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(Spencer Platt/Getty Images)

Canadian oil field services company cuts 2,000 jobs across North America

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Oil-services companies are slashing jobs to cope with declining demand from drillers. Baker Hughes Inc., the oilfield-services company merging with Halliburton Co., has reduced about 17 percent of its workforce in recent months.
A section of the Alyeska Pipeline Service Company 800 mile Trans Alaska Pipeline crosses a mountain ridge near Delta Junction, Alaska, Wednesday, August 17, 2005.  (Photographer: Daniel Acker/Bloomberg News)

Williams Cos. pipeline merger to create $33 billion partnership

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Williams follows Kinder Morgan Inc., the largest pipeline operator, in consolidating a master-limited partnership to make more cash available to pay investors and expand operations.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi Arabia maintained its oil output surge last month

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Prices collapsed by almost half last year as Saudi Arabia led OPEC in maintaining production rather than cede market share to booming U.S. supply. The group has become more unified about keeping its output target because prices are now rising, according to Kuwait’s oil minister.
(AP file photo/Hasan Jamali)

Chevron unit in Saudi Arabia to halt output at Wafra oil field

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The stoppage at Wafra may help reduce a worldwide glut that has pushed crude prices down by about 40 percent in the last 12 months. OPEC, which counts Kuwait and Saudi Arabia as members, chose in November to keep pumping crude oil to protect its share of the market rather than cutting output to boost prices. Brent crude, a global benchmark, was trading at $65.08 a barrel Tuesday at 8:42 a.m. in London.
A driver refuels her car at a gas station of PetroChina, a subsidiary of CNPC (China National Petroleum Corporation), in Luoyang city, central China's Henan province, 19 August 2014. (File, Bloomberg)

China to cede top oil buyer spot back to U.S.

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China’s new ranking shows how the U.S. shale boom is reshaping flows of oil around the world as suppliers hunt for buyers amid a global glut. A surge in American production is reducing the need for the world’s biggest economy to import crude while the Asian nation seeks to take advantage of a slump in prices to fill its emergency stockpiles.
(AP file photo/John Moore)

Saudi Aramco said to plan $80 billion in overseas spending

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Saudi Aramco is expanding in refining and petrochemicals and seeking to boost ties with Asia as part of its ambition to become both the world’s largest oil and chemicals producer by the end of the decade.
Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh.  (AP Photo/Yoan Valat, Pool)

Saudi king declines to attend Obama’s Persian Gulf summit

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Saudi Foreign Minister Adel bin Ahmed Al-Jubeir issued a statement Sunday saying the king won’t visit “due to the timing of the summit, the scheduled humanitarian cease-fire in Yemen and the opening of the King Salman Center for Humanitarian Aid.”
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Apache takes big writedown, report loss for the quarter

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Apache Corp. reported a $4.7 billion writedown because of falling oil and natural gas prices, leading the company to declare a $4.65 billion net loss for the first quarter.
Jeremy Thigpen

Transocean beats estimates on cost cutting

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Jeremy Thigpen takes the helm as the drilling industry confronts the double whammy of a glut of new deep-water rigs and falling demand as producers reduce spending because of the collapse in oil prices.
Categories: Offshore
(Photographer: Jamie Schwaberow/Bloomberg)

Anadarko writes down $3.7 Billion in value from Utah field

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Anadarko Petroleum Corp. reported its biggest quarterly loss in more than a decade after writing down the value of a single field in Utah by $3.7 billion.