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Fifty-seven years after the birth of founding member Lol Tohurst, and the crude complex is still exploring whether ‘The Cure’ for low oil prices is…low oil prices. Last night’s API report had a considerably bearish tilt, yielded a solid build of 3.8 million barrels to crude stocks, while Cushing stocks edged up also. It was […]
Good day! Here are ten things to consider on this second day of February, 2016: 1) Punxsutawney Phil didn’t see his shadow, meaning an early start to spring. (If you are of the persuasion of taking your meteorological tips from a marmot). (I prefer the woolly worm). 2) The duplicitous nature of strong production versus […]
The oil-market crash cost BP more last year than the Deepwater Horizon disaster cost it in 2010.
BP announced a reorganization of its top managers Monday and said its upstream chief will become deputy CEO and share duties with CEO Bob Dudley as the British oil major navigates one of the worst oil downturns in decades.
Total announced in September that the company would reduce 2016 spending, down to between $20 billion and $21 billion from the $24 billion spent in 2015.
Total spending last year missed the company’s original target, highlighting how producers have struggled with oil’s plunge to a 12-year low.
BP plans to cut another 4,000 jobs from its global oil-production operations this year, including in the United States, to cope with the ongoing downturn in crude prices.
The terms of the deal were not disclosed and BP declined further comment, but the acquisition makes sense on the surface for Indorama because it already owns adjacent manufacturing plants in Decatur.
With crude prices stuck firmly below $40 a barrel, and energy companies predicting another austere year in 2016, here’s a look back at some of the most popular stories that appeared on FuelFix.com this year.
Company spokesman Jan-Erik Geirmo said the evacuees were taken to other oil fields as a precaution, and that 85 people remained on platforms in the Valhall field Thursday morning.