Oil and Gas Exploration


  • BERLIN— German energy company RWE says it has completed the 5.1 billion euro sale of its oil and gas exploration and production division to a Russian-linked investment company. RWE AG announced the planned sale of its Dea unit to LetterOne Group, an international investment arm of Russian billionaire Mikhail Fridman's Alfa Group, last March— just as tensions...

  • *Brent premium over U.S. crude widens to $13. *Baker Hughes data shows pace of rig count drop slows. Both Brent and U.S. futures briefly pared gains after data from Baker Hughes Inc showed its U.S. oil drilling rig count fell only 33 to 986 this week, after a decline of only 37 last week.

  • *Baker Hughes data shows pace of rig count drop slows. Both Brent and U.S. futures briefly pared gains after data from oil services company Baker Hughes showed its U.S. oil drilling rig count fell only 33 to 986 this week, after rigs were only down 37 in the previous week. Brent April crude was up $1.27 at $61.32 a barrel at 1:28 p.m. EST, on pace to post a 15 percent...

  • Harold Hamm: Saudis view US oil as economic threat Friday, 27 Feb 2015 | 8:28 AM ET
    Harold Hamm

    Oilman Harold Hamm says the Saudi hard line on production has turned the Russian "ruble into rubble" while also squeezing U.S. producers.

  • Are oil producers running out of closet space? Wednesday, 25 Feb 2015 | 5:51 PM ET
    Oil tanks and pump jacks are seen in an oil field near Bakersfield, Calif.

    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.

  • Oasis misses Street 4Q forecasts Wednesday, 25 Feb 2015 | 4:58 PM ET

    HOUSTON _ Oasis Petroleum Inc. on Wednesday reported fourth-quarter profit of $176.5 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share. Analysts expected $335.6 million, according to Zacks.

  • COLUMN-Bakken oil drillers retreat to the core: Kemp Wednesday, 25 Feb 2015 | 11:15 AM ET

    LONDON, Feb 25- North Dakota's oil producers have pulled back to the core areas of the Bakken formation to cut costs and maximise output amid the slump in prices. The number of active rigs in the state has fallen to just 121, from 190 a year ago, according to an active rig list published by the state's Department of Mineral Resources on Wednesday.

  • Feb 25- Engineering company Weir Group Plc said uncertainty in the oil and gas industry would significantly reduce its 2015 revenue on a constant currency basis despite aggressive cost-cutting, sending its shares tumbling on Wednesday. The number of rigs drilling for oil in North America last week was the lowest since July 2011, a survey by oil services firm...

  • BANGKOK, Feb 24- Bangchak Petroleum PCL will invest 20 billion baht, mainly on exploration and production, in 2015 and 2016 as part of a plan to spend 90 billion baht in the next six years to boost its business, the Thai oil refiner said. It also acquired about 80 percent of Australian oil and gas explorer Nido Petroleum Ltd in 2013 to secure energy supplies.

  • European shale dream dying before it started Monday, 23 Feb 2015 | 1:14 PM ET
    Employees during a press visit to the first shale gas exploring site started by Chevron in Pungesti, Romania, April 2014.

    Chevron announced it is relinquishing concessions in Romania, the last of its shale gas projects in Europe.

  • Chevron pulls out of shale gas exploration in Romania Monday, 23 Feb 2015 | 11:54 AM ET

    BUCHAREST, Romania— U.S. oil company Chevron says it has pulled out of shale gas drilling in Romania, weeks after ending business in Poland. The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.

  • NEW YORK, Feb 20- Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries. "It's sell crude, buy products today," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

  • Oil edges up ahead of U.S. rig count data Thursday, 19 Feb 2015 | 10:12 PM ET

    The Baker Hughes survey is likely to show that the number of rigs drilling for oil in the United States fell for the 11th straight week to multi-year lows, market participants said. "I assume we're going to continue to see another big fall and that's going to provide support for the market," said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo.

  • The U.S. Army Corps of Engineers is preparing to release a study for public comment that suggests expanding the Port of Nome as a first step in improving infrastructure along Alaska's west and north coast. Nome is south of the Bering Strait but far closer to Arctic waters than the nearest Coast Guard base in Kodiak, an island east of the Aleutian Chain.

  • Air France-KLM CFO on oil prices  Thursday, 19 Feb 2015 | 4:55 AM ET

    CNBC's Stephane Pedrazzi talks to Pierre-François Riolacci, CFO of Air France-KLM, about how the company cannot benefit fully from the low oil price.

  • Oil has hit its bottom: Edmund Shing  Thursday, 19 Feb 2015 | 4:20 AM ET

    Edmund Shing, global equity portfolio manager at BCS Asset Management, says it is unlikely that oil price will go back down to $30 to $50, and has a better chance of reaching $70.

  • THE HAGUE, Netherlands— An independent report into natural gas drilling that has triggered a rash of small earthquakes in the northern Netherlands said Wednesday that energy companies and the government put production ahead of people's safety in their decision making. Companies and government bodies involved in drilling, including Shell, ExxonMobil and...

  • Devon Energy reports 4Q loss Tuesday, 17 Feb 2015 | 4:48 PM ET

    OKLAHOMA CITY _ Devon Energy Corp. on Tuesday reported a fourth-quarter loss of $408 million, after reporting a profit in the same period a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share. Devon Energy shares have climbed roughly 9 percent since the beginning of the year, while the...

  • COLUMBUS, Ohio— Certain local zoning laws can't be used to supersede Ohio's state-level system for regulating oil and gas drilling, a fiercely divided Ohio Supreme Court ruled Tuesday. In a 4-3 decision with three written dissents, the high court said that the home rule clause of Ohio's constitution doesn't allow a municipality to block drilling activities...

  • 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...