Tag: oil price

Gulf of Mexico drills keep spinning despite oil price plunge

The flurry of drilling may be slowing on land because of falling oil prices, but production in the Gulf of Mexico shows no signs of slowing down, a new report finds.  More »

ConocoPhillps slashes spending plans for coming years

The largest independent producer of oil and gas had been signalling plans to spend an average of $16 billion per year, but earlier this year, the company whittled its 2015 capital expenditure budget by $2 billion to $11.5 billion.  More »

Alberta energy drillers pivot to natural gas as oil plunges

Alberta’s gas prices dropped 35 percent last year while oil fell 46 percent. U.S. crude prices have plunged below $50 from last year’s high above $107 after the Organization of Petroleum Exporting Countries resisted calls to cut output amid a surge of U.S. crude production.  More »

More oil jobs threatened as cheap crude persists

A growing number of workers are facing a new reality of unemployment.  More »

Drilling contractor may cut 2,000 field jobs as rigs idle

Since October, when the active U.S. land rig count had reached its peak, some 400 rigs have been cut loose by the oil producers struggling to make money in the once-lucrative U.S. shale plays.  More »

Cheap oil burns $390 billion hole in investors’ pockets

Now that oil prices have fallen below $45, any euphoria over cheaper energy will be tempered by losses that are starting to show up in investment funds, retirement accounts and bank balance sheets.  More »

Now is the worst time to get off the oil & gas career rollercoaster

If you have any interest at all in this business beyond just the money, you are doing a disservice to your future if you throw in the towel now.  More »

Carrizo Oil & Gas to cut spending 35 percent, but produce more

S.P. Johnson, Carrizo’s President and CEO, said that the increase was made possible in part by a decline in service costs and more productive wells.  More »

Oil slips as U.S. crude stockpiles surge most in 14 years

Inventories rose 10.1 million barrels in the week ended Jan. 16, the biggest gain since March 2001, according to the Energy Information Administration.  More »

U.S. benchmark oil briefly trades above international oil

Both crudes looked to settle lower on the day and to extend a run of steep losses.  More »

Oil investors pour most money into funds in 4 years

Investors are piling into oil ETFs even after West Texas Intermediate crude, the U.S. benchmark, tumbled the most since 2008 last year amid signs of rising supply and weak demand.  More »

Oil crash wipes $11.7 billion from buyout firms’ holdings

More than a dozen firms have lost a combined $11.7 billion in 27 publicly traded oil producers since June, when crude prices reached this year’s peak before beginning their six-month slide.  More »

Oil rebounds from five-year low as Saudi comments add volatility

West Texas Intermediate, the U.S. grade, climbed as much as 2.6 percent in New York and Brent 2.2 percent in London.  More »

Oil trims rally as investors weigh OPEC’s inaction on supply

Futures dropped as much as 1.4 percent in London, decreasing for the sixth time in seven days.  More »

Oil futures rebound from five-year low after OPEC slump

Oil has collapsed into a bear market as the U.S. pumps crude at the fastest rate in three decades while global demand growth slows.  More »
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