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 […]

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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

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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

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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

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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

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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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