Tag: crude oil

Report: Cheap crude prices could boost the U.S. economy for another two years

Just three months ago, the group forecast that oil would spike to $85 per barrel by December 2015; now it expects prices below $70 until 2016.  More »

Russia’s natural gas giant is cutting its dividend after seeing its profits tank

The massive drop in profits may translate into a payout of about 2 rubles a share, compared with 7.2 rubles a year earlier.  More »

Iran riches coveted by Big Oil after decades of conflict

As Iran and the U.S. enter 11th-hour negotiations to reach a nuclear deal and ease sanctions, the Middle Eastern country is emerging again as a potential prize for Western oil companies  More »

Saudi Aramco signs $10 billion loan as oil companies raise funds

Saudi Aramco, the world’s biggest oil exporter, is the latest oil company in the region to take advantage of low borrowing costs to raise funds.  More »

Blackstone CEO sees ‘remarkable’ opportunities in slumping oil

Most of Blackstone’s energy investments aren’t in oil, meaning its exposure to lower oil prices is limited, CEO Stephen Schwarzman said.  More »

Cash-strapped oil firms top Moody’s watch list

In the first quarter, a dozen oil companies including Energy XXI’s operating unit, Midstates Petroleum Co. and Halcón Resources Corp. tumbled into credit-rating territory reserved for the most financially unfit firms, according to Moody’s Investors Service.  More »

Oil rigs fall by lowest number since December

Total rigs drilling for both oil and natural gas fell by 21 to 1,048, with gas rigs down 9 to 233, and miscellaneous rigs unchanged at 2.  More »

Chevron seeks over $3.6 billion for Caltex Australia stake

The deal is the largest block trade ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion.  More »

Energy Department study: Shale won’t last, Arctic drilling needed now

In order for the U.S. to keep domestic production high and imports low, oil companies should start probing the Artic now because it takes 10 to 30 years of preparation and drilling to bring oil to market, according to a draft of the study’s executive summary obtained by the Associated Press.  More »

Shell cuts staff numbers in North Sea operations

The price of Brent crude, an international variety of oil, dropped about 50 percent last year and the industry is scrambling to figure out how to address the price shock.  More »

GE increases oil field equipment job cuts to 575

The move comes after GE notified regulators in January of plans to cut 330 positions in a division acquired in 2013.  More »

Personal income grew the most in energy producing states in 2014, government data shows

Crude oil prices grew for the first six months of 2014, hitting their peak in June at $107. That helped boost the economies of states like Alaska and North Dakota, where the oil and gas industry are big employers and help bolster state budgets.  More »

Mexico says arson at U.S. company linked to extortion

Smaller Mexican companies have been subject to such extortion demands, but larger, foreign-owned firms have seldom been acknowledged as targets.  More »

Experts: New Mexico oil patch could lose 2,000 jobs

The number of drill rigs operating in the San Juan and Permian basins has dropped from 85 to 60 over the past year, and state energy Secretary David Martin said each rig directly employs 50 workers and another 50 to 70 in support jobs.  More »

Gain in crude inventories beats expectations again

The build brings the total amount of crude the U.S. has in storage to 466.7 million barrels, a record in weekly data stretching back to 1982.  More »
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