Energy Financial Archives Page 47 of 83 - The American Energy News

Concho Resources acquires $1.625 billion in Midland Basin assets

Concho intends to fund cash portion of acquisition through proceeds from potential equity market transaction MIDLAND, Texas – Concho Resources Inc. announced it has reached an agreement to acquire 40,000 net acres in the core of the Midland Basin from Reliance Energy, a Midland-based energy company, for $1.625 billion, according to a press release. The privately […]

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EOG reports Q2 loss but says to ramp up well fracking this year

Energy Financial

EOG posts net loss of $292.6M By Terry Wade HOUSTON, Aug 4 (Reuters) – Shale oil bellwether EOG Resources Inc on Thursday boosted this year’s fracking plans by 30 percent, saying it expected big returns on new wells even as oil dipped back to $40 a barrel. The plans are the boldest yet among U.S. shale

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Duke Energy Q2 profit higher than expected

Energy Financial

Duke Energy targets deal for overseas assets by year-end By Amrutha Gayathri Aug 4 (Reuters) – Duke Energy Corp reported a higher-than-expected quarterly profit, helped by strength in its regulated power business, and said it was working with selected bidders to sell its international assets. The company said it plans to focus on its regulated

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Continental Resources posts loss on oil price slump

Energy Financial

Continental Resources reports Q2 loss of $119.4 million HOUSTON, Aug 3 (Reuters) – Continental Resources Inc , North Dakota’s second-largest oil producer, posted a quarterly loss on Wednesday that missed Wall Street’s expectations because of the slump in crude prices. The loss is an example of the difficulty facing the oil industry as it seeks to

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Big investors pare energy junk bonds holdings after big rally

Energy Financial

Energy junk bonds value slipping as oil prices drop By Devika Krishna Kumar and Jennifer Ablan NEW YORK, Aug 3 (Reuters) – Investors in junk-rated energy bonds, who have made a mint this year betting on this battered sector, are paring their holdings as oil flirts with sub-$40-a-barrel levels on concerns about a persistent overhang

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Occidental Petroleum sees 2016 production at high-end of forecast

Energy Financial

Occidental Petroleum takes advantage of falling services costs Aug 3 (Reuters) – Occidental Petroleum Corp said it expects to grow 2016 production at the high end of its forecast of a 4-6 percent increase, while staying within its budget of $3 billion, helped by productivity and efficiency gains. A fall in costs of oilfield services,

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Noble Energy raises 2016 sales volume forecast

Energy Financial

Noble Energy raises 2016 sales volume forecast (Adds details, background) Aug 3 (Reuters) – U.S. oil and gas producer Noble Energy Inc reported a smaller-than-expected quarterly loss and raised its full-year forecast for total sales volume as it benefits from improved drilling efficiency. Noble, like its peers, has been hit by continued weakness in crude

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Refiner HollyFrontier doesn’t see output cuts despite weak margins

Energy Financial

HollyFrontier doesn’t expect economic run cuts Aug 3 (Reuters) – HollyFrontier Corp said it does not expect to cut production of refined products, contrasting comments made by its rivals, who expect refiners to process less crude in response to a gasoline glut that is eroding margins. Crack spreads, the difference between the prices of crude

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Clayton Williams Energy suffers Q2 loss, refocuses on Delaware Basin

Energy Financial

Clayton Williams has oil and gas production of 13.6 MBOE/d Clayton Williams Energy, Inc. announced a Q2 net loss of $73.8 million, with a plan focused on the development of its 65,000 net acre position in the southern Delaware Basin. Production costs in Q2 were $19.2 million versus $23.1 million in Q2 2015 due to lower oilfield

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Nabors reports smaller-than-expected Q2 loss as costs fall

Energy Financial

Nabors total revenue fell to $517.1M Aug 2 (Reuters) – Contract driller Nabors Industries Ltd reported a smaller-than-expected quarterly loss as costs fell, sending its shares up 3.6 percent in extended trading. The company said the near-term rig count would increase gradually only when oil prices stablilize at $50 per barrel. Nabors averaged 159.1 rigs in

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