Exxon, earnings, technology, costs, third-quarter, Jeff Woodbury

Technology development and drilling initiatives are part of the company’s equation in delivering savings and increasing value.

OPEC officials began talks in Vienna on Oct. 28 aimed at working out details of their oil supply-cut agreement, which they concede is looking more complicated by the day.

General Electric said on Oct. 27 it was in discussion with the number three oilfield services provider Baker Hughes on potential partnerships.

The company is on track to increase its oil sands production capacity to 390 Mbbl/d on a gross basis, CEO Brian Ferguson said, according to Reuters.

OPEC's second largest producer after Saudi Arabia, Iraq says it will not cut output because it needs money from oil revenues to fight Islamic State.

Excluding items, the company lost 66 cents per share, while analysts on average had expected loss of 70 cents, according to Thomson Reuters.

Capex of $62 million rose by $31 million, or 100%, from second-quarter 2016’s amount. That $62 million capex fell, though, by $69 million, or 53%, vs. third-quarter 2015.

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A spokesman for Statoil said that the company had found no evidence that cost cutting caused its recent problems, but it would continue to look into the matter.

The contract oil and gas driller said its working rig count in the region had rebounded to an average of 50 in the third quarter, an increase of 13% from the second quarter.

Sembcorp Marine's net order stood at SG$8.4 billion. Excluding the orders for drillships from rig leaser Sete Brasil, which has filed for bankruptcy protection, the order book was worth SG$5.2 billion, Reuters reported.

Bond trustees are expected to petition the British Virgin Islands court within the next 10 days, requesting the appointment of a liquidator to the company, "which is expected to take effect approximately four to six weeks from the filing of such request," Reuters reported.