China’s biggest oil company posts 52% decline in 2015 profit
China National Petroleum Corp., the country’s biggest oil and gas producer and the parent of PetroChina Co., said profit fell 52 percent as lower oil prices punished global explorers.
China National Petroleum Corp., the country’s biggest oil and gas producer and the parent of PetroChina Co., said profit fell 52 percent as lower oil prices punished global explorers.
Authorities in eastern Libya vowed to export more crude oil soon, two days after shipping their first cargo in defiance of a national unity government based in Tripoli and in spite of a UN official’s condemnation of such “illicit” sales.
The highest carbon tax in an oil producing nation has persuaded Norway’s state-owned driller to experiment with batteries and wind turbines as an alternative for supplying electricity to offshore rigs.
Statoil ASA, Norway’s biggest oil company, said profits slumped by 86 percent as crude prices fell to their lowest level in almost 12 years in the first quarter.
Shipping is about to lead a recovery in global offshore markets that have been battered by plunging oil prices, according to one of Norway’s biggest dealmakers over the past three decades.
Total SA’s first-quarter profit fell 37 percent, beating analysts’ forecasts as cost cuts, rising production and resilient refining profits helped the French company offset the slump in crude prices.
The new magic number in the oil industry is $50.
Husky Energy Inc., which posted a record loss last year amid the worst oil market downturn in decades, raised C$1.7 billion ($1.3 billion) for some of its Canadian pipelines by keeping them in the family.
The U.K. government must lay out specific options to fill a looming energy shortfall after Electricite de France SA delayed a decision last week on whether to build Britain’s first nuclear power plant in 30 years, the opposition Labour Party said.
Saudi Arabia made its first sale of oil to a small, independent Chinese refiner. What’s more significant to markets is that the world’s biggest crude exporter broke from its usual practice of selling via long-term contracts, according to Citigroup Inc.
Japan’s biggest earthquake in five years may slow a government plan to restart the country’s atomic fleet that was shuttered amid safety concerns after the March 2011 earthquake and tsunami that caused the triple meltdown at Fukushima.
Low oil prices will spur more mergers and acquisitions in the oil and gas industry this year with some companies forced to sell to avoid bankruptcy, according to consultants A.T. Kearney.
Saudi Arabian Oil Co. will complete the expansion of its Shaybah oilfield by the end of May, allowing the biggest crude exporter in the world to maintain the level of its total production capacity, according to two people with knowledge of the plan.
Oil retreated from the highest close in five months amid signs a global glut will be prolonged as Middle East producers boost supplies.
Schlumberger Ltd. cut more jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn.
Saudi Arabian stocks led an advance across most Gulf Arab equities as the kingdom prepared to announce a road map for the post-oil era.
Moody’s Investors Service probably won’t change credit ratings in the near future for Mexico or state-owned oil company Petroleos Mexicanos, senior analyst Mauro Leos said.
TransCanada Corp. has agreed to submit its C$15.7 billion ($12.4 billion) Energy East pipeline to more environmental scrutiny in Quebec, ending weeks of uncertainty after the provincial government filed a court injunction against the project.
For decades, alternative energy was the province of activists. It was far more expensive than fossil fuels, and many remained unconvinced of humanity’s role in the globe’s rising temperature.
The ruble headed for its fourth week of gains as oil traded above $44 a barrel and conversions by companies to pay local taxes buoyed the Russian currency.
China may increase local fuel prices for the first time in six months following a rally in oil prices.
The world’s biggest oil companies, set to report their worst quarterly earnings in more than a decade, are finding their cost-cutting efforts haven’t matched the decline in crude prices over the past two years.
Nigeria deployed police and soldiers to gasoline stations to maintain order as fuel shortages grip Africa’s biggest oil producer.
Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share.
For decades, alternative energy was the province of activists. It was far more expensive than fossil fuels, and many remained unconvinced of humanity’s role in the globe’s rising temperature.