Category: Crude oil

Premier oil suspends dividend after posting full-year loss

First oil from its Solan project in the North Sea west of Shetlands is now expected in the second half instead of the second quarter because of poor weather conditions, the company said.  More »

CGG to cut about 400 jobs after 2014 $1.2 billion net loss

Last year, Europe’s second-biggest oil-services provider Technip approached CGG about a combination of the two French companies specialized in providing equipment and studies for the energy industry. The surveyor, which has cut jobs and reduced its fleet, rejected the bid.  More »

Yellen says oil price means inflation will fall before it rises

The Fed chair reiterated that she expects the drag on inflation “will be transitory.”  More »

EIA: U.S. crude inventories grow again

The inventory report included a number of figures that have worried analysts in the past.  More »

Tissue paper-for-Venezuelan oil swap offered by Trinidad

Venezuela, plagued with shortages of basic goods, was offered a reprieve by the Prime Minister of neighboring Trinidad and Tobago: exchange oil for tissue paper. Prime Minister Kamla Persad-Bissessar suggested an oil-for-tissue swap in a news conference Tuesday following a meeting in Port of Spain with Venezuelan President Nicolas Maduro. She said the deal would […]  More »

Oil demand seen rising by Saudi’s al-Naimi as markets calm

Brent crude futures, a benchmark for more than half of the world’s oil, gained 3.6 percent this year, after plunging 48 percent in 2014.  More »

Nigeria suffers ‘substantial’ revenue loss as oil prices fall

The continent’s largest economy has been hit by the halving in Brent crude prices since the middle of last year as the West African nation prepares for presidential elections next month.  More »

Oil boom’s end threatens pain for much of Latin America

Upheaval is taking place across much of Latin America, where oil prices have fallen by nearly half since September, threatening to pull the rug out from under a decade-long economic boom.  More »

A victim of the industry downturn asks for advice

This week I answer a reader email from someone who has unfortunately been caught up in the industry’s reaction to plunging oil prices.  More »

Texas producers paid record amont of state and local taxes last year

The figures come at a time when the energy sector is dramatically slowing its activity in Texas amid falling oil prices, prompting some concern about whether public entities that have grown accustomed to oil money could feel the pinch as production slows.  More »

Virginia fines CSX $361,000 for Lynchburg derailment in 2014

The April 30 derailment saw 17 tankers derail, with three going into the James. The state Department of Environmental Quality said one tanker breached, with 98 percent of the oil consumed by fire.  More »

Canada: Oil train accident shows new safety rules inadequate

The Transportation Safety Board said Monday the Class 111 tank cars involved in the Feb. 14 CN train derailment met the upgraded standards for new tank cars carrying crude and other flammable liquids.  More »

Sheffield: Midland economy will recover, maybe not as strong

The chairman and chief executive officer of Pioneer Natural Resources said during a visit to Midland last week that this is the industry’s fifth major downturn since he arrived in Midland in 1979.  More »

Exxon Mobil’s reserves up at the end of 2014

Exxon said it had 25.3 billion barrels of oil-equivalent in reserves at the end of 2014, up from the 25.2 billion oil-equivalent barrel the company had on its books at the end of 2013.  More »

Oil extends weekly loss as Libya opens pipeline

West Texas Intermediate lost as much as 2.5 percent after falling 4.6 percent last week.  More »
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