Category: Finance/Earnings

Continental Resources announces even deeper 2015 cuts

Oklahoma City-based Continental Resources continues to cut its 2015 budget in response to falling oil prices.  More »

Oil crash wipes $11.7 billion from buyout firms’ holdings

More than a dozen firms have lost a combined $11.7 billion in 27 publicly traded oil producers since June, when crude prices reached this year’s peak before beginning their six-month slide.  More »

Texas banks already seeing some problem borrowers as oil slides, regulator says

One of the top federal regulators for Texas community banks says examiners are already catching some problems with less financially stable bank borrowers, and if oil remains cheap for long, it could get a lot worse.  More »

Shale debt crunch could intensify in April

U.S. oil companies could see the amount of money they can borrow shrink significantly next April when banks reassess credit conditions amid falling oil prices.  More »

Marathon Oil will cut more than $1B from 2015 budget

Marathon Oil Corp. will spend about 20 percent less looking for and producing oil next year, the company said on Thursday.  More »

U.S. shale junk debt tumbles amid oil crunch

Prices for the risky corporate bonds that have fueled the U.S. shale energy boom are plummeting as oil prices have fallen below $60 a barrel for the first time in more than five years.  More »

Producers, oil-tool firms hold off on IPOs as crude plunges

Wall Street investors have had a hard time putting a stock-market value on these companies because crude prices are still wobbling daily.  More »

Crude oil extends drop below $60 as IEA cuts forecast

The IEA reduced its estimate for oil demand growth in 2015 by 230,000 barrels a day on Friday.  More »

As crude oil prices fall, concerns about sector slowdown rise

A slew of factors – including decreased demand projections and tough words from a Middle East official – contributed to a $2.88 drop in U.S. benchmark oil prices to $60.94 per barrel.  More »

BP sees $1 billion in restructuring charges as oil falls

The British oil giant is gearing up to weather at least two years of lower oil prices and the contraction in the oil industry that goes with it.  More »

Exxon: North America to be energy exporter by 2020

The company’s forecast outlined an about 35 percent growth in energy demand across the world through 2040, driven mostly by a growing population and the rise of an energy-hungry middle class in developing countries.  More »

Supreme Court denies BP’s petition to review settlement case

The U.S. Supreme Court on Monday denied BP’s request for the court to review the 2012 oil spill settlement it reached with thousands of Gulf Coast businesses and residents in the wake of the Deepwater Horizon disaster.  More »

BP cutting jobs

BP is cutting mid-level supervisors in its oil production and refining businesses and in back-office corporate functions, the British oil giant’s chief financial officer told the Times of London as it is set next week to lay out its plans through the end of this decade.  More »

Schlumberger to retire seismic vessels, take $800M impairment

Oil field service giant Schlumberger will probably take an $800 million impairment charge in the fourth quarter as it retires some units in its marine seismic fleet, the company said Tuesday.  More »

McClendon venture raises $500 million for mineral rights

McClendon doesn’t appear to be slowing down his new venture even as oil prices have sunk below $75 a barrel.  More »
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