WASHINGTON — President Obama, in his final State of the Union address on Tuesday night, boldly proclaimed the successes of what he called “the single biggest investment in clean energy in our history,” the 2009 economic stimulus that pumped $80 billion into clean and renewable energy projects. “In fields from Iowa to Texas, wind power …
Hopes for a recovery in the United States stock market were dashed on Wednesday as investors’ deepening fears about the strength of the world’s largest economies drove another wave of selling. The 2.5 percent slide in the market’s main benchmark, the Standard & Poor’s 500-stock index, was the worst so far this year, and came …
CGG SA, the troubled French oilfield surveyor, said it will sell as much as 350 million euros ($379 million) of new shares at a 72 percent discount to finance its turnaround plan as a slump in crude prices curbs demand for its services from exploration companies. “This capital increase of 350 million euros will be …
Statoil (NYSE:STO) has increased its exposure to its home market by buying a big stake in Lundin Petroleum (OTCPK:LNDNY), boosting its presence in the Johan Sverdrup field, Norway’s biggest offshore project in decades. The Norwegian state-controlled oil major bought 11.9% in the Swedish company for SEK4.6B ($539M) making the acquisition Statoil’s first big deal since …
Warren Buffett is finding something to buy amid the oil market wreckage. In the days before crude fell below $30 for the first time in 12 years, Buffett’s Berkshire Hathaway was picking some shares of oil giantPhillips 66 as that stock hit three-month lows. In three days of purchases just revealed in an SEC filing, …
Summary For the energy industry, it was “déjà vu all over again this year as BP announced massive layoffs. Oil price environment has worsened, with WTI briefly slipping to under $30 a barrel. BP is the first oil producer to announce significant job cuts this year; others will likely follow. But BP may also have …
We are pleased to announce a new audio interview with Stephen R. Brunner, President of Petro River Oil Corp. OTCPink: PTRC Mr. Brunner has over 30 years of experience in domestic and international operations in the exploration and production industry as well as extensive public company management experience. Since 2008, Mr. Brunner has served as …
Summary Since its introduction a month ago, Bottom of the Barrel Club members have seen significant equity and debt price declines. Already, two members declared bankruptcy, so additional companies are added and the list is expanded. Comparative equity price performance, as well as selected debt, enterprise and EBITDA figures are presented and analyzed. Comparative bond …
Crude oil fell for a fifth straight day en route to another 10% tumble on the week, despite data that showed a decline in active U.S. drilling rigs; traders are dismissing signs of slowing work because the reduction has not translated to lower production, WSJ reports. The world’s glut is likely to worsen in coming months …
“Shocking” data from Oklahoma may be moving the oil market this week as much as the shouting between Saudi Arabia and Iran, WSJ‘s Nicole Friedman reports. First, data released Thursday showed that while U.S. oil production is falling, overall output is higher than previously reported; new reporting methodology prompted the EIA to revise its production data higher for …