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Pickens has sold all his oil holdings and is waiting for the best moment to get back in, he said Thursday in an interview on “Bloomberg Go.”
CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.
Thirty-nine years after Fleetwood Mac’s second album was released, and ‘rumours’ of a production cut and fears of a worsening US economy are pushing and prodding the crude market around today. Commodities are also getting whipsawed around by currency moves. As the US dollar continues to weaken due to growing pessimism about the US economy, […]
The Houston-based oil and gas producer said it booked a total of $5.4 billion of after-tax charges, mostly due to cheap oil eroding the value of its assets.
ConocoPhillips, the No. 3 U.S. oil company, announced a quarterly loss on Thursday and said it is cutting its shareholder dividend by two thirds.
The Anglo-Dutch oil major’s upstream earnings fell 71 percent to $493 million, though the company said lower costs offset the plunge.
The job cuts will have brought the company’s workforce down by 20,000 since the oil-market crash began in 2014.
The comments come as the United States and countries around the world work on cutting greenhouse gas emissions to the point the earth’s temperature does not rise more than two degrees Celsius.
A higher-than-expected build of 7.8 million barrels for the week ending on Jan. 29 pushed inventories to 502.7 million barrels.
Output from the Eagle Ford has been falling since March 2015.