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Under the terms of the deal announced Monday, Chevron will hold onto a 45-percent interest in the offshore leases, while Morocco will retain a 25 percent stake.
Domestic oil explorers with high levels of debt will struggle the most this year if they’re forced to cut spending and give up cash from new oil production.
Gerard expressed astonishment at the president’s proposal Monday, saying his group was only notified of the tax as the administration was “getting ready to roll it out.”
The Oklahoma City oil and gas producer has some $11.6 billion in debt and a $500 million note due next month, according to regulatory filings.
The forecast would mean oil-rich countries and the energy industry would face the longest stretch of low prices since the 1986-1999 period.
Prices at the pump are currently at their lowest prices in seven years courtesy of bountiful supply and cheap costs of crude oil
The proposal faces an uphill battle in the Republican-led Congress, which has repeatedly pushed back against the president’s climate change initiatives.
Losses in the oil patch deepened in the second half of 2015 and into 2016 along with plummeting prices of crude.
Though crude is cheaper than during the financial crisis seven years ago, global oil prices haven’t fallen far enough yet to force oil producers to shut in more than 0.1 percent of the world’s daily supply.
One hundred and seventy-six years after the birth of John Boyd Dunlop, and the crude complex is coming under pressure again. It is Nonfarm Friday, which means that the market is all a’flustered, digesting the soon-to-be-revised official monthly US unemployment report. The report was fairly underwhelming from a headline perspective; only 151,000 jobs were created last […]