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Oil and Gas Coal and Consumable Fuels

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  • HOUSTON, Feb 23- Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals. For one, companies are cutting costs deeper and faster than before as Wall Street investors increasingly...

  • MOSCOW, Feb 18- Indebted Russian coal and steel producer Mechel has sold its U.S.-based Bluestone coal business back to its original owner, the James Justice family, in an attempt to free up cash to service its debt, Mechel said on Wednesday. Six years ago, Mechel bought the business from the Justice family from West Virginia for $436 million in cash plus preferred...

  • BOGOTA, Feb 17- U.S.-based Drummond said it expects coal production in Colombia this year to reach about 30 million tonnes as it increases mining even as prices remain low, its Colombia president Jose Miguel Linares said on Tuesday. Colombia's second biggest coal miner produced about 26.8 million tonnes last year, up 17.5 percent from 2013. The company is...

  • CALGARY, Alberta, Feb 17- Canadian National Railway Co said on Tuesday it has nearly completed repairs on a stretch of its mainline track in northern Ontario after a crude train derailed on the weekend, spilling oil and causing several of the cars to burn. Late on Saturday night, 29 cars carrying Alberta oil sands crude to eastern Ontario derailed from the track and...

  • Feb 17- Walter Energy Inc forecast a 10 percent drop in sales volume of steel-making coal for 2015 due to sluggish Chinese and European demand, sending its shares down as much as 11 percent. Walter had said in April it would stop production at its Wolverine and Willow Creek mines in British Columbia and temporarily lay off about 700 employees.

  • Feb 17- U.S. coal miner Walter Energy Inc reported a bigger-than-expected quarterly loss as it sold less metallurgical coal after suspending mining operations in Canada. Walter Energy also forecast metallurgical coal sales to fall to 8.5 MMTs to 9 MMTs in 2015 from $9.7 MMTs in 2014, helping to send its shares down more than 8 percent to $1.00 in premarket...

  • This firm's shares get hit after Enron comparison Tuesday, 17 Feb 2015 | 6:16 AM ET

    Noble's shares dropped for a second day despite analysts' skeptical view of an anonymous, critical research report comparing the company to Enron.

  • LONDON, Feb 16- U.S. shale producers have responded even more quickly to lower oil prices than analysts expected, which should ensure shale production hits a plateau by May or June and is sustained rather than falling in the second half of the year. The number of rigs drilling for oil in the United States declined by another 84 last week, according to oil field...

  • TORONTO, Feb 12- Teck Resources Ltd said on Thursday it might have to reduce its dividend in July if industry-wide cuts in the production of steelmaking coal fail to lift prices from current historically low levels. To bring the market back into balance, an additional 12 million tonne reduction in supply is needed above the 30 million tonnes announced since...

  • TORONTO, Feb 12- Shares in Teck Resources Ltd rose on Thursday after the diversified Canadian miner posted quarterly revenue and gross-profit figures that beat analysts' expectations, with currency gains and lower oil costs offsetting the blow from falling commodity prices. Shares in the Vancouver- based miner rose 3.6 percent to C $18.25 in Toronto.

  • Alpha Natural and rivals such as Peabody Energy Corp and Arch Coal Inc are reining in expenses to make up for coal prices that have remained low for at least two years. Peabody Energy slashed its quarterly dividend last month and Arch Coal suspended its dividend this month. Adjusted cost of sales for Alpha Natural's eastern mines, spanning the Appalachian...

  • Feb 12- Canadian miner Teck Resources Ltd's quarterly profit missed analysts' estimates as the company struggles with weak coal and copper prices. Net profit attributable to shareholders nearly halved to C $129 million, or 23 Canadian cents per share, in the fourth quarter ended Dec. 31. The much-delayed C $13.5 billion project has a break-even price of $90 or...

  • Teck profit slides on weak coal, copper prices Thursday, 12 Feb 2015 | 5:08 AM ET

    Feb 12- Miner Teck Resources Ltd's quarterly profit nearly halved due to weak coal prices and a decline in copper sales and prices. Net profit attributable to shareholders fell to C $129 million, or 23 Canadian cents per share, in the fourth quarter ended Dec.31 from C $232 million, or 40 Canadian cents per share, a year ago. Revenue at Vancouver- based Teck, the world's...

  • Mirroring oil, this fossil fuel is plunging, too Wednesday, 11 Feb 2015 | 2:21 PM ET
    A bulldozer moves coal that will be burned to generate electricity at the American Electric Power coal-fired power plant in Winfield, West Virginia.

    There is too much supply of coal at a time when global demand for the fossil fuel is cooling.

  • BRUSSELS, Feb 9- Rich nations provided nearly $15 billion over a decade from 2003 to 2013 to fund exports of coal-fired power plant and coal mining technology, data seen by Reuters shows, defying calls to end subsidies for the most polluting of the fossil fuels. A document prepared late last year by the Paris- based Organisation for Economic Cooperation and...

  • COLUMN-A brief history of the oil crash: Kemp Friday, 6 Feb 2015 | 8:57 AM ET

    LONDON, Feb 6- In 2013 and early 2014, the growing imbalance between supply and demand in the oil market was masked by a string of supply disruptions as a result of war, unrest and sanctions. After a decade of high oil prices, supplies from North American shale plays were growing by more than 1 million barrels per day annually, while fuel demand in the United States and...

  • Feb 3- U.S. miner Arch Coal Inc reported a smaller-than-expected quarterly loss as it cut costs, sending its shares up nearly 9 percent in early trading. Arch Coal said cash costs fell to $16.46 per ton in the fourth quarter ended Dec. 31, from $18.10 per ton a year earlier. Arch Coal forecast full-year coal sales of 130.3 million-143 million tons in 2015, compared...

  • Arch Coal reports smaller loss, suspends dividend Tuesday, 3 Feb 2015 | 8:06 AM ET

    Feb 3- U.S. miner Arch Coal Inc reported a smaller quarterly loss, but suspended its annual dividend, citing weak coal prices. Peabody Energy Corp, the largest U.S. coal miner, slashed its quarterly dividend last week on expectations that prices of natural gas would stay low in 2015, keeping a lid on demand for coal. Arch Coal's net loss shrank to $240.1 million, or...

  • Feb 2- Imperial Oil Ltd's Kearl oil sands project expansion will start ahead of schedule, the company said on Monday, in the latest sign that weak crude prices are failing to dent oil sands growth. Imperial, Canada's second-largest integrated oil producer and refiner, said construction on the Kearl expansion in northern Alberta is essentially complete.

  • Lower coal revs hit Norfolk Southern profit Monday, 26 Jan 2015 | 1:24 PM ET
    A file photo of a Norfolk Southern freight train.

    Norfolk Southern expects a solid U.S. economy to boost its business in 2015 but said it was too early to gauge the impact of lower energy prices.