Seadrill Ltd., the offshore driller struggling with the industry’s biggest debt load, surged by a record for a second straight day as investors covered short bets amid speculation of a lifeline from the company’s biggest shareholder, billionaire John Fredriksen.
Oil advanced to the highest level in two months in New York as U.S. drillers cut the number of active rigs to the least in more than six years amid a global glut.
Premier Oil Plc advanced the most in almost three weeks after the North Sea explorer told the Financial Times it’s planning to merge operations with some rivals to cut costs.
Iranian billionaire Babak Zanjani, who was sentenced to death in an oil fraud case, will appeal the verdict, his lawyer said.
Electricite de France SA’s Chief Financial Officer Thomas Piquemal quit last week after disagreeing with Chief Executive Officer Jean-Bernard Levy on the timing of a plan to build new nuclear reactors at Hinkley Point in the U.K., people with knowledge of the matter said.
Oil extended gains above $36 a barrel as U.S. drillers reduced the number of active rigs to the least in more than six years amid a global glut.
Abu Dhabi stocks entered a bull market, leading Mideast gauges higher, as rising oil prices added to growing bullish sentiment across global equities.
Iranian businessman Babak Zanjani was sentenced to death after being found guilty in a fraud case involving an oil fund, the state-run Iranian Students’ News Agency reported on Sunday, citing a judicial official.
A fire at a Texas oil refinery operated by Petroleo Brasileiro SA temporarily closed the Houston Ship Channel and left one person injured.
The actions that resulted in former Chesapeake Energy Corp. chief Aubrey McClendon’s indictment aren’t uncommon across the shale patch, lawyers and analysts said. McClendon was charged Tuesday with allegedly violating antitrust laws known as the Sherman Act by coordinating a scheme in which two companies didn’t bid against each other for oil and natural gas leases in Oklahoma. He died in a car crash in Oklahoma City the next day.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet.
American Energy Partners LP, the firm created by Aubrey McClendon, said it would continue its work despite its founder’s death in a car crash Wednesday. “While all of the employees at AELP are deeply saddened by this tragic event, we are firm in our conviction that Aubrey would want us to persevere and continue his extraordinary legacy of innovation and creativity," the Oklahoma City-based company said in a statement on its website Thursday.
Exxon Mobil Corp. has become the first major US oil company to ship American crude overseas, joining a band of independent traders that are trying to ease a glut at home after a 40-year export ban was lifted.
Oil headed for the longest run of weekly gains since May as Nigeria said key members of OPEC intend to meet with other producers in Russia this month to renew talks on an agreement to freeze output.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet. Six weeks after the historic nuclear deal that allowed Iran to resume oil sales around the world, the OPEC member is shipping barely a third of the extra 500,000 barrels a day it had vowed to unleash within weeks of sanctions being lifted. The country faces hurdles at every step, whether reviving output from aging oil wells or overcoming lingering banking constraints that have forced it to sell crude in barter arrangements, according to BNP Paribas SA.
Exxon Mobil Corp. scaled back production targets and said drilling budgets will continue to drop through the end of next year as the oil market shows no signs of a recovery.
The natural gas explorer who allegedly conspired with the late Aubrey McClendon to rig drilling auctions was Tom Ward, then chairman and chief executive officer of SandRidge Energy Inc., according to people familiar with the matter.
Saudi Arabia, the world’s largest crude exporter, raised the price formula for shipments of its benchmark grade to Asia for April to the highest since October, while lowering prices for all cargoes to the US. State-owned Saudi Arabian Oil Co. set the official selling price for Arab Light crude shipments to Asia at a 75 cent- discount to the regional benchmark, the company said in an e- mailed statement. That’s more expensive, by 25 cents, than March shipments. The decision is the reverse of that predicted by local traders and refiners: six surveyed had expected the exports to be made cheaper, by 50 cents.
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary.
Hugh Young has no illusions about how tough this year will be for global investors and his firm, Aberdeen Asset Management Plc.
Nigeria is deploying more troops to protect oil installations to curb sabotage after a leak forced crude loadings to be suspended last month at a major export terminal.
Aubrey McClendon has been called a pioneer and a natural gas evangelist. Now he might just be the architect of his own destruction.
After years of false starts, U.S. offshore wind has attracted some marquee names with deep pockets, creating a sense of optimism for the emerging industry.
Marathon Oil Corp., which is joining a slew of U.S. producers selling equity to shore up their finances during the worst market rout in a generation, increased the size of the deal. The stock slid as shares outstanding will rise by about 20 percent.
Exxon Mobil Corp. raised $12 billion in its biggest bond sale on record and may use the funds to snap up rivals amid a commodities bust.
