US upstream news

The company has announced estimated 4Q19 earnings of US$5.7 billion.

DOF Subsea has secured contracts for pre-lay and LBL array installation activities in Guyana, subsea installation work in Trinidad and well-head removal work in Canada.

Chevron Corp. has reported a loss of US$6.6 billion (US$3.51) per share - diluted) for 4Q19, compared with earnings of US$3.7 billion (US$1.95 per share - diluted) in 4Q18.

If fraccing activity were to be eliminated on federal acreage the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace the lost oil volumes, according to Rystad Energy.

Through December 2019, the Texas Petro Index lost 9.4% of its value since the February 2019 cyclical peak.

Formed in 1978, GSI has seven locations in the US and one in Aberdeen, Scotland with a global team of 210. 

Over 80% of the company's 2020 Exploration & Production capital and exploratory budget will be allocated to high return investments in Guyana and the Bakken.

US oil production from tight formations increased in 2019, accounting for 64% of total US crude oil production, according to the US EIA.

One of the most productive areas in the world for oil remains rich in the resource, according to the latest USGS assessment.

The projects are valued at approximately US$42 million and are scheduled to occur primarily during 2Q20.