Top News & Analysis North Dakota

More

  • HOUSTON, Jan 28- Global Partners LP has laid off 8 percent of its work force and aims to handle only ethanol, not crude, at its rail terminal in Oregon in response to the nearly 70 percent plunge in oil prices since mid-2014, the company said on Thursday. Global Partners' stock price fell more than 21 percent to close at $15.38 Thursday on the New York Mercantile...

  • *Says to raise $160 mln from 34 mln share offering. The company said on Thursday it would sell 34 million shares to raise $160 million, excluding underwriter discounts, commissions and estimated offering expenses. At Wednesday's close of $5.32, the offering would have raised $180.9 million, implying a discount.

  • NEW YORK, Jan 28- While airlines are in no rush to pass on fuel savings to passengers brought by the collapse in oil prices, the Houston travel market has left them little choice. Crude's 70- percent drop in the past 19 months has made the Houston travel market a rare point of downward pressure on airline revenues. On average, round-trip business and first class...

  • NEW YORK, Jan 27- Companies that supply drilling rigs, fracking sand and other necessary tools to the U.S. oil industry are finding themselves stuck with a choice between losing customers or making further price cuts that could wipe out their profits altogether. "It goes back to the ultimate issue of which cost deflation has been structural and which has been...

  • The company, which produces oil in North Dakota's Bakken Shale and the U.S. Hess posted a net loss of $1.82 billion, or $6.43 per share, in the fourth quarter ended Dec. 31, compared with a net loss of $8 million, or 3 cents per share, in the year-ago period. Hess stressed that for 2016 it has enough cash to fund both its capital budget and dividend, which will cost about $2.5...

  • HOUSTON, Jan 27- Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with one of them saying prices would need to rise more than 20 percent just to turn a profit. The cuts on Monday from Hess Corp, Continental Resources and Noble Energy ranged from 40 percent to 66 percent.

  • HOUSTON, Jan 26- County planners want to squash Phillips 66' s proposal to transport heavy crude by rail to one of its California refineries, saying it is too risky to public health and the environment. The Benicia Planning Commission will hold a similar hearing Feb. 8, with more if necessary, on Valero Energy Corp's proposed 70,000 bpd rail project- also delayed...

  • COLUMN-The 'Fed put' to be tested: James Saft Tuesday, 26 Jan 2016 | 3:00 PM ET

    Worries about slow growth and debt in China, as well as slowing global trade, have hit global financial markets hard, sending U.S. stocks to their worst January ever, down 7 percent. Futures prices now indicate a 70 percent chance that the Fed either keeps rates unchanged or hikes by 25 basis points once this year, according to data from CME Group, an outcome given less...

  • Here's who gets hurt by oil price plunge Monday, 25 Jan 2016 | 2:11 PM ET
    The price of oil is shown downtown on Jan. 21, 2016, in the oil town of Midland, Texas.

    Lower crude prices are helping lift much of the U.S. economy, but oil-producing regions are getting clobbered.

  • HOUSTON, Jan 21- A private equity-backed U.S. oil company led by former Statoil executives has bought 18,000 acres in rural west Texas, the latest deal by investors snapping up land whose value has plunged along with crude prices. Luxe Energy LLC, formed last year by Statoil alumni with $500 million in equity financing from NGP Energy Capital Management, planned...

  • YORKTOWN, Texas, Jan 20- Across oil fields from Texas to North Dakota fears are growing that crude's plunge below $30 a barrel is more than just another market milestone and marks a countdown to an endgame for many shale producers that so far have braved the 18- month downturn. Yet many of around 50 listed U.S. independent oil producers and scores of smaller ones...

  • COLUMN-Oil shock is hurting U.S. economy: Kemp Monday, 18 Jan 2016 | 8:38 AM ET

    LONDON, Jan 18- Slumping oil and gas prices and a downturn in investment are proving to be major headwinds for the economies of the United States and other key important petroleum producers. In the United States, businesses engaged in oil and gas extraction and refining spent almost $200 billion on new equipment and structures in 2013, the most recent year for...

  • Choppy markets in the fourth quarter cut revenue 5 percent to $3.51 billion at the San Francisco- based bank's top fee-generating business. Barclays analyst Jason Goldberg has estimated that Wells rivals Morgan Stanley and Bank of America Corp's Merrill Lynch, also will post wealth management revenue declines when they report quarterly results on Tuesday.

  • NEW YORK, Jan 15- North Dakota's oil production once again defied expectations for a decline in November, even seeing a slight uptick for the second consecutive month, as unusually warm weather helped offset the deepening decline in fracking activity. Production in the second-largest U.S. oil producing state rose by 5,000 barrels per day to 1.18 million...

  • Jan 15- Citigroup Inc reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets masked weak revenue from its core business. Shares of Citi, which was displaced by Wells Fargo& Co as the No.3 U.S. bank by assets, fell as much as 7.2 percent to a near three-year low of $42.11 on Friday. U.S. banks struggled to...

  • By Sruthi Shankar and Richa Naidu. Walls Fargo- whose latest balance sheet showed it had replaced Citigroup Inc as the third-largest U.S. bank- managed to increase revenue from mortgage banking for the first time in three quarters in the three months ended Dec. 31. But its exposure to energy loans meant provisions for credit losses jumped by about $346 million...

  • The San Francisco- based bank's net income applicable to common shareholders slipped to $5.34 billion, or $1.03 per share, in the three months ended Dec. 31, from $5.38 billion, or $1.02 per share, a year earlier. Analysts on average had expected earnings of $1.02 per share, according to Thomson Reuters I/B/E/S. Wells Fargo's shares, which fell about 1 percent in 2015,...

  • Jan 14- New Jersey and Florida were poster children for U.S. home foreclosures last year, with both states and several of their metropolitan areas topping the list in 2015, according to RealtyTrac data released on Thursday. Florida posted the second highest rate at 1.77 percent, with Maryland third at 1.60 percent. Florida metro areas around Tampa Bay,...

  • What cowboy boots are telling us about oil prices Wednesday, 13 Jan 2016 | 12:32 PM ET
    A still from a Boot Barn commercial. Boot sales reported soft third quarter sales thanks to pressures in oil and commodity-related markets.

    Boot Barn says sales during its recently ended quarter were hurt by weakness in regions where the local economy depends on oil.

  • NEW YORK, Jan 12- U.S. oil stumbled below $30 for the first time in 12 years to levels that threaten the survival of many U.S. shale firms, spur more belt-tightening by oil majors and spell more pain for crude-producing nations and regions. Some analysts warned of $20 a barrel; Standard Chartered said fund selling may not relent until it reaches $10.