Archive for April, 2016
Exxon Mobil profit beats expectations on big cost cuts
Exxon Mobil capital budget in Q1 dropped over 33 per cent from 2015 By Ernest Scheyder HOUSTON, April 29 (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil producer, reported a higher-than-expected first-quarter profit on Friday as it slashed costs to offset plunging crude prices and weak refining margins. The results reflect the new reality […]
Chevron adjusted Q1 profit misses expectations
Chevron CEO says focus is to boost cash flow By Ernest Scheyder HOUSTON, April 29 (Reuters) – Oil and gas producer Chevron Corp on Friday posted an adjusted profit that fell short of Wall Street’s expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Like many of its […]
Oil prices end steady near $50; best monthly gain in Brent in 7 years
Oil prices on track to gain 20 per cent in April By Barani Krishnan NEW YORK, April 29 (Reuters) – Oil prices ended steady on Friday after hitting 2016 highs but finished April trading about 20 percent higher, with Brent crude having its best monthly gain in seven years. A weaker dollar and optimism that […]
Refining’s silver lining loses luster at Exxon and Chevron
Lower profits from Exxon and Chevron’s refining divisions contributed to weaker Q1 results By Ernest Scheyder HOUSTON, April 29 (Reuters) – Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining […]
Phillips 66 spends more, increases dividend in Q1 amid downturn
Phillips 66 Partners adjusted total costs were $47.8 million in Q1 of 2016, an increase of $9.6 million from Q4 2015 HOUSTON, Texas – Phillips 66 Partners LP announces first-quarter 2016 earnings of $52.3 million, or $0.44 per common unit. Distributable cash flow was $64.1 million and adjusted earnings before interest, income taxes, depreciation and amortization […]
Opinion: Colorado senate rejects anti-business bills
“Colorado has a long history of working together at all levels of government in support of energy development and economic growth.” Colorado Petroleum Council Executive Director Tracee Bentley is applauding the Senate Agricultural, Natural Resources and Energy Committee for recognizing the detrimental economic impacts two bills (HB1310 and HB1430) could have on Colorado. “Rejecting bills […]
Oil rig helicopter crashes off Norwegian coast, 13 presumed dead
Witnesses say rotor detached from oil rig helicopter By Stine Jacobsen and Ole Petter Skonnord OSLO, April 29 (Reuters) – A helicopter ferrying passengers from a Norwegian oil platform crashed in the North Sea on Friday, killing at least 11 of the 13 people on board, rescue officials said. The 11 passengers and two crew […]
Opinion: Rising oil prices throw lifeline to American shale producers
“Given fragility of market rebalancing, and financial exhaustion of many US onshore oil producers, safer course now is to start locking in at current prices, even at risk of giving away some upside.” – Kemp By John Kemp LONDON, April 28 (Reuters) – Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the […]
Oil price weakness drives Imperial Oil to bigger-than-expected loss
Imperial Oil US$81 million By Nia Williams CALGARY, Alberta, April 29 (Reuters) – Canadian integrated oil producer and refiner Imperial Oil Ltd reported a slightly bigger-than-expected quarterly loss on Friday, hurt by continued weakness in global crude prices. Imperial’s net loss was C$101 million ($81 million), or 12 Canadian cents per share, in the first quarter […]
Demand for real-time info propels shale gas automation market – Technavio
Global supervisory control and data acquisition (SCADA) solutions market in shale gas industry valued at $196.4 million in 2015 According to the latest research study released by Technavio, the global automation solutions market in the shale gas industry is expected to reach over $683 million in revenue by 2020. “Exploration and production are key activities […]
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