NY will move to prohibit fracking in the state, citing unresolved health issues and dubious economic benefits of the widely used gas-drilling technique.» Read More
Increasing amounts of crude oil are hitting the global market, left, right, and center. That may take oil as low as $50 in the coming months.
Philadelphia is developing a new reputation as a nexus of oil and gas transportation, which bodes well for its economy.
BOSTON, Nov 14- Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares...
Oil production is at the highest in a decade in Nigeria, but the surge is not likely to last long.
Nov 7- Rig contractor Transocean Ltd said it expected to incur impairment charges of $2.76 billion in the third quarter and would delay its results for the period, sending its shares down as much as 10 percent premarket. Rig operators such as Transocean have been battered this year as new rigs enter service, adding to an already oversupplied market.
Tim Leach, Concho Resources CEO, discusses the decline in oil prices and the cost of oil production. We have a very large cash margin, says Leach.
Nov 6- Continental Resources, the pioneering U.S. driller that bet big on North Dakota's Bakken shale patch when its rivals were looking abroad, is once again flying in the face of convention: cashing out some $4 billion worth of hedges in a huge gamble that oil prices will rebound. Late on Tuesday, the company run by Harold Hamm, the Oklahoma wildcatter who once sued...
OPEC is losing its price-setting influence on global oil prices to U.S. shale production, according to Goldman Sachs analysts.
Oct 23- Rig contractors Diamond Offshore Drilling Inc and Patterson-UTI Energy Inc reported big drops in quarterly profits, hurt by one-time charges to retire some old rigs. Offshore driller Diamond Offshore recorded a non-cash impairment charge of $109 million, pushing its third-quarter net income down 44 percent. Diamond Offshore said on Thursday it had...
Oct 22- Contract driller Nabors Industries Ltd reported a 17 percent rise in revenue, its highest increase in nine quarters, as it benefited from strong spending in U.S. shale fields. "We are acutely aware of the potential for further weakness in crude oil prices and the associated impact on our customers' spending plans, particularly in North and Latin America,"...
But offshore drillers such as Transocean Ltd are expected to post lackluster quarterly sales as new rigs ordered in boomtime hit the seas, creating overcapacity in an already crowded market. Revenue at Transocean, the second-biggest global offshore driller by market value, is expected to fall 15 percent- its steepest in three years- according to Thomson...
Insight to the decline in oil prices, with Continental Resources CEO Harold Hamm. Hamm says the U.S. is in a very good position because production is growing and coming back.
Insight to bullish options bets on Nabors Industries, with CNBC contributor Mike Khouw of Dash Financial Group.
Saudi Arabia is telling oil market participants that it's fine with lower oil prices for an extended period.
The continual drop in oil prices could hurt shale drilling's profitability, finds a report from Goldman Sachs.
Oct 9- Global news organization Reuters has asked an Oklahoma court to open courtroom proceedings to the public and unseal trial transcripts of the two-month-long divorce trial of billionaire oilman Harold Hamm and his wife, Sue Ann Hamm. Haralson cited concerns that private business information that might be discussed in the divorce case would harm Hamm's...
The US energy revolution is in danger. Here are three things US energy policy must focus on, says the CEO of Chevron.
CNBC's Brian Sullivan reports Exxon Mobil is banning employee travel to countries affected by Ebola.
Oil and gas firms are "routinely" underpaying their workers, according to an investigation from ProPublica.
Sept 18- Oil and gas producer Range Resources has been fined more than $4 million for environmental violations in Pennsylvania, state environmental authorities said on Thursday, the largest fine leveled against a shale gas operator in the state.