The Glengorm gas condensate discovery announced last week could be the biggest in the UKCS since 2008. It will reignite interest in the high temperature, high pressure plays in the North Sea and heralds a mini renaissance in UK exploration.
In the past year, there were many observations that the offshore rig market had “turned the corner”, and while Westwood highlighted a few areas of improvement, they were mostly isolated, and Westwood simply did not share that opinion. However, now that 2018 is over, it is time to look at where the market stands heading into the new year.
Chevron Corporation (NYSE: CVX) has reported earnings of $3.7 billion($1.95 per share – diluted) for fourth quarter 2018, compared with $3.1 billion ($1.64 per share – diluted) in the fourth quarter of 2017, which included $2.02 billion in tax benefits related to U.S. tax reform. Included in the current quarter was an asset write-off totaling $270 million. Foreign currency effects increased earnings in the 2018 fourth quarter by $268 million.
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