11-02-2016, 10:44 PM
Royal Dutch Shell reported third-quarter profit that beat analyst estimates after its acquisition of BG Group boosted oil production, helping to counter a slump in prices. The shares rose. Profit adjusted for one-time items and inventory changes advanced 17% from a year earlier to $2.79 billion, The Hague-based Shell said Tuesday. That exceeded the $1.79-billion average estimate of 14 analysts surveyed by Bloomberg, and the earnings of U.S. giant Exxon Mobil Corp.
Shell smashes estimates as BG acquisition drives up output
The OPEC countries claiming exemption from a deal to limit oil production increased output by almost half a million barrels last month, potentially jeopardizing the group’s agreement unless other members deepen their own cuts. Libya, Nigeria and Iran -- granted special status after OPEC members reached a supply deal Sept. 28 in Algiers -- pumped an extra 400,000 barrels a day in October while Iraq, also demanding an exemption, added 50,000 barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
OPEC Special-Case Nations Add 450,000 Barrels in Threat to Deal - Bloomberg
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of depths greater than 125 meters, has increased 25% from nearly 7 million b/d a decade ago.
OPEC officials approved on Monday a document outlining the exporter group's long-term strategy, in a sign its members are making progress in ironing out differences over how and when to manage production levels and, ultimately, oil prices. The approval of the document has been repeatedly postponed with OPEC price hawks such as Algeria and Iran saying the Organization of the Petroleum Exporting Countries should be prepared to defend oil prices by cutting production.
OPEC officials approve group's delayed long-term strategy: sources | Reuters