Category: Crude oil

Exxon CEO: Get used to lower oil prices

Speaking at the company’s annual investor meeting in New York, Tillerson cautioned that geopolitical turmoil could unexpectedly send prices higher.  More »

Exxon Mobil raises $8 billion in its largest bond offering

Exxon holds top triple-A credit ratings from Moody’s Investors Service and Standard & Poor’s, making it one of only three U.S. corporations that stand on nearly equal footing with governments in debt markets.  More »

Crude inventories at their highest level in decades after another build

Total crude oil inventories now stand at 444.4 million barrels, a modern-era high.  More »

Exxon Mobil to cut 2015 budget by 12 percent

Despite the cuts, Exxon said it expects to increase daily production to 4.3 million oil-equivalent barrels through 2017.  More »

Libyan official: Islamic State militants attack oil field

The militants swept down from the central city of Sirte and attacked the al-Dhahra oil field to the south, trading fire with guards and blowing up residential and administrative buildings before eventually retreating.  More »

Saudi Arabia pledges to pump as much oil as its customers need

The country won’t cut output unless customers refuse to buy its crude, Oil Minister Ali Al-Naimi said in Berlin on Wednesday.  More »

US running out of room to store oil; price collapse next?

If record production in the U.S. keeps up, storage tanks could approach their operational limits, known in the industry as “tank tops,” by mid-April and send the price of crude — and probably gasoline, too — plummeting.  More »

EIA: Gulf of Mexico production to continue increasing

By 2016, the Gulf will account for about 17 percent of total U.S. crude production.  More »

Anadarko to cut spending 33 percent, execs say

The 33-percent spending cut includes a plan to bring down 40 percent of its U.S. land drilling rigs and to defer 125 onshore well completions. So far this year, the firm has sold off or divested $700 million in assets.  More »

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.  More »

Lukoil profit drops 39 percent after impairments, oil-price slump

The results come after OAO Gazprom Neft posted a 31 percent decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent.  More »

Philippines suspends oil, gas exploration in disputed waters with China

Oil and gas exploration company Forum Energy Plc. said the Department of Energy instructed it to halt all work in its contracted area at Reed Bank in the South China Sea off the western Philippine province of Palawan.  More »

Federal oil lease sale of western Gulf tracts set for August

The sale will include approximately 4,000 blocks, from nine to 250 miles offshore, in depths ranging from 16 to almost 11,000 feet.  More »

Delta challenges Obama administration on oil exports

Delta Air Lines’ refining subsidiary is accusing the Commerce Department of easing the nation’s longstanding ban on crude exports after “secret meetings” with oil companies.  More »

Nabors posts $891 million net loss in fourth quarter

The charges included a $612 million impairment the company booked on its older rigs.  More »