Corporate week in brief: rising costs weigh on Tight Oil Inc.
Higher oil prices are good for shale players, right? Yes, but for two complicating factors – cost inflation and hedging. Both weighed on US Independents' Q1 results last week, with a ramp-up in drilling putting upward pressure on costs, and derivative losses impacting most of the sector. More on this, and the following stories: Rosneft increases shareholder distributions; welcomes QIA as its third largest shareholder; BP reports strong Q1 results; Marathon picks up acreage in Louisiana Section of the Austin Chalk play; Santos sells non-core Asian assets; Statoil highlights progress on carbon and renewables; Marathon Petroleum / Andeavor to create the US' largest refiner.