Iran sees oil exports to Europe at 54% of pre-sanctions level
Iran will start sending 300,000 barrels a day of crude to Europe, 54 percent of the total it shipped before authorities on the continent put an embargo in place.
Oil lower for longer seen hurting offshore rig owners even more
As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep.
BG fourth-quarter profit declines 54%, beating analyst estimates
BG Group Plc, the U.K. energy company being acquired by Royal Dutch Shell Plc, said fourth-quarter profit dropped 54 percent following oil’s decline.
ConocoPhillips cannibalises dividend as Occidental holds firm
ConocoPhillips joined the ranks of oil explorers curtailing dividend payouts after suffering its steepest quarterly loss in almost a decade. Rival drillers Occidental Petroleum Corp. and Statoil ASA are holding fast for now.
Texas isn’t afraid of $30 oil
Texas has a message for $30 crude doomsayers: Bring it on.
Saudi Aramco said to cut March light crude oil pricing to Asia
Saudi Arabia, the world’s largest crude exporter, cut pricing for March sales of its light crude oil grades to Asia, according to a person familiar with the decision.
ConocoPhillips cuts dividend, capital plan amid oil slump
ConocoPhillips Inc. cut its dividend and capital spending after reporting a widened fourth-quarter loss, as independent producers feel the squeeze from the sharp decline in crude prices.
Oil seen ‘Lower for Longer’ by Morgan Stanley as forecasts cut
Low oil prices will persist for longer than previously expected, according to Morgan Stanley, which reduced its quarterly crude forecasts for this year by as much as 51 percent.
Weatherford cutting 6,000 more jobs as oil downturn worsens
Weatherford International Plc plans to lay off an additional 6,000 workers, about 15 percent of its workforce, over the first half of this year to cope with the worst crude market downturn in 30 years.
Statoil deepens cuts to maintain dividends amid crude collapse
Statoil ASA, Norway’s biggest oil company, deepened investment cuts and offered to pay dividends in stock as a collapse in crude prices eroded earnings.
Oil rises from $30 after biggest two-day drop in seven years
Oil advanced after the biggest two-day drop in almost seven years as prices below $30 a barrel drew buyers.
Halliburton given more time for Baker Hughes deal
Halliburton Co. was given more time by the European Union to come up with a package of asset sales that will assuage competition concerns over its takeover of oilfield services rival Baker Hughes IncThe company said Wednesday that it would offer the remedies soon, after the EU pushed back the deadline for reviewing the deal by 20 working days to June 23.
Bristow helicopter flying to Nigeria’s Lagos crashes in sea
A Bristow Helicopter Group Ltd. craft crashed into the Atlantic sea on Wednesday 95 miles outside of Nigeria’s commercial capital, Lagos.
Oil prices could jump 50% by the end of 2016
Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.
If You’re Wondering How Low U.S. Gas Can Go, Check the Rig Count
U.S. natural gas just fell below $2 per million British thermal units for the third time in three months and futures are at the lowest level for this time of year since 1999.
Emerging stocks drop as oil sinks energy shares
Emerging-market stocks headed for their first decline in five days as energy producers dropped with oil and concern grew over the outlook for the global economy. The Malaysian ringgit paced losses for developing-nation currencies. The MSCI Emerging Markets Index decreased the most in a week, with nearly two shares falling for each one that gained. PetroChina Co. and Cnooc Ltd., China’s largest listed oil producers, slid for a second day in Hong Kong.
Texas shale drillers lure $2 billion in new equity to Permian
Oil producers in West Texas, defying expectations they would fall victim to OPEC’s price war, are instead selling investors on the idea that they can still profit with prices below $35 a barrel. Drillers in the Permian Basin, the biggest US shale field, have raised at least $2 billion from share sales over the past eight weeks. And more issuances are on the way as producers try to avoid piling on additional debt.
Morgan Stanley: This is what a world without oil looks like
Much ink has been spilt over the leakage of collapsing crude prices into wider markets. A new note from Morgan Stanley analysts led by Chief Cross-Asset Strategist Andrew Sheets demonstrates the degree to which the fortunes of the energy sector are currently driving stocks and bonds, but emphasizes the correlation is overdone.
Oil rally falters on signs of slowing China as OPEC output rises
Oil’s longest rally this year faltered on signs industrial activity in the world’s biggest energy consumer is deteriorating and as OPEC pumps a record amount of crude. Futures lost as much as 2.5 percent in New York to snap a four-day advance. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month.
Gazprom plans record exports to Europe as it briefs investors
Gazprom PJSC, the Russian natural gas producer preparing to meet investors in New York and London this week, seeks to increase supplies to Europe to record levels.
Chevron’s Wheatstone LNG project cost seen rising to $33 billion
The cost of Chevron Corp.’s Wheatstone liquefied natural gas project in Australia with partners including Woodside Petroleum Ltd. may rise about 14 percent to $33 billion after its start date was delayed by about six months, according to Macquarie Group Ltd.
Chevron posts first losses since 2002
Chevron Corp. lost money for the first time in more than 13 years as a collapse in prices for the global oil explorer’s main product forced it to write down the value of crude and natural gas fields. Shares fell. The fourth-quarter net loss was $588 million, or 31 cents a share, compared with profit of $3.5 billion, or $1.85, a year earlier, the San Ramon, California-based company said in a statement on Friday. The per-share result was worse than any of the 22 analysts in a Bloomberg survey whose estimates ranged from gains of 29 cents to 63 cents.
Russia sees decision on oil cut only if all exporters agree
A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak said in an interview.
Norway to buy record amount of Kroner as oil price crash stings
Norway’s central bank raised krone purchases by 80 percent to a record in February as Scandinavia’s richest nation takes a hit from the collapsing price of Brent crude.
Oil extends gain from three-week high as Russia flags OPEC talks
Oil extended gains from the highest close in three weeks as Russia’s energy minister said that OPEC and other producers may meet to discuss output. Delegates from the group said no meeting has been planned.