Category: Finance/Earnings

Chevron sees less profit in fourth quarter

Chevron said its U.S. average sale price for a barrel of crude was $66 in the fourth quarter, down from $90 a year ago.  More »

Oil’s next casualty: government budgets

Saudi Arabia, the world’s top producer of crude, will see the budget surplus it has enjoyed in the past turn into a deficit of 4.7 percent of gross domestic product this year.  More »

Cheap oil burns $390 billion hole in investors’ pockets

Now that oil prices have fallen below $45, any euphoria over cheaper energy will be tempered by losses that are starting to show up in investment funds, retirement accounts and bank balance sheets.  More »

Trio of oil companies announce $20 billion in spending cuts

“What we’re seeing thus far is a textbook implosion,” said one analyst.  More »

ConocoPhillips cuts spending again, reports earnings loss

The company will defer drilling and exploration plans in the U.S. and major project spending in general. It still expects to grow production by 2-3 percent, excluding Libya.  More »

Phillips 66 earnings up 39 percent

The company’s profits in its marketing and specialties division soared, rising from $105 million in the fourth quarter of 2013 to $367 million a year later.  More »

Cameron profits rise as orders, backlog decline

Oil equipment maker Cameron International saw profits rise 15 percent in the fourth quarter on higher sales from its drilling and surface businesses, it reported Thursday.  More »

Shell cuts $15 billion of spending as profit misses expectations

Shell shares dropped as much as 4.4 percent in London and traded at 2,067 pence at 10:17 a.m.  More »

Occidental loses $3.4 billion on asset impairments

The company has cut its 2015 annual capital budget to $5.8 billion, down 33 percent from last year, as oil prices have been cut in half since June.  More »

Hess cuts capital spending by 16 percent

Hess Corp. will cut its capital spending 16 percent to $4.7 billion, becoming the latest exploration and production company to announce big cuts to its 2015 budget.  More »

Apache taps new CFO as exiting CEO gets hefty retirement package

Apache abruptly announced longtime CEO G. Steven Farris’ retirement this week.  More »

Halliburton leaders suggest layoffs to hit North America

Halliburton acknowledged challenges ahead for the company as it faces pressure from exploration and production companies who are reeling from a more than 50 percent drop in the price of oil.  More »

Baker Hughes to lay off 7,000 after record-breaking quarter

The oil services company reported that net income in its final quarter rose to a record high of $629 million.  More »

Ratings agencies warn of U.S. oil company, Venezuelan defaults

Fitch Ratings said it expects the default rate for U.S. energy junk bonds to rise from 0.7 percent over the next few years, though it didn’t forecast a specific rate.  More »

Swift Energy cuts annual budget 75 percent

Swift shares have fallen 79 percent since June 20, when oil prices peaked in 2014.  More »
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