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Mexico Gasoline Theft Cut by 95%, Pemex Says

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President Andres Manuel Lopez Obrador’s fight against gasoline theft has reduced robbery by 95 percent as Mexico shifted fuel transport to trains and trucks, and improved security for pipelines, according to state-owned oil oil producer Petroleos Mexicanos. – https://www.bloomberg.com

Petroleos Mexicanos (Pemex) is planning a program of investment opportunities in the fields that have reached their peak of crude extraction, to help them recover, the company”s director said on Thursday.

The Pemex general director, Octavio Romero Oropeza, presented in Campeche the ‘Investment Opportunities Program in Mature Fields: Increase in the recovery factor’, in compliance with the instruction of President Andres Manuel Lopez Obrador to reactivate the industry and produce more than 2,400,000 barrels per day at the end of the six-year period.- https://www.plenglish.com

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  1. Pingback: Mexico's New Oil Refinery is good for Mexico , but bad for American Refineries?

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Aramco

Saudi Aramco said it is ready to go public…will wait for better market conditions

“We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market conditions. This is really a testament to our resilience,” said al-Dabbagh, noting the talks are in the early stages.

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It looks like the same old song and dance from Saudi Aramco. basically repeating themselves for over a year.

Saudi Aramco said it is ready to go public, but the Saudi government will decide when market conditions are optimal for what would be the largest IPO ever.

“Basically, the company is ready for the IPO. Now the timing of the IPO itself, this is a shareholder’s issue, and they will announce it depending on their perception of what would be the optimum market condition,” said Khalid al-Dabbagh, chief financial officer, reiterating the company’s previous stance.

Video of Saudi Aramco talking about the same thing.

they might have to wait yet another year if the Market goes into recession the end of the year or early next.

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Liberty Oilfield Services

Christopher Wright Talks About the Slowdown in Fracking

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Christopher Wright

Good morning, everyone, and thank you for joining us. We’re pleased to discuss with you today our second quarter 2019 results. We’re proud to have delivered $0.32 fully diluted earnings per share in the second quarter, a 23% increase compared to $0.26 in the first quarter of 2019. Revenue in the quarter increased 1% to $542 million and adjusted EBITDA increased 9% to $19 million, each as compared to the first quarter of 2019. We were able to deliver this financial performance due to the continued executional excellence of our operations and supply chain teams plus close coordination with our customers on schedule.

Liberty’s operational teams in the field continued to excel in delivering the safest and most efficient service to our clients. This cements the strong relationships that we have with our customers and helps them bring the most cost-effective barrel of production to the market. These strong financial results enable us to continue to improve service quality, grow organically and return capital to stockholders.

For the 12-months ended June 30, 2019, we achieved a pretax return on capital employed of 23%, generated significant free cash flow and returned over $130 million to stockholders. Our first half of 2019 results reflect the strong demand for Liberty’s differential frac services. Based on visibility into our customers’ activity pipeline for the year, we believe demand for Liberty fleets will remain high through the third quarter. And we are working closely with our customers to mitigate the effect of operator budget exhaustion towards the end of the year. As in the start of 2019, we expect demand for Liberty’s services to be strong at the start of 2020 when operator budgets are renewed.

Operators are managing activity to not exceed their announced budgets. And therefore, the frac market will most likely experience utilization challenges in the fourth quarter of 2019. There continues to be an oversupply of frac fleets in the market, which is holding down pricing. We would not expect pricing to improve until the supply of actively staffed frac equipment balances with demand.

  • Among 4 analysts covering Liberty Oilfield Services (NYSE:LBRT), 3 have Buy rating, 0 Sell and 1 Hold. Therefore 75% are positive.

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