US upstream news

Oil prices extended their gains on Wednesday as Covid-19 vaccine euphoria continues to drive markets, assisted by a report that US crude stockpiles have decreased further than expected for another week.

Oil prices recover as the uncertainty over the US election result subsides, but the market has challenges to face in weeks ahead.

Lufkin Industries, a portfolio company of KPS Capital Partners, LP (KPS), has completed the acquisition of the North American Land Rod lift business of Schlumberger N.V.

ExxonMobil has announced an estimated 3Q20 loss of US$680 million.

Chevron has reported adjusted earnings of US$201 million in 3Q20.

ExxonMobil has kept its 4Q20 dividend flat at 87 cents a share.

Oil prices, after a long period of enjoying +US$40 levels, finally fell below the threshold.

EQT Corp. has entered into a definitive purchase and sale agreement with Chevron USA Inc. under which EQT will acquire Chevron's upstream and midstream assets located in the Appalachian Basin for US$735 million.

Oil prices rose today as US production is hit by yet another hurricane, but the gains may prove to be short-lived due to the worsening Covid-19 pandemic.

The API has a published a suite of standards developed to support proper construction, safe operation and maintenance of offshore pedestal-mounted cranes for natural gas and oil platforms, as well as training for offshore crane operators.