Tag: profits
American refiners losing profit edge over international competitors
US crude oil production declines, beginning on a year-over-year basis in Dec. 2015, contributed to tighter crude oil market in North America Earnings per barrel of crude oil and other inputs processed by refiners that operate mainly in North America were lower in the second quarter of 2016, according to the US Energy Information Administration. […]
Houston-based Vertex Energy reduces debt, slows net loss in 2015 financial report
“We believe that the industry in 2016 will continue to feel the pressures that made 2015 difficult.” – Vertex CEO Cowart Vertex Energy, Inc., an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today its financial results for the three and twelve months ended Dec. 31, 2015. “We continue […]
Canadian banks vulnerable to oil shock – Fitch
Fitch warns about banks’ exposure to oil field services, commercial loans tied to energy production NEW YORK – Canada’s commodity-reliant economy will be facing challenges that pose new risks to Canada’s major banks if oil prices remain “lower for longer” and/or this creates a macroeconomic shock to the economy, according to Fitch Ratings. “So far Canadian Banks have […]
Husky Energy lowers break even to sub-$40 US WTI
Husky Energy’s 2016 sustaining/maintenance costs expected to be $2.4-2.6 billion, a 15-20% reduction compared to $3 billion average CALGARY, AB – As the North American oil and gas sector braces for a difficult 2016, Husky Energy says it has reduced costs to the point where it can break even if West Texas Intermediate remains below $40USD. “Five years […]
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