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February Oil & Gas News Roundup

In February, EnerCom Dallas opened attendee registration, North America drops rigs, Shell begins oil production at its first deep-water platform in Gulf of Mexico, and Aramco is now the 3rd largest company by market cap. Continue reading our oil and gas news roundup to learn more about what’s happening in the industry this month.

Registration is now open for EnerCom Dallas

Registration is now open for EnerCom Dallas – Energy Investment & ESG Conference, which is happening on April 18th and 19th of 2023, at Hotel Crescent Court, Uptown Dallas.

EnerCom Dallas is a financial conference that allows institutional investors an early 2023 opportunity to meet C-suite executives from top independent E&Ps, including some of the industry’s leading Permian, Eagle Ford, Marcellus, Utica and Canadian producers, and the oilfield service companies supporting them, and hear them discuss their plans to drive development, fund operations and return value to shareholders in 2023.  For the investment community, the EnerCom Dallas conference provides in-person access to oil and gas company senior leadership. The two-day event allows institutional investors to set one-on-one meetings with company management teams.

Energy investors and industry leaders can register to attend at www.enercomdallas.com.

North America Drops Rigs

In Baker Hughes’ latest rotary rig count, Canada was shown to have dropped two rigs and the U.S. was shown to have dropped one rig, week on week, in the count, which highlighted that the total North America rig count now stands at 1,008.

The U.S. makes up 760 of this total, comprising 741 land rigs, 17 offshore rigs, and two inland water rigs. Of the total U.S. rig count, 607 rigs are categorized as oil rigs, 151 are categorized as gas rigs, and two are categorized as miscellaneous rigs. Canada’s total rig count stands at 248, with 163 oil rigs and 85 gas rigs, Baker Hughes’ count outlined.

For more information on these dropped rigs, click here

Shell begins Oil Production at their First Deep-Water Platform

Shell Offshore Inc. announced it has begun oil production at the Shell-operated Vito floating production facility in the U.S. Gulf of Mexico. With an estimated peak production of 100,000 boed, Vito is the company’s first deep-water platform in the Gulf of Mexico to employ a simplified, cost-efficient host design.

Originally discovered in 2009, the Vito field spans four Outer Continental Shelf (OCS) blocks in the Mississippi Canyon at a depth of more than 4,000 ft (1,220 m) of water. The host is approximately 150 miles (241 km) southeast of New Orleans and 10 miles (16 km) south of the Shell-operated Mars TLP.

Vito is a four-column semi-submersible host facility with eight subsea wells (31,000 ft or 9,400 m) with deep (18,000 ft or 5,500 m) in-well, gas lift, and associated subsea flowlines and equipment.

Click here for more information on this new deep-water platform. 

Aramco is Now the 3rd Largest Company by Market Cap

Saudi Aramco is now the third largest company by market capitalization, according to companiesmarketcap.com, a list of the world’s largest public companies by market cap which updates rankings frequently. The list places Aramco in third with a market cap of $1.903 trillion, behind Microsoft with a market cap of $1.920 trillion, and Apple with a market cap of $2.413 trillion. 

Aramco is currently scheduled to publish its 2022 dividend and “key” financial results, and its 2022 financial statements, on March 12th and 13th click here to sign up for an alert for when they go live. 

Reach Out to Tiger General

We hope you found our February oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!