in a series of large transactions announced in recent months. The company has revealed that its aggregate incremental backlog associated with the latest contracts totals ~$1.2, bringing its total backlog to $9.2B. Meanwhile, rig rates have shot up to $480,000 a day, a 50%Y/Y increase and about triple the downturn’s lows.
Other offshore drilling stocks with robust gains are Diamond Offshore Drilling Inc. (NYSE:DO) +64.0% YTD; TechnipFMC Plc. (NYSE:FTI) +74.4%; Seadrill Ltd. (NYSE:SDRL) +61.0%; Noble Corporation Plc (NYSE:NE) +47.7% and Oceaneering International Inc. (NYSE:OII) +43.1%. In contrast, the energy sector’s favorite benchmark, the Energy Select Sector SPDR Fund (XLE), has only managed an 8.1% return in the year-to-date while the broad market benchmark, S&P 500, has gained 19.0% over the timeframe.
By Alex Kimani for Oilprice.com
More Top Reads From Oilprice.com:
- Oil Soars Above $90 As Saudi Arabia Extends Deep Output Cuts
- China’s Influence In Oil Markets Grows With BRICS Expansion
- From Boom To Gloom: China's Economic Momentum Dips
Alex Kimani
Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
