US upstream news

The company reported adjusted earnings of US$1.7 billion (US$0.90 per share - diluted) in 1Q21 compared to adjusted earnings of US$2.5 billion (US$1.31 per share - diluted) in 1Q20.

The StrataXaminer tool delivers high-resolution images of the reservoir structure to identify bedding, fracture patterns, fault zones and potential flow barriers with increased accuracy.

Overall, Gardner Denver was placed in the top five performing companies in the survey, conducted by EnergyPoint Research.

Last year's production was over 75% less than the state’s peak production of more than 2 million bpd in 1988.

Equinor has completed the sale of its operated and non-operated acreage in the Bakken field in North Dakota and Montana to Grayson Mill Energy.

The NoMan optical system, for which the patent has been given, is used for remote general and close visual inspection of tanks, pressure vessels and other confined spaces.

Because US producers have increased access to debt and equity (among other factors), the EIA is forecasting that US crude oil production will increase from 10.7 million bpd in 1Q21 to 12.2 million bpd in 4Q22.

Schlumberger, which has been selling assets in North America, said it is benefitting from an inflection in global drilling activity which has picked up as oil prices climbed to US$65.45.

Baker Hughes and Halliburton have said North American oil markets are showing signs of recovery as the two companies beat Wall Street expectations for 1Q21 earnings.

The company has appointed commercial director Andrew Law as CEO, succeeding Enteq founder Martin Perry.