Tag: oil price

LyondellBasell profits climb 23 percent

LyondellBasell saw first-quarter profits climb 23 percent as it continued to enjoy access to cheap natural gas despite falling crude prices that have dragged down the prices the company fetches for its refined products and chemicals.  More »

CERAWeek: With ample U.S. gas, LNG export debate is over, Cheniere CEO says

Companies no longer need to follow Cheniere’s business model and invest billions of dollars to wrestle their way into an increasingly crowded market to sell liquefied natural gas overseas, CEO Charif Souki said Wednesday.  More »

CERAWeek: OPEC’s not dead, just different

OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.  More »

As costs fall, companies may start completing wells again

Oil companies keeping thousands of barrels of crude off the market by drilling but not completing wells may soon start flooding the market again.  More »

Noble Energy cuts 220 jobs

Noble Energy has slashed 220 jobs, the company announced Tuesday, joining a growing list of oil firms trimming their rolls as they struggle to rein in spending amid falling oil prices.  More »

Texas manufacturers are blaming oil prices for March’s production slump

Production tumbled into negative territory in March for the first time in nearly two years, pointing to a contraction in factory activity.  More »

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 »
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