An expected drop in crude prices to $30 to $40 a barrel might not be enough to balance global oil markets, analyst Jamie Webster says.» Read More
July 31- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. Imperial, majority owned by Exxon Mobil Corp, said on Friday that its capital expenditure fell about 41 percent to C $819 million in the second quarter. Excluding a C $320 million charge related to an...
PARIS, July 29- French oil company Total posted higher than expected second-quarter profit on Wednesday, helped by increased refining margins in Europe and accelerated cost cuts to adjust to a low oil price environment. Europe's second biggest oil company reported adjusted net profit of $3.085 billion, beating analyst expectations of $2.61 billion and only...
T. Boone Pickens says Saudi production is topping out at about 10 million barrels per day and oil prices will return to $70 per barrel by year end.
*Refining and trading could shift Kingdom's OPEC calculus. LONDON, May 22- Saudi Arabia's rapid transition into one of the world's largest oil refiners adds an extra dimension to the oil exporter's role as the driver of OPEC policy. When it attends OPEC's next meeting in two weeks, it does so with major new state-of-the-art oil refineries that can profit from...
Governments globally charge prices for energy that do not account for its harmful side effects, amounting to a $5.3 trillion subsidy, the IMF said.
*Issues sell recommendations on BP and Statoil. May 18- Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand. The U.S. investment bank's equities team, in a note published on...
May 6- Husky Energy Inc, Canada's No.3 integrated oil company, reported a 71 percent drop in quarterly profit, hurt by weak oil and gas prices. Cash flow from operations, an indicator of the company's ability to pay for new projects, declined more than 45 percent to C $838 million, or 85 Canadian cents per share, in the first quarter ended March 31, Husky Energy said on...
LONDON, May 1- The world's top oil companies can expect only limited solace from refining for the rest of the year, even as the often-troubled segment proved valuable in the face of sinking oil prices. Overcapacity in the sector previously made it the bane of integrated oil majors such as BP, Royal Dutch Shell, Exxon Mobil, Chevron, Total and Eni.
April 30- Imperial Oil Ltd, Canada's No.2 integrated oil producer and refiner, on Thursday reported a 55 percent fall in quarterly profit as global crude prices halved. Imperial Oil Chief Executive Rich Kruger said the company, which is 69.6 percent owned by Exxon Mobil Corp, would maintain a cautious spending outlook in the months to come. The company is close to...
Shell's takeover bid for BG may be a harbinger of more deals for Australia's resources sector, which has taken a body blow from low commodity prices.
Exxon could make a deal soon, and targets for oil majors range from U.S. shale producers to distressed mining and resources firms, analysts tell CNBC.
David Harding, Founder and CEO of Winton Capital Management, discusses how the low oil price is impacting his portfolio.
Jackson Wong, Associate Director at United Simsen Securities, says Sinopec's stock will trade sideways until the unveiling of restructuring plans, which are likely due this year.
Sabine Schels, senior director and global commodity strategist at BofA Merrill Lynch Global Research, discusses the bearish, "idiosyncratic" oil market.
Exploration and production firms have issued nearly $9 billion in stock this year, well above recent first-quarter totals.
Mustafa Abdel-Wadood, board member & chairman of the management executive committee at The Abraaj Group, talks about the opportunities going forward in Egypt, however, there's a huge shortfall in energy in the country
The energy industry's failure to use the data it collects means it's not as efficient as it could be, leaving money on the table.
Job cuts are inevitable as oil prices tumble, but layoffs today could have significant ramifications for the sector tomorrow.
Oil prices have rallied off post-crisis lows, possibly marking the rout's bottom as producers' cutbacks begin pinching supply, some analysts said.
Trying to pick the bottom of oil's surprise price plunge may be tougher this time around, with analysts turning to non-traditional indicators to make predictions.