Chevron earnings fell well below expectations Friday, raising new questions about shareholder returns at a time when oil prices are sliding again.» Read More
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.
OSLO, May 28- Seadrill, the world's second biggest offshore oil driller, predicted years of pain for the global rig market on Thursday as energy companies continue to pare spending despite a recent lift in oil prices. It reported first-quarter core earnings, or EBITDA, of $711 million, beating expectations for $638 million. "Drillers are in a something like...
Despite falling Tuesday amid fear of production hikes, crude oil prices may stabilize based on recent trends, an expert said.
Technology made the US oil shale boom. New technology may allow oil giants Saudi Arabia and Norway to become the next fracking boomers.
May 20- Oilfield services provider Halliburton Co and contract driller Transocean Ltd said they have settled all claims with BP Plc related to the 2010 Gulf of Mexico oil spill. Halliburton, which did the cementing work for BP's well, had earlier blamed BP's decision to use only six centralizers for the blowout that spilled millions of barrels of oil for 87 days.
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.
Phil Racusin, EnergyFunders CEO, discusses why his company is financing drilling opportunities in small oil.
LONDON, May 12- Oil drillers Falkland Oil and Gas and Rockhopper resumed normal drilling work on Monday at the Isobel Deep well in the Falkland Islands following the repair of a blow-out preventer control system, the companies said. "The Isobel Deep well is expected to take approximately 15 days to complete," said Falkland Oil and Gas in a statement.
With oil prices up, will companies dive back into drilling and fracking? Insight, with John Kilduff, Again Capital, and Dennis Gartman of the Gartman Letter.
May 6- Driller Rowan Cos Plc reported higher-than-expected quarterly profit and revenue, helped by the deployment of three new ultra-deepwater rigs. Rowan's net income more than doubled to $123.7 million, or 99 cents per share, in the quarter ended March 31. Analysts on an average had expected earnings of 70 cents per share and revenue of $533.1 million,...
Justin Rubinstein, seismologist at U.S. Geological Survey, explains why waste water injection is responsible for the rise in earthquakes in the U.S.
Energy stocks have seen a strong bounce over the past month and a half. Have they turned a corner for good?
April 29- Noble Corp Plc reported a better-than-expected quarterly profit as higher margins from contract drilling services helped offset losses from retirement of rigs due to a slump in oil prices. The company, however, said it expected its capital spending to fall to about $585 million in 2015 from $1.9 billion in 2014.. Net income attributable to Noble fell...
April 29- Offshore driller Noble Corp Plc reported a 30.4 percent fall in quarterly profit as the company retired rigs due to a slump in crude oil prices. Net income attributable to Noble fell to $178.4 million, or 72 cents per share, in the first quarter ended March 31 from $256.3 million, or 99 cents per share, a year earlier. Total operating revenue rose about 1...
U.S. elections have long featured a familiar whipping post. Yet thanks to the energy boom, it's one that may not play a role in 2016.
As tensions in the Ukraine rise, European sanctions are squeezing Russia's energy sector. Production is flat, and oil deliveries are down.
About 25% more LNG exports will hit the world market by 2020, and this will transform the energy market, predict CEOs at CERAWeek.
April 23- Oil and gas driller Helmerich& Payne Inc reported a better-than-expected quarterly profit as demand for its high-tech rigs remained resilient despite the slump in crude prices. Net profit fell to $149.5 million, or $1.37 per share, in the second quarter ended March 31, from $174.6 million, or $1.59, a year earlier. Excluding gains of about $47 million...
April 23- Land rig provider Patterson-UTI Energy Inc reported a 74 percent drop in quarterly profit as weak oil prices weighed on drilling activity and costs rose. Net income fell to $9.1 million, or 6 cents per share, in the first quarter ended March 31, from $34.8 million, or 24 cents per share, a year earlier. The Snyder, Texas- based company's revenue fell 3 percent to...
Mexico is opening its state-run oil industry to outside investors for the first time in 75 years in a bid to match the U.S. oil-boom story.