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 …
Two bucks buys you a gallon of gas in many parts of the country these days. But if you think that’s a bargain, check out the deals on energy stocks, which haven’t looked this attractive since the mid 1980s, when Dallas’s J.R. Ewing was scheming to crush his enemies and expand his empire. Collapsing crude …
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 …
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 …
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 …
Summary In 2008, both Goldman Sachs and John Kilduff saw $200 oil as a distinct possibility. For 2016, these same luminaries see $20 (or even $18). There has to be a better way to analyze the price of oil: certainly projecting extremes based on momentum is not working, except as an attention getting ploy. The …
Lucas Energy, Inc. LEI 8.49% shares had a huge finish to last week — up more than 300 percent on Thursday — after the company unveiled a purchase agreement to acquire underdeveloped land from 21 different entities, including two large blocks in the “liquids-rich” Mid-Continent region. Investors cheered the development as a sign the company …