Archive for July, 2016

Oil rout erodes 2nd-qtr profits for U.S. majors Exxon, Chevron

Oil rout erodes 2nd-qtr profits for U.S. majors Exxon, Chevron

Exxon shares down 4.5 per cent Friday By Ernest Scheyder HOUSTON, July 29 (Reuters) – Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. The weak results […]

Enbridge profit misses slightly, hurt by Fort McMurray wildfire

Enbridge profit misses slightly, hurt by Fort McMurray wildfire

Enbridge shares up slightly on TSX By Nia Williams and Amrutha Gayathri CALGARY, Alberta, July 29 (Reuters) – Enbridge Inc, Canada’s largest pipeline company, reported a slightly lower-than-expected quarterly profit on Friday as its liquids pipeline business was hit by a massive wildfire in Fort McMurray, Alberta. The company said oil deliveries were 255,000 barrels per […]

Oil prices steady but U.S. crude faces biggest monthly loss in a year

Oil prices steady but U.S. crude faces biggest monthly loss in a year

Oil prices down 15 per cent on month By Barani Krishnan NEW YORK, July 29 (Reuters) – Oil prices steadied on Friday after touching three-month lows during a week-long selloff fueled by a persistent global supply glut, bringing the monthly decline to nearly 15 percent, the biggest monthly loss in a year for U.S. crude. Slower […]

Energy intensity reduced significantly in US steel production – EIA

Energy intensity reduced significantly in US steel production – EIA

Steelmaking processes and technologies will continue to evolve in response to commodity prices The manufacture of steel and related products is an energy-intensive process. In 2015, the steel industry accounted for 1.5 per cent of all industrial shipments but 6.1 per cent of industrial delivered energy consumption, according to the US Energy Information Administration. In EIA’s Annual Energy Outlook 2016 (AEO2016) […]

Barrels and bytes: the origins of oil traders’ love of Yahoo

Barrels and bytes: the origins of oil traders’ love of Yahoo

Yahoo is ending legacy instant messaging service as it rolls out Messenger, which fails to meet industry’s compliance standards By Catherine Ngai NEW YORK (Reuters) – For the oil industry, Yahoo Inc’s decision this week to sell its core business to Verizon Communications Inc for $4.8 billion does not matter all that much. Their world already changed […]

Opinion: Valero blames excess winter production for U.S. gasoline glut

Opinion: Valero blames excess winter production for U.S. gasoline glut

Valero says gas glut not caused by lack of demand  By John Kemp LONDON, July 28 (Reuters) – The accumulation of gasoline stocks in the United States has been driven by excess gasoline production rather than lack of demand, according to Valero, the largest independent refiner in the United States. “A lot of it is really […]

Canadian oil sands producers mull new investments

Canadian oil sands producers mull new investments

Canadian oil sands companies Cenovus, MEG Energy consider projects By Nia Williams CALGARY, Alberta, July 28 (Reuters) – On Thursday, two energy companies outlined preliminary plans to add new Canadian oil sands production at their northern Alberta operations, a sign that the industry may have come to grips with the slump in crude prices after two […]

ConocoPhillips cuts 2016 budget again amid oil slump

ConocoPhillips cuts 2016 budget again amid oil slump

ConocoPhillips suffers bigger-than-expected Q2 loss July 28 (Reuters) – U.S. oil producer ConocoPhillips reported a bigger-than-expected quarterly loss and cut its 2016 budget for the third time this year amid a crude oil slump that has lasted for two years. The Houston-based company, whose shares were down 1.7 percent in premarket trading, cut its capital budget […]

Epic bad idea: Democrats propose Justice Dept. join #Exxonknew battle

Epic bad idea: Democrats propose Justice Dept. join #Exxonknew battle

Hillary Clinton better hope casualties are within the range of acceptable losses because this issue has snafu written all over it By proposing that the Dept. of Justice investigate fossil fuel companies for misleading the public about climate change, the Democrats are backing a losing cause, one that could come back to bite them before the Nov. […]

Marathon Petroleum Q2 profit tops estimates as costs fall

Marathon Petroleum Q2 profit tops estimates as costs fall

Marathon Petroleum total cost and expenses fell 19.6 per cent in Q2 July 28 (Reuters) – Marathon Petroleum Corp posted a better-than-expected quarterly profit, helped by lower operating costs and robust demand for gasoline during the summer driving season. Marathon said it also gained from the $1.28 billion acquisition of U.S. natural gas processor MarkWest […]