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Big Oil's Profit Dip: Not So Total Energy, More Like Partial
Barrel Hub
July 28, 2023
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The good, the bad, and the ugly of Texas oil production.
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Lone Star Stories
ExxonMobil's Q2 profit plummeted by 56% to $7.9 billion due to lower oil and natural gas prices, missing Wall Street expectations, even as oil and gas prices start to climb again, signifying potential future gains for the company.
Major oil and gas companies including Repsol SA, Shell PLC, and TotalEnergies SE reported lower earnings in the second quarter due to a decrease in oil and gas prices, which had previously soared following Russia's invasion of Ukraine.
Reader Question of the Day
What is directional drilling and how has it improved oil extraction methods?
Directional drilling is a technique used in the oil industry to reach reservoirs of oil that are not located directly beneath the drilling rig. Instead of drilling straight down, as in traditional vertical drilling, directional drilling allows the well to be steered in any direction, enabling access to oil deposits located horizontally away from the drilling site.
This technique has significantly improved oil extraction in several ways:
Increased Access
Greater Efficiency
Reduced Environmental Impact
Safety Improvements
The advent of precision guidance systems has further improved the effectiveness of directional drilling, making it a standard practice in the industry today. As technology continues to improve, directional drilling is expected to become even more precise and efficient.
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