US upstream news

US production of 616 000 bpd will be shut during May and 655 000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis.

Hess has reported a net loss of US$2433 million, or US$8.00 per common share, in 1Q20.

Apache reported a loss of US$4.5 billion or US$11.86 per diluted common share during 1Q20.

The company has reported a net loss attributable to Murphy of US$416 million in 1Q20.

Upwing Energy will be recognised for winning the Spotlight on New Technology® Award for its Subsurface Compressor System™ (SCS) at the 2021 Offshore Technology Conference (OTC), due to the cancellation of the event this year.

The transaction includes the transfer of approximately 450 000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities.

The sale includes effectively all of Gyrodata’s directional drilling personnel, as well as its high-performance drilling motors and measurement while drilling (MWD) tools.

ExxonMobil has announced an estimated 1Q20 loss of US$610 million compared with earnings of US$2.4 billion a year earlier.

Chevron has reported earnings of US$3.6 billion for 1Q20, compared with earnings of US$2.6 billion in 1Q19.

ConocoPhillips has reported a 1Q20 loss of US$1.7 billion, compared with 1Q19 earnings of US$1.8 billion.