Energy Financial

Oil prices choppy, heading for weekly decline

Oil prices choppy, heading for weekly decline

Oil prices little changed in Friday trading Oil prices remained steady in choppy trading on Friday on investors’ concerns about the possible extension of the OPEC supply cuts and the effectiveness of the cartel’s pact on global oil supply. US light crude was up by 19 cents to $49.16/barrel by 1:08 p.m. EDT, lower than the […]

By April 28, 2017 0 Comments Read More →
Marathon Petroleum posts Q1 profit on rising refining margins

Marathon Petroleum posts Q1 profit on rising refining margins

Marathon Petroleum shares up in trading Thursday Marathon Petroleum posted a Q1 profit on Thursday thanks to a jump of 18 per cent in refining margins and despite difficult market conditions. Marathon’s shares were up as much as 4.1 per cent to $51.62 in trading on Thursday morning. Chief Executive Gary Heminger said market conditions in […]

By April 27, 2017 0 Comments Read More →
Oil prices fall after Libyan oilfields restart

Oil prices fall after Libyan oilfields restart

Oil prices down over 1 per cent Oil prices fell over one per cent in trading on Thursday after it was reported that two key Libyan oilfields began pumping crude after pipeline protests in the African nation were shut down. Brent crude fell $1.22/barrel to $51.17 by 1:20 p.m. EDT and US light crude was […]

By April 27, 2017 0 Comments Read More →
Hess Corp reports smaller-than-expected Q1 loss

Hess Corp reports smaller-than-expected Q1 loss

Hess Corp CEO: “We are poised to benefit from an increase in oil prices” Hess Corp reported a smaller-than-expected Q1 loss on Wednesday thanks to rising crude prices and cost cutting that helped the New York based energy company offset a drop in production. According to Hess, the company’s after-tax cash flow is increased by […]

By April 26, 2017 0 Comments Read More →
Oil prices boosted on US crude stock data

Oil prices boosted on US crude stock data

Oil prices rise after EIA reports crude stocks down 3.6 million barrels Oil prices rose in trading after data released by the US Energy Department showed a larger-than-expected drop in US crude inventories. According to the US Energy Information Administration, crude stocks fell by 3.6 million barrels last week, doubling analysts’ expectations and helped boost […]

By April 26, 2017 0 Comments Read More →
Baker Hughes looks for North American revenue to rise in Q2

Baker Hughes looks for North American revenue to rise in Q2

Baker Hughes busy in shale fields On Tuesday, Baker Hughes said it expects its North American revenue to rise in the current quarter over Q1 as producers drill more onshore wells, making up for a drop in demand from customers in the Gulf of Mexico. The oilfield services company says producers are spending more on shale […]

By April 25, 2017 0 Comments Read More →
Oil prices rise ahead of US crude stocks data

Oil prices rise ahead of US crude stocks data

Oil prices up in choppy trading Oil prices rose slightly in seesaw trading on Tuesday as analysts weighed an expected drop in US crude stocks against doubts about the success of the OPEC supply cut deal. Brent crude was up 50 cents to $52.10/barrel at 1:17 p.m. EST and US crude futures were up 33 cents to $49.56/barrel. Analysts […]

By April 25, 2017 0 Comments Read More →
Cenovus shareholder looks to regulator to stop ConocoPhillips assets buy

Cenovus shareholder looks to regulator to stop ConocoPhillips assets buy

Investor says Cenovus Conoco buy dilutes value of shares Cenovus shareholder Coerente Capital Management has filed a complaint with the Ontario Securities Commission, hoping to stop the Canadian oilsands company from purchasing some ConocoPhillips assets. In a Reuters report, Len Racioppo, Coerente’s managing director said the new stock issued to help pay for the deal has significantly […]

By April 25, 2017 0 Comments Read More →
Oil prices fall on increased US output, lack of OPEC agreement

Oil prices fall on increased US output, lack of OPEC agreement

Oil prices down about 1 per cent Oil prices fell about 1 per cent in trading on Monday on concerns that an extension of OPEC cuts has not been confirmed, along with Russia’s claims that it will lift its output if the OPEC deal lapses and increasing US shale production. Reuters reports Russian officials and oil firms say Russia’s oil […]

By April 24, 2017 1 Comments Read More →
Halliburton Q1: Better than expected profit from boost in well completion

Halliburton Q1: Better than expected profit from boost in well completion

Halliburton shares up in morning trading Halliburton is reporting a slightly better than expected quarterly profit and revenue thanks to more oil producers completing nearly as many wells as they drill, a major reversal from recent times when companies would leave wells unfinished and wait for higher oil prices. During the first quarter of 2017, […]

By April 24, 2017 0 Comments Read More →