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‘”The dramatic fall in prices has led to the disappointing writedown,” Chief Executive Officer Andrew Mackenzie said.
While oil companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc eliminate jobs and curb capital spending to cope with prices that have fallen two-thirds in 18 months, renewables are enjoying a renaissance underpinned by rules designed to curb fossil-fuel emissions damaging the atmosphere.
Plains All American Pipeline plans to pay debt and fund new construction projects.
The surge in oil and gas output from U.S. shale drillers has the potential to transform world markets. At home, it’s left a chain of idle import facilities from the Northeast to the Gulf Coast, as energy companies pile onto the export bandwagon instead.
Kinder Morgan plans to almost triple the Trans Mountain line’s capacity to 890,000 barrels a day.
Iran secured a nuclear deal with world powers in July to end the country’s political and economic isolation.
Brent crude capped its third annual decline in 2015 and has already lost more than 11 percent so far this year.
The kingdom owns, either directly or through joint-ventures, plants capable of processing 5.3 million barrels a day.
Futures were steady, erasing earlier gains after China suspended an equity circuit breaker system, set a higher yuan reference rate and directed state-controlled funds to buy shares.
For one thing, Aramco’s inner workings are opaque, making its true value a mystery.