Subscribe free to our newsletters via your
. Farming News .




OIL AND GAS
Second quarter strong, but Shell's boss wants even more
by Daniel J. Graeber
Amsterdam, Netherlands (UPI) Jul 31, 2013


Strong quarter for Whiting on back of Bakken, Niobrara shale
Denver (UPI) Jul 31, 2013 - Production from shale basins in the Northern Plains reached record levels in the second quarter, Whiting Petroleum Corp. declared.

Whiting said net second quarter production was 10 million barrels of oil equivalent per day, of which nearly 90 percent was crude oil. For the third quarter, the company expects production to approach 11 million boe per day.

Net production from the Bakken and Three Forks area of North Dakota increased 33 percent year-on-year, while net output from the Niobrara shale increased 59 percent from the first quarter alone.

For the three months ending June 30, Whiting said oil production of 8.01 million barrels represented a 20 percent increase year-on-year. Natural gas production from its assets in North America increased 8 percent year-on-year.

The outlook for North Dakota was strong given the record production and cash flow generated from the Bakken play, Whiting Chairman and Chief Executive Officer James Volker said.

"We believe we have plenty of running room in the Williston Basin [of North Dakota]," he said in a statement Thursday.

Whiting, which has headquarters in Denver, reported total revenues for the second quarter of $835.6 million, up 26 percent from second quarter 2013.

Though second quarter performance was better for Royal Dutch Shell, its top director said Thursday he wanted even better results going forward.

"I am determined to get a tighter grip on business performance management in the company, and improve the balance between growth and returns," Chief Executive Officer Ben van Beurden said in a statement.

Shell said second quarter 2014 earnings were $5.1 billion, compared with $2.4 billion for the same period last year.

Van Buerden said he wanted to see stronger momentum for the company moving forward despite robust performance in the second quarter. In particular, competitive results are needed in the oil reserve plays spread out over much of North America.

Improvement will take time, but progress is already evident, he said.

The company said net capital investments for second quarter 2014 were $1.1 billion, compared with $10.9 billion for second quarter 2013.

"We are making progress with the priorities I set out at the start of 2014: to balance growth and returns by focusing on better financial performance, enhanced capital efficiency, and continued strong project delivery," van Buerden said.

Oil and gas production for the quarter totaled 3 million barrels of oil equivalent, relatively unchanged from one year ago.

.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Zhou Yongkang: oil man whose well of power finally ran dry
Beijing (AFP) July 29, 2014
Embattled former top Communist Zhou Yongkang rose through China's state oil industry to become the country's internal security chief - and amassed so much power, according to analysts, that he brought about his own downfall. The investigation into him announced Tuesday comes on the back of President Xi Jinping's much-publicised anti-corruption drive, but experts say it is driven more by int ... read more


OIL AND GAS
OCO-2 Data to Lead Scientists Forward into the Past

NASA's Van Allen Probes Show How to Accelerate Electrons

ADS and Esri Take Satellite Imagery Services to a Premium Level

Ten-Year Endeavor: NASA's Aura Tracks Pollutants

OIL AND GAS
Galileo's 'midwives' stand ready for launch

U.S. military aims to overcome GPS' weaknesses

Russian GLONASS to Boost Yield Capacity by 50 percent

US Refusal to Host GLONASS Base a Form of Competition with Russia

OIL AND GAS
Urban heat boosts some pest populations 200-fold, killing red maples

Borneo deforested 30 percent over past 40 years

Reducing Travel Assisted Firewood Insect Spread

Walmart store planned for endangered Florida forest

OIL AND GAS
Spinach could lead to alternative energy more powerful than Popeye

Biofuels benefit energy security, Secretary Moniz says

German laws make biogas a bad bet, RWE Innogy says

U.S. looking for ways to make biofuels cheaper

OIL AND GAS
Centrica acquires U.S. solar power company

Juwi Sells Vermont Plant To PSEG Solar Source

Suniva Announces Second US Facility

MIT Discusses Solar Powered Steam Generating Material

OIL AND GAS
Portuguese consortium to spend $300 million on wind

Fires are a major cause of wind farm failure

Marine life thrives around offshore wind farms

DNV GL Increase Quality Of Rotor Blades Made In China

OIL AND GAS
Australia approves huge India-backed mine

Beijing shuts large coal power plant to curb smog: report

Twenty-two dead in southwest China coal mine accident

China consumes almost as much coal as the rest of world combined

OIL AND GAS
Retired China military told to 'return houses' in crackdown

China censors squash giant inflatable toad reports

Chinese blogger given 6.5 years for 'rumour-mongering'

China domestic abuse victims voiceless as network disbands




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.