Category: Crude oil

Three more oil service firms cutting hundreds of jobs, wages

Oil field service companies have announced more than 40,000 layoffs and oil producers have cut more than 5,000 jobs so far.  More »

Pioneer’s chairman and CEO: Exporting oil could equate to more jobs, production and investment

Lifting the ban now would be less painful for consumers because if gasoline prices were to rise, the increase wouldn’t be as much, Scott Sheffield said.  More »

Crude stores rise again

Commercial stores of crude oil grew by 7.7 million barrels to 425.6 million barrels, the highest level recorded in EIA data stretching back to 1982  More »

EOG: Delaying completions is “right business decision”

EOG Resources officials elaborated on their decision to dramatically pare back well completions in 2015, telling investors the move is “the right business decision.”  More »

Marathon to lay off 350 to 400 workers

As of the end of 2014, Marathon employed about 3,300 internationally.  More »

Saudi oil output rising amid fight for market share

Saudi Arabia, the world’s largest crude exporter, led the Organization of Petroleum Exporting Countries’ decision in November to maintain its output target to preserve market share, rather than cut supply to boost prices.  More »

Obama’s chief economist says oil price drop offsets slowdown overseas

The annual Economic Report of the President, to be released Thursday, projected 3 percent annual growth this year.  More »

EOG earnings down 23 percent

EOG Resources, one of the biggest winners in the shale boom, saw its quarterly profits fall 23.4 percent as it became the latest company to suffer the effects of falling crude oil prices.  More »

Marathon cuts 2015 capital spending by another $1 billion

The cut is the second the company has made since crude prices began falling last summer.  More »

Commentary: the US crude conundrum

The current US oil market is in the midst of a slugfest reminiscent of a Rocky fight, as competing influences face off against one another, says Voices poster Matt Smith.. In one corner we have rising US shale oil production, while in the opposing corner we have a precipitously falling rig count.  More »

Mexico puts some deep-water oil on hold amid crude’s slide

Petroleos Mexicanos director Emilio Lozoya says deep-water projects that have not already begun will be delayed.  More »

Oil resumes price fall after hitting high for 2015

Oil prices are falling again in anticipation of growing U.S. supplies and a global glut.  More »

Iran’s Khamenei threatens to halt oil sales if sanctions persist

Iran’s economy has languished under sanctions imposed over concerns that its nuclear program could lead to the development of atomic weapons.  More »

Technip promises revenue growth in 2015 amid oil-price slump

Technip said it adapted to the challenging conditions in the oil industry by cutting costs, reducing headcount and streamlining its fleet of vessels.  More »

World’s largest oil exporter said to seek $10 billion

The rapid decline in oil prices since June last year may encourage a wave of consolidation and acquisitions in the energy sector.  More »