March 27- Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge cost of maintaining the more than $10...» Read More
Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.
Chevron announced it is relinquishing concessions in Romania, the last of its shale gas projects in Europe.
HOUSTON, Feb 20- Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. A Transocean official declined to comment. According to a Transocean presentation, its fleet is about 25 percent larger than...
Activist hedge funds are buying stakes in North American oil and gas producers whose stocks have fallen because of the collapse of energy prices.
Falling oil prices have helped give rise to tech firms that focus on making drilling more efficient.
Oil's recovery may be short-lived, but some analysts believe now is the time to get back into energy stocks.
OSLO, Feb 13- Seadrill, the world's third-biggest offshore driller, cut $1.1 billion worth of Petrobras orders from its backlog due to the Brazilian firm's troubles, sending its shares 13 percent lower. Seadrill, which had an order backlog of $20 billion at the end of the third quarter, announced the contract extensions in November in a relief to investors as...
Energy bonds took a hit from fears low oil prices would spur a surge in defaults, but most issuers should stay resilient, Goldman Sachs said.
The life cycle of U.S. shale oil wells could put a question mark over American output and price stability.
*Q4 adjusted loss of 23 cents/ share vs estimate of 32 cents. *Company had cut 15 pct jobs, shut 4 rigs in Gulf of Mexico. Larger rival Diamond Offshore Drilling Inc and land driller Patterson-UTI Energy Inc have warned of a challenging 2015..
OPEC is claiming victory in the latest oil war. Here's what the US needs to do, says Ron Insana.
Oil prices will get a heck of a lot worse before they get better, a top industry analyst said on Tuesday.
Halliburton will layoff between 6.5 and 8 percent of its global staff, the oil field services company said Tuesday.
Job cuts are inevitable as oil prices tumble, but layoffs today could have significant ramifications for the sector tomorrow.
LONDON, Feb 9- Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers. The number of active land rigs has fallen sharply in OPEC members Ecuador and Venezuela as well as non-OPEC Bolivia, Colombia and Mexico. Even OPEC producers such as Petroleos de Venezuela and Petroecuador are being forced to cut...
Shale analyst Mike Kelly is so confident in his top oil pick that even his grandmother is taking his advice and buying the stock.
NEW YORK, Feb 4- U.S. stocks were poised to dip at the open on Wednesday, in the wake of a two-day rally for the S&P 500, as oil prices declined and labor market data disappointed. U.S. crude was down 3.3 percent to $51.32 and Brent was off 2.6 percent to $56.43. Contract driller Transocean fell 1.9 percent to $18.05 in premarket trade.
NEW YORK, Feb 4- U.S. stock index futures dipped on Wednesday, after a two-day rally for the S&P 500 ahead of data on the labor market and the services sector. *Investors will eye the January private-sector employment report from payrolls processor ADP at 8:15 a.m. for signs of continuing improvement in the labor market. *Later in the session at 9:45 a.m., financial...
Oil prices have rallied off post-crisis lows, possibly marking the rout's bottom as producers' cutbacks begin pinching supply, some analysts said.
A global oversupply in oil and lack of storage make it very likely that oil will slide into the $30s, Citi's Ed Morse told CNBC.