Tag: Oil Industry

Sunday’s OPEC meeting in Doha: Participants, goals and insights

Sunday’s OPEC meeting in Doha: Participants, goals and insights

OPEC meeting will bring together almost 60 per cent of the world’s oil production The OPEC meeting in Qatar on Sunday will see representatives from countries across the globe gather to discuss oil production freezes in an effort to increase the price of crude. Countries sending representatives to the summit produce almost 60 per cent of […]

By April 15, 2016 0 Comments Read More →
Chevron cuts spending budget again

Chevron cuts spending budget again

Chevron has also cut jobs, sold some facilities and pipelines to raise money NEW YORK _ Chevron is cutting its spending budget by nearly 40 per cent for 2017 and 2018 as it deals with plunging oil prices, a bigger cut in spending than it previously expected. The oil and gas company said that it […]

Bank watch lists early indicators of trouble for oil and gas industry

Bank watch lists early indicators of trouble for oil and gas industry

Bank watch lists grew according to latest quarterly reports CALGARY _ They are the early warning signs that a company may struggle to repay its debts: bank watch lists. In releasing their latest quarterly earnings, Royal Bank, CIBC and Scotiabank each added nine oil and gas firms to their loan watch lists, the latest sign of […]

CNRL barrels ahead with Horizon oilsands expansion

CNRL barrels ahead with Horizon oilsands expansion

CNRL commits $2B of 2016 capital budget to Horizon project CALGARY _ Canadian Natural Resources Ltd. (TSX:CNQ) says it’s committing $2 billion of this year’s capital budget to advancing its Horizon project and then expects the oilsand operation’s funding requirements to drop in 2017 and thereafter. The Calgary-based company views Horizon as a key part […]

Repsol sinks deep into the red in Q4 after oil price hit

Repsol sinks deep into the red in Q4 after oil price hit

Repsol reports $2.26B loss in Q4 due to a write-down of assets MADRID _ Spanish energy company Repsol says it posted a net loss of 2.06 billion euros ($2.26 billion) in the fourth quarter of 2015 due primarily to a write-down of assets related to the slump in oil prices. That’s a big change from […]

By February 25, 2016 0 Comments Read More →
Obama seeks $10 per barrel oil tax to fund clean transport

Obama seeks $10 per barrel oil tax to fund clean transport

Oil tax likely to fail, but Obama hoping drive debate WASHINGTON _President Barack Obama wants oil companies to pay a $10 fee for every barrel of oil to help fund investments in clean transportation that fight climate change. Obama will formalize the proposal Tuesday when he releases his final budget request to Congress. The $10-per-barrel […]

By February 4, 2016 1 Comments Read More →
BP reports 91 per cent plunge in fourth quarter earnings

BP reports 91 per cent plunge in fourth quarter earnings

BP CEO: “It’s going to be a very turbulent year for our industry” LONDON _ BP’s fourth-quarter earnings plunged 91 per cent amid sharp declines in oil prices as the British energy company continued to make provision for the Deepwater Horizon disaster in the Gulf of Mexico and streamline operations. The company reported Tuesday that […]

By February 2, 2016 0 Comments Read More →
Chevron posts first money losing quarter since 2002

Chevron posts first money losing quarter since 2002

Chevron cutting spending, laying off workers, selling assets DALLAS _ Chevron suffered its first money-losing quarter since 2002 in the final three months of last year, as plunging crude prices chopped more than one-third from its revenue. Oil traded this month at levels not seen since 2003, although it has rebounded slightly in the last few […]

By January 29, 2016 0 Comments Read More →
US rig count continues to fall, this week down by 18

US rig count continues to fall, this week down by 18

US rig count down by 17 oil, 1 gas rig HOUSTON _ On Friday, Baker Hughes released its weekly rig count which showed the number of rigs searching for oil and gas in the United States as well as Canada had dropped. For the fourth consecutive week, the number of rigs in the US had […]

By January 29, 2016 0 Comments Read More →
Southwestern Energy to cut 1,100 jobs amid oil slump

Southwestern Energy to cut 1,100 jobs amid oil slump

Southwestern Energy job cuts will save between $150M and $175M a year NEW YORK _Southwestern Energy is cutting 1,100 jobs, with the price of crude wallowing at levels not seen in more than a decade. The oil and natural gas company had about 2,780 employees at the end of 2014, the last time it reported […]

By January 21, 2016 0 Comments Read More →