According to Michele Della Vigna, head of energy-industry research at Goldman Sachs, in 2018 companies from Royal Dutch Shell Plc to Exxon Mobil Corp will find themselves with an excess of cash which will fund dividends, ruling the world of deep water mega-projects and even coming out ahead in tax negotiations with oil-reliant governments around …
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week. U.S. West Texas Intermediate (WTI) crude futures were at $56.74 a barrel at 0711 GMT, up 14 cents, or 0.25 percent from their last settlement. …
News from the first two quarters of this year has been on megadeals as producers gobbled up acreage and rival companies in prime locations in an effort drive down costs during the long oil slump. Those searches are now going beyond the Permian basin to include up-and-coming Anadarko basin in Oklahoma and northern Texas, …
Source: Forbes Australia is known for its plethoric natural resources. The abundant resource sector has long been a major contributor to the country’s economy. However, despite $200 billion of capital investments over the past decade, industries are experiencing a down turn in activity compared to the prosperous period of the mining boom. The oil sector, particularly, is showing a climactic decline due to a combination of exhausting mature oil fields and a lack of innovation …
It is a simple formula…when oil prices rise oil companies prosper. This past week the energy sector continued a month long winning streak posting its biggest weekly gain for this year. Given the modest increase in crude a more likely market motivator is geopolitical risk. Several oil producers are at risk including Venezuela where …
As oil prices bubbled up near the psychologically significant $50-per-barrel mark, Baker Hughes (BHGE) reported Friday that U.S. oil and gas producers took eight rigs offline during the past week, bringing the Houston oilfield services provider’s total count to 936. Baker Hughes data showed the oil rig count decreased by seven week over week to 749, …
Oil ended higher Thursday for a fourth consecutive session, with the U.S. benchmark settling at a more-than-six-week high on expectations for stronger demand and efforts by major producers to maintain a cap on crude output. October West Texas Intermediate oil CLV7, +0.02% on the New York Mercantile Exchange rose 59 cents, or 1.2%, to settle at $49.89 a …
NEW YORK/BOSTON (Reuters) – More than 22,000 barrels of oil, refined fuels and chemicals spilled at sites across Texas in the wake of Hurricane Harvey, along with millions of cubic feet of natural gas and hundreds of tons of other toxic substances, a Reuters review of company reports to the U.S. Coast Guard shows. The …
As the U.S. market begins its recovery from the double whammy served up by hurricanes Harvey and Irma, my earlier projections of where crude oil prices are headed have come true. Just a little quicker than anticipated. As I am writing this, WTI (West Texas Intermediate, the benchmark crude rate for futures contracts written in New York) …
The number of active oil and gas rigs in the United States fell this week by 8 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 430 rigs from the year prior, with the number of oil rigs in the United States decreasing by 7 this week and …