Source: Enverus Gulf of Mexico Activity Report, November 4, 2019

OPERATOR NEWS 

Hess Corp. announced an oil discovery at the Esox-1 exploration well located in Mississippi Canyon Block No. 726 in 4,609 feet of water and encountered approximately 191 net feet of high quality oil bearing Miocene reservoirs. Esox-1 is located approximately 6 miles east of the Tubular Bells production facilities. Hess Corp. is operator and holds 57.14% interest in Esox; Chevron U.S.A., Inc. holds 42.86% interest.

Exxon Mobil Corp. announced estimated third quarter 2019 earnings of $3.2 billion, or $0.75 per share assuming dilution. Earnings included a favorable tax-related identified item of about $300 million, or $0.07 per share assuming dilution. Capital and exploration expenditures were $7.7 billion, including key investments in the Permian Basin. Oil-equivalent production rose 3 percent from the third quarter of 2018, to 3.9 million barrels per day.

Chevron Corp. reported earnings of $2.6 billion for third quarter 2019, compared with $4.0 billion in the third quarter 2018. Included in the current quarter was a tax charge of $430 million related to cash repatriation.

ConocoPhillips reported third-quarter 2019 earnings of $3.1 billion, or $2.74 per share, compared with third-quarter 2018 earnings of $1.9 billion, or $1.59 per share. Excluding special items, third-quarter 2019 adjusted earnings were $0.9 billion, or $0.82 per share, compared with third-quarter 2018 adjusted earnings of $1.6 billion, or $1.36 per share. 

SERVICE/SUPPLY NEWS

Halliburton Co. has signed a strategic agreement with the Advanced Remanufacturing and Technology Center (ARTC) to become an anchor member, which will allow Halliburton to collaborate across industries with research and development projects that will advance next-generation technologies. Halliburton is the only oilfield services company with membership in ARTC. As an anchor member of ARTC, which is led by Singapore’s Agency for Science, Technology and Research (A*STAR), Halliburton will leverage the organization’s pool of engineers and researchers to help drive the development of collaborative solutions that will increase value for our customers.

Oceaneering International, Inc. reported a net loss of $25.5 million, or $(0.26) per share, on revenue of $498 million for the three months ended September 30, 2019. Adjusted net loss was $29.7 million, or $(0.30) per share, excluding the impact of $7.0 million of certain tax adjustments and the after-tax effects of $3.5 million of foreign currency exchange losses.

SitePro, an automation technology solutions and service provider for the energy industry has acquired Integrated Control Solutions (ICS. The combined company will provide upstream and midstream operators with an automation software platform.

McDermott International, Inc. announced substantial completion of Pemex’s Abkatun-A2 Platform. The production platform is located in Mexico's Bay of Campeche in the Gulf of Mexico. This milestone means the platform has now been turned over to the owner to begin commercial operations.

National Oilwell Varco, Inc. reported third quarter 2019 revenues of $2.13 billion, compared to $2.13 billion for the second quarter of 2019 and $2.15 billion for the third quarter of 2018. Net loss for the third quarter of 2019 was $244 million. Adjusted EBITDA increased $67 million sequentially to $262 million.  

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