Archive for April, 2016
Natural gas net imports in 2015 at lowest level since 1986
Net LNG imports accounted for 19% of total U.S. net imports of all natural gas in 2007, but LNG’s share of imports fell to 7% in 2015 U.S natural gas net imports fell to 2.6 billion cubic feet per day (Bcf/d) in 2015, continuing a decline that began in 2007, when net imports of natural […]
70 pct of North American fracking fleet idle: Weir Group
Fracking fleet reduction “beyond everyone’s expectations”: Weir CEO LONDON, April 28 (Reuters) – Oil equipment maker Weir Group reported a 47 per cent fall in first-quarter oil and gas orders on Thursday and estimated some 70 percent of North America’s fracking fleet is currently idle as low crude prices slow investment in the sector. The Scottish company, […]
PetroChina posts first quarterly loss as oil prices weigh
PetroChina expects that in 2016, supply and demand fundamentals will remain loose By Anne Marie Roantree HONG KONG, April 28 (Reuters) – PetroChina Co Ltd, the country’s largest oil and gas producer, on Thursday reported its first ever quarterly loss as oil prices touched near 13-year lows, and forecast continued volatility in the market. Faced […]
CNOOC Q1 revenue sinks 30.7 pct on weak oil; output up 5 pct
CNOOC net production up as two new oilfields come online By Chen Aizhu BEIJING, April 28 (Reuters) – CNOOC Ltd, China’s offshore oil and gas specialist, reported a 30.7 percent plunge in first-quarter revenue as global crude prices sank to a more than 12-year low, but delivered a 5-percent growth in production over the period. […]
Marathon Petroleum barely ekes out a profit due to weak crack spreads
Marathon Petroleum shares slumped over 18 per cent in the past year April 28 (Reuters) – Refiner Marathon Petroleum Corp barely eked out a profit in the first quarter, hurt by weak crack spreads – the difference between the prices of crude oil and refined products. Net income attributable to the company slumped to $1 […]
Rare gasoline cargo heads from China to United States
Gasoline may end up in Latin America By Ron Bousso and Libby George LONDON, April 28 (Reuters) – Trading house Trafigura is shipping a rare cargo of gasoline from China to the United States, as the recent weakening of the Asian market after months of stock builds opens up new routes. Asian gasoline stocks have risen […]
ConocoPhillips swings to loss and slashes budget, again
ConocoPhillips Q1 net loss of $1.5B April 28 (Reuters) – ConocoPhillips, the largest U.S. independent oil company, on Thursday reported a quarterly loss after a year-earlier profit and slashed its 2016 budget for the second time this year, its latest response to the slump in crude prices. The company, like many of its peers, has had […]
Oil prices hit 2016 peaks again, weak dollar trumps global glut
Oil prices high as market focusses on longer-term demand By Barani Krishnan NEW YORK, April 28 (Reuters) – Oil markets jumped nearly 2 percent on Thursday, scaling 2016 highs for a third straight day as a weaker dollar had investors shrugging off record high U.S. crude inventories and relentless pumping by major producers. Oil prices have surged […]
MEG Energy posts profit as production costs stay at record low
MEG Energy announced strategic hedging program By Julie Gordon CALGARY, Alberta, April 28 (Reuters) – MEG Energy Corp , which operates in Canada’s oilsands, reported a first-quarter profit, compared with a loss a year earlier, as it managed to keep production costs at record lows to help cushion the impact of a slump in oil prices. […]
Ample capacity to ramp up US crude exports: Enterprise Products Partners
US crude exports in early stages of development HOUSTON, April 28 (Reuters) – Enterprise Products Partners said on Thursday that it has ample dock capacity to ramp up US crude exports and could handle much more volume without further spending. The midstream operator, which in December 2015 became the first company to announce it would export […]
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