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Chevron posts $1.5 billion loss in second quarter

Chevron Corp. extended its longest losing streak in more than a quarter century, missing profit and production expectations as a glut-driven price collapse forced a writedown of the value of oil and natural wells. The company posted a surprise loss of $1.5 billion, or 78 cents a share, compared with ...

Smallest U.S. gas supply gain in a decade spurs rally

U.S. natural gas futures rallied the most in two months after a government report showed the smallest inventory gain in a decade. Gas stockpiles rose by 17 billion cubic feet last week to 3.294 trillion, the smallest storage injection for the same period since a withdrawal was reported in 2006, gove ...

Exxon in talks over Eni Mozambique gas stake, sources say

Exxon Mobil Corp. is in advanced negotiations with Eni SpA over acquiring a minority stake in natural-gas discoveries off Mozambique, according to two people with knowledge of the talks. Exxon Chief Executive Officer Rex Tillerson discussed the plan with Mozambique President Filipe Nyusi last week i ...

Shell earnings plunge to 11-year low

Royal Dutch Shell Plc reported the lowest quarterly earnings in 11 years and missed estimates by more than $1 billion as a mix of lower energy prices, weaker refining margins and production halts weighed on Europe’s largest oil company. Profit adjusted for one-time items and inventory changes sank 7 ...

Oil dropped to a three-month low in New York after government data showed that U.S. crude stockpiles unexpectedly climbed last week, halting the longest streak of inventory declines on record. Futures fell as much as 2.8 percent to $41.73  in New York after crude  inventories rose 1.67 million barre ...

Plentiful supply pressuring oil prices

Oil fell from the lowest close in three months as industry data showed crude stockpiles at the biggest U.S. storage hub rose, swelling supplies already at a seasonal record. Futures dropped as much as 1 percent as trading opened in New York.  Inventories at Cushing, the delivery point for West Texas ...

Statoil swings to loss, slashes spending

Statoil ASA deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. The adjusted loss after tax, which excludes financial and other items, was $28 million in the second quarter after a profit o ...

Oil fell to a three-month low in New York as supplies were considered to be plentiful even as stockpiles were seen deepening a record pullback in the U.S., the biggest fuel consumer. West Texas Intermediate futures declined 1 percent after falling 2.4 percent Monday. While U.S. crude inventories pro ...

Glut of gasoline undercutting oil prices

Gear up for a fall in oil prices. The global oil market is “severely oversupplied” with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. In a report published on Sunday, the analysts forese ...

Oil falls to 2-month low as drilling increases

Oil dropped to the lowest in more than two months after U.S. producers increased drilling for a fourth week even as the market contended with abundant supplies. Futures fell 1.5 percent in New York after slipping 3.8 percent last week. U.S. oil explorers expanded the number of rigs in action by 14 t ...

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