Devon Energy to cut costs by $1B in 2016 By Ernest Scheyder HOUSTON, Aug 2 (Reuters) – U.S. oil producer Devon Energy Corp posted an unexpected adjusted quarterly profit on Tuesday and narrowed its net loss as drastic cost cuts, especially in labor and supply expenses, offset the slump in crude prices. The cost cuts highlight […]
Devon Energy posts surprising adjusted Q2 profit on cost cuts Read More »
Plains All American Pipeline Q2 adjusted net income $136 million HOUSTON, Aug 2 (Reuters) – Plains All American Pipeline LP , one of the top U.S. transporters of oil and gas, said on Tuesday its second-quarter adjusted net income fell by nearly half to $136 million from the same period a year ago, as an energy
Plains All American Pipeline Q2 adjusted net income falls by nearly half Read More »
China gas distribution price among the world’s highest By Kathy Chen and Chen Aizhu BEIJING, Aug 1 (Reuters) – China, the world’s third-largest natural gas consumer, is planning to lower distribution prices for gas, part of anticipated sector reforms to boost use of the cleaner-burning fuel, state media reported. China has since 2015 been formulating
China gas distribution price may be cut to boost consumption Read More »
Diamond Offshore cut production costs Aug 1 (Reuters) – Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit as the company cut costs to cope with lower demand for its rigs amid a slump in oil prices. The rig contractor has scrapped dividend, retired assets and scaled back drilling as it struggles against a fall
Diamond Offshore Q2 profit beats estimates as costs fall Read More »
Hedge funds becoming very extended on short side of market which suggests reversal risk is increasing By John Kemp LONDON (Reuters) – Hedge funds have turned very bearish towards both crude and refined products over the last two months amid signs of an oversupply of gasoline. Hedge funds and other money managers added the equivalent of 56
Hedge funds turn ultra-bearish on crude and gasoline – Kemp Read More »
Shell Q2 profit falls 72 per cent, misses estimates by $1.1B By Karolin Schaps and Dmitry Zhdannikov LONDON, July 28 (Reuters) – Royal Dutch Shell missed quarterly profit expectations by more than $1 billion on Thursday after reporting a 72 percent plunge in earnings due to weak oil prices and high costs following its $54
Shell Q2 misses expectations as earnings plunge on oil, BG costs Read More »
CEO Roe Patterson says improving capital structure of Basic Energy Services remains a primary focus Basic Energy Services’ second quarter 2016 revenues declined 8 per cent to $120.0 million from $130.4 million, as continued low levels of activity driven by weak and volatile energy prices and significant weather impact during the first two months of the quarter and
Basic Energy Services reports Q1 loss of $89.9 million Read More »
Imperial Oil says wildfire reduced production by 60,000 b/d July 29(Reuters) – Imperial Oil Ltd, Canada’s No.2 integrated oil producer and refiner, reported a surprise quarterly loss due to the impact of wildfires in Fort McMurray, Alberta. Imperial, in which Exxon Mobil Corp holds a 69.6 percent stake, said its gross production averaged 329,000 barrels of oil
Imperial Oil posts surprise loss on impact of Alberta wildfires Read More »
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
Oil rout erodes 2nd-qtr profits for U.S. majors Exxon, Chevron Read More »
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
Enbridge profit misses slightly, hurt by Fort McMurray wildfire Read More »
