Space Industry and Business News  
OIL AND GAS
Exxon: Papua New Guinea quake bruised quarterly figures
by Staff Writers
Washington DC (UPI) Apr 30, 2018

illustration only

Dinged by a severe earthquake in Papua New Guinea, Exxon Mobil said Friday its production levels were down 6 percent when compared with last year.

In its quarterly report, Exxon said Friday that the 7.5-magnitude quake in late February took $80 million off its earnings and cut production by around 25,000 barrels of oil equivalent per day. On April 17, however, the company was able to restart one train -- the part of its plant that turns gas to liquid -- ahead of schedule. The second train will restart once the plant's production increases.

Oil Search is a partner in a liquefied natural gas facility and oil production in Papua New Guinea. In a report on operations through March 31, the company said its first quarter production of 4.84 million barrels of oil equivalent was 36 percent lower than fourth quarter 2017

Exxon leads the project and shut down much of the infrastructure after a the earthquake.

Across its portfolio, Exxon said total production averaged 3.9 million barrels of oil equivalent per day during the first quarter, down 6 percent from the same period last year. Other declines in output were attributed to divestments, though some of the downturn in production was offset by growth in North America.

Through new discoveries and acquired acreage, we've positioned our upstream portfolio well for future growth, Chairman and CEO Darren Woods said in a statement.

Upstream refers to the exploration and production side of the energy sector and contributed $469 million to Exxon's first quarter earnings of $4.6 billion. Total first quarter earnings were 16 percent higher than the same period last year, but 45 percent below fourth quarter figures.

Fourth quarter earnings from exploration and production were $9 billion higher than the same period in 2016. The company said $7.1 billion of that was driven by the U.S. tax reform. The measure permanently cuts taxes for corporations from 35 percent to 21 percent.

Spending on exploration in the third quarter was 3 percent lower during the first nine months of 2017 and Hurricane Harvey took $160 million off those quarterly figures.


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


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Iraq grants oil exploration permits near Iran and Kuwait
Baghdad (AFP) April 26, 2018
Iraq's oil ministry said Thursday it has granted licences to explore oil blocs in zones bordering Iran for the first time in half a century. Licences have been issued to two Chinese companies and one Emirati firm for three blocs close to Iran and one near Kuwait, according to the ministry. The ministry also granted licences to exploit gas from four fields in Diyala province, northeast of Baghdad. Under late dictator Saddam Hussein, Iraq went to war with Iran between 1980 and 1988 and invaded ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



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

OIL AND GAS
Rare earth magnet recycling is a grind - this new process takes a simpler approach

KAIST succeeds in producing 50x more stable adsorbent

Polymer synthesis gets a jolt of caffeine

World's oldest insect inspires a new generation of aerogels

OIL AND GAS
Russia Launches Heavy Rocket with Military Satellite

India Struggling to Establish Lost Link With Crucial Communication Satellite

Indian scientists lose contact with satellite

Russian Soyuz launches military satellite

OIL AND GAS
OIL AND GAS
Open Geospatial Consortium announces the European Space Agency's upgrade to Strategic Membership

Chinese willing to support Beidou navigation system

Lockheed Martin Submits Proposal for U.S. Air Force's GPS 3F Program

China opens first overseas center for BeiDou navigation satellite system in Tunisia

OIL AND GAS
Northrop Grumman to support Japan's E-2C Hawkeye

State Dept. approves $1.2B sale of helicopters, missiles to Mexico

Northrop to repair technology on Hawkeyes, Lockheed to upgrade C-130 aircraft

Russian aircraft provider stops doing business with NATO

OIL AND GAS
Cheaper and easier way found to make plastic semiconductors

From insulator to conductor in a flash

Wiggling atoms switch the electric polarization of crystals

Sensor strategy a boon for synthetic biology

OIL AND GAS
Sentinel-3B on launch pad

NASA satellite spots northern lights from above

Europe poised to launch ocean-monitoring satellite

The 'radical' ways sunlight builds bigger molecules in the atmosphere

OIL AND GAS
Philippines police hold riot drills as Boracay closure challenged

'Maximum' security as Philippines readies Boracay shutdown

BHP, Vale given extension to settle Brazil mine disaster claim

Nigerians demand air quality data over pollution fears









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.