Trefis Weekly Notes: Anadarko, BP, Exxon and Halliburton
The Energy sector this week saw companies attempting to recover from production shutdowns in the Gulf of Mexico. Oil companies redoubled their efforts to press the government to improve its permit approval process for deepwater drilling in the Gulf of Mexico and Alaska. In the oil services sector Halliburton announced the acquisition of Multi-Chem to expand its products range. See our notes below on Andardarko (NYSE:APC), BP (NYSE:BP), Exxon (NYSE:XOM) and Chevron (NYSE:CVX).
Anadarko’s Gulf of Mexico Production Resuming After Storm:
Anadarko Petroleum (NYSE:APC) reported this Sunday that it would be ready to resume operations in the Gulf of Mexico as soon as weather conditions in the region would allow. [1] Tropical Storm Lee shut down approximately 60% of the output from the Gulf of Mexico in the last week.
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BP Places Bets on the Gulf of Mexico and India to Raise Output:
BP (NYSE:BP) will look to new drilling projects in the Gulf of Mexico and increased output from the KG Basin deepwater wells in India to prop up its sagging output. The company has been under pressure to revive its production levels that saw a 9% drop in the 2nd Quarter of 2011, largely due to a drop in production in the Gulf of Mexico from 400,000 bbls/day to 250,000 bbls/day following the 2010 spill.
Oil Majors Wait for Permits to Drill in Alaska, Gulf of Mexico:
Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are increasing their lobbying efforts to push the U.S. Government to grant drilling permits for exploration. The permit process, which was considerably tightened after the Gulf of Mexico oil spill, has been viewed by the industry as a bottleneck in the growth of exploration and production activity in the country.
Halliburton Consolidates Services Offering With Multi-Chem Acquisition:
Halliburton (NYSE:HAL) announced earlier this week that it would be acquiring Texas based private oilfield services player Multi-Chem for an undisclosed sum. [2] The takeover, which is still subject to regulatory approval, is expected to help Halliburton to expand its range of services.
Notes:- Anadarko ready to restaff all Gulf of Mexico ops, Reuters [↩]
- Halliburton to buy Multi-Chem, Associated Press [↩]