ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index. ConocoPhillips, as well as its competitors, have been under pressure from the fall in oil prices this year.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips, and its competitors, have been under pressure to reduce staff, cut capital expenditure and reduce drilling this year due to the fall in oil prices. U.S.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, an American oil and gas company, will reduce its workforce by 20-25% as part of a broader restructuring program. This was confirmed on Wednesday, after five sources said that CEO Ryan Lance had detailed his plans in a short video earlier today. The largest independent oil producer saw its shares fall 3.9%, to about $95.11. Lance stated in a video that the company would need fewer positions as it streamlines its organization. He also said that the rising costs had left the company lagging behind other companies.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
A spokesperson for ConocoPhillips, an American oil and gas company, said that the company will be cutting 20-25% from its workforce as part of a wider restructuring program. Shares of the firm fell 4.7% to $94. Four ConocoPhillips source confirmed that employees received an email containing a video from CEO Ryan Lance outlining the plans. Sources said that the company will hold a town-hall meeting at 9 am Central Time on Thursday. ConocoPhillips employs approximately 13,000 people worldwide, which means that between 2,600 to 3,250 workers will be affected.
Albemarle confirms that the Chilean lithium plant is operating normally following an incident last week
Albemarle told the press on Tuesday that its La Negra lithium plant in Chile was operating normally following an "incident", which occurred last week. A local legislator had said that authorities were investigating. Albemarle, without giving any further details, said that there were no injuries, and the sales of metal used in lithium-ion battery manufacturing are not expected be affected. It wasn't immediately clear whether operations were temporarily halted last week. Albemarle did not provide any further details about the incident.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system…
Rural Oklahoma aims to become a hub of critical minerals processing in the United States
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned by the country decades ago. To get there, the state must overcome several obstacles, including the lack of important mineral deposits…
REFILE-ConocoPhillips plans layoffs as part of broad restructuring
ConocoPhillips plans to reduce staff. The company announced this on Tuesday. This is part of a broader effort to control costs and streamline operations following its $23 billion purchase of Marathon Oil. Job cuts are a sign of the pain that the oil and gas sector is experiencing as it faces higher costs and lower revenue due to prices hovering around $63 per barrel. Many companies claim they can't drill profitably at oil prices below $65 per barrel. Chevron, SLB and other oil giants announced their own layoffs in the first half of this year.
Freeport-McMoRan's CEO expresses concern about global growth in the face of US tariffs
Freeport-McMoRan's CEO, who is also the company's chairman and chief executive officer, expressed concern on Monday about the state of the global economy as well as the possible occurrence of a recession or inflation following the U.S. Tariffs that were implemented last week. The comments of the world's biggest publicly traded copper producers join a chorus of concerns from top executives after U.S. president Donald Trump imposed sweeping duties ranging from 10% up to 50%. This triggered losses in the financial markets and increased tensions with China.
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process. The order, if signed, would be the latest effort by U.S. president Donald Trump to tap into international deposits of nickel and copper, and other essential minerals that are widely used across the economy, after recent efforts made in Greenland, and Ukraine.
Sources: Trump wants to refine minerals on Pentagon bases in order to boost US production
U.S. President Donald Trump aims to build metals refining facilities on Pentagon military bases as part of his plan to boost domestic production of critical minerals and offset China's control of the sector, two senior administration officials told . The move is one of several planned for an executive order Trump could sign as soon as Wednesday after he told the U.S. Congress last week he would "take historic action to dramatically expand production of critical minerals and rare earths here in the USA." As part of the order…
Tariffs on copper and aluminium by Trump could increase costs for U.S. customers
Analysts and industry participants stated on Tuesday that President Donald Trump's promise to impose tariffs on U.S. imports of copper and aluminum would lead to higher prices for local consumers due a lack of production at home and the time required to renew the industry. Trump told Republican lawmakers that he will impose tariffs on steel and aluminium, metals needed for the production of U.S. Military hardware. Trump was elected president of the United States in November…
US graphite miners ask Washington to impose tariffs of 920% on Chinese competitors
On Wednesday, North American miners of graphite asked the U.S. Government to impose tariffs as high as 92% on Chinese suppliers for the battery metal to combat what they call Beijing's "malicious" trade practices. This is the latest effort by Western suppliers of critical minerals to counter China's control over the extraction and processing of building blocks used in electric vehicles and electronic devices. Graphite can be produced synthetically or from natural sources. China is the world's largest producer of both types of graphite and has tightened its exports to the U.S.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade.Exxon Chief Executive…
Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery
Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials, Pierre Breber, Chevron's head of downstream and chemicals, said."Something on the ship channel side could make a lot of sense for our company…
U.S. Shale Producer Magnolia Looks to Triple Market Footprint
U.S. oil producer Magnolia Oil & Gas Corp aims to at least triple in market valuation in coming years as it develops shale acreage across eastern and southern Texas, Chief Executive Steve Chazen said on Wednesday.Magnolia's shares have rallied about 33 percent this year alongside a rise in crude prices and as the company has focused on shareholder returns amidst rising pressure from Wall Street on the sector.The company, formed earlier this year by private equity firm TPG Capital and Chazen…
How BP Found Shale Profits With 'Crystal Ball' Oilfield Technology
In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP's shale business turn a profit for the first time.Thousands of automated wells feed data on their performance into the firm's supercomputers each evening. If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep the shale wells flowing at optimal output and minimal cost.Such technology has helped slash BP's shale oil and natural gas production costs by 34 percent over five years.
A Promising Future for U.S. Shale
Natural gas production from U.S. shale fields can keep growing for decades, giving Washington a powerful diplomatic tool to counter the geopolitical influence of other energy exporters such as Russia, according to industry executives and government officials. The United States can expand shale gas output another 60 percent in the coming decades, according to at least one estimate. So far, liquefied natural gas (LNG) has been spared from retaliatory tariffs in U.S. President Donald Trump's intensifying trade conflicts with China and other countries.
Chevron, Exxon CEOs Worry Global Trade Conflict Could Harm Economy
The leaders of two of the world's largest energy companies said on Tuesday they worry a global trade conflict between the United States and other nations could destabilize the world's economy."The risk of trade wars starts to weigh on people's perception of economic growth in the future," Chevron Corp Chief Executive Mike Wirth said at the World Gas Conference in Washington.Darren Woods, CEO of Exxon Mobil Corp, echoed those sentiments. "The world has been very well served with low tariffs and free trade," Woods said.Reporting by Ernest Scheyder
OPEC Agrees to Modest Oil Supply Hike
OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase, making it difficult to understand how much more it will pump. Oil prices rose as much as 3 percent."Hope OPEC will increase output substantially. Need to keep prices down!" U.S.