Oil services giant Schlumberger is buying $10 billion of itself

Oilfield services giant Schlumberger is spending $10 billion to buy its own shares. The company reported fourth-quarter earnings after the closing bell on Thursday, and it beat on earnings with revenues virtually in line with expectations. With the earnings results, Schlumberger announced its board’s approval of the buybacks, in addition to the near-complete $10 billion program it started in …

Petro River Oil Corp. to Acquire a 9% Interest in Petroleum Licenses Located in the Larne Basin in Northern Ireland

Petro River Oil Corp. to Acquire a 9% Interest in Petroleum Licenses Located in the Larne Basin in Northern Ireland NEW YORK, NY, January 19, 2016– Petro River Oil Corp.  (OTCBB: PTRC) (“Petro River” or the “Company”), today announced that Petro River UK Limited, its wholly owned subsidiary, entered into a Farmout Agreement to acquire a 9% interest …

Hedging its bets, Pioneer shines in struggling U.S. oil patch

During the U.S. shale boom, fortune favored the bold drillers that discovered and pumped oil fastest. Today the winners are producers like Pioneer Natural Resources who best shielded themselves from tumbling prices. Using derivative transactions known as swaps and collars, the Texas-based firm locked in a minimum price for 85 percent of this year’s production. …

Norway declares crisis in oil industry as devaluation continues

STAVANGER, Norway (Bloomberg) — With oil dropping below $30/bbl, producers in western Europe’s biggest crude exporting nation are now considerably worse off than they were in the darkest hours of 2008. Norway’s oil “industry is in a crisis now, we can’t deny that,” Bente Nyland, director general of the Norwegian Petroleum Directorate, told Bloomberg. Nyland …

President May Have Exaggerated Role of Stimulus in Clean Energy, Experts Say

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 …

Overseas Stakes – Statoil buys stake in Lundin Petroleum

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 …