Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record.
Gulf Marine CEO Quits in wake of Profit Warning
Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore…
Oil Drops on OPEC Output Deal, Markets to Stay Tight
OPEC to raise output to make up for unforeseen disruptions; Canadian outage helps support U.S. crude. Brent crude oil fell by more than 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production.
Oil Shrugs off Geopolitical Tensions but Some See Red Flags
The oil price has ignored rising geopolitical tensions in the Middle East, as a three-year old crude surplus has wiped out any real fear over supply, but one of the world's largest security consultants says there are red flags the market cannot ignore. Bahrain, Saudi Arabia…
Glencore's Profit Falls, Debt Target Lowered
Coal hedging loss disappoints investors, share price falls 5 percent. Glencore said it expected to exceed a previous target to cut debt but it took a nearly $400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets.
Vale, BHP hit with $44 bln Civil Lawsuit for Dam Collapse
Prosecutors seek $2.16 bln payment upfront; Vale, BHP say yet to receive notice of claim. Mining companies Vale SA and BHP Billiton were hit with a 155 billion-real ($43.5 billion) civil lawsuit for the collapse of a dam at a mine last year that killed 19 people and caused…
Rio Replaces CEO Walsh with Copper Boss
Rio Tinto CEO Sam Walsh to retire July 1. Rio Tinto has named its copper and coal division head, Jean-Sébastien Jacques, as its chief executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore. Walsh…
Glencore's Debt-Reduction Plan Includes Output Cut
Firm to cut 2016 oil production by 20 pct as prices slide. Glencore has taken another step to reduce its debt by selling $500 million of future precious metals output, and deepened oil production cuts after prices fell further. Glencore said on Thursday it planned to produce about 8.5 million barrels of oil in 2016…
Iraq's KRG to Pay Oil Firms as per Contracts
Iraq's Kurdistan region said on Monday it would pay international oil companies according to their contractual entitlements in 2016 as it grapples with an acute economic crisis. The Kurdistan Regional Government (KRG), which owes oil companies billion of dollars, began…
Oil Down, but Stocks Holding Up
Oil prices give up gains, fall 3 percent; Focus turns to Fed meetings. Oil prices tumbled 3 percent on Monday and dragged the dollar down, but world stocks clung onto gains in a sign of stabilisation after a horrendous start to the year. Crude oil prices fell 3 percent…
Total's New CEO a Good Fit
Pouyanne took over as Total CEO a year ago. Total's boss is known as a fixer; a straight-talking cost cutter who has emerged as the right person to steer the French oil and gas company through one of the industry's worst downturns in decades. The 52-year-old Patrick Pouyanne could not be more different from his predecessor…
X2 Turns to Coal for First Deal
X2 Resources, the private equity fund set up by former Xstrata boss Mick Davis, is now in initial bi-lateral talks to buy some of Rio Tinto's Australian coal assets, a source close to the situation said on Tuesday. Davis, whose X2 fund has yet to clinch its first deal…
BHP: Deeper Cuts to Battle Low Pricing on Tap
BHP Billiton said on Tuesday it would slash its iron ore production cost further and cut spending to better withstand a downturn in commodity prices that is testing even mining industry heavyweights. Giant iron ore producer BHP, the world's largest mining company, and…
Oil Companies' Profits Hit by Quest for Crude Price Exposure
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices - it also reflects strategic choices. A Reuters examination of corporate filings by some of the biggest players in the industry, including BP, Shell and France's Total…
Shell Needs to go Beyond Oil Prices in BG deal
When it comes to forecasting the oil price, big companies play their cards very close to their chests. But the 50 percent premium that Royal Dutch Shell agreed to pay this week in a stock and cash deal to acquire smaller rival BG says a lot about Shell's expectations for a swift recovery in oil prices.
Investors Want BG Deal to Trigger Change at Shell
When it comes to forecasting the oil price, big companies play their cards very close to their chests. But the 50 percent premium that Royal Dutch Shell agreed to pay this week in a stock and cash deal to acquire smaller rival BG says a lot about Shell's expectations for a swift recovery in oil prices.
Shell-BG Deal Could Face Bumpy Ride from Partner Rights
Royal Dutch Shell Plc's agreed $70 billion takeover of rival BG Group could trigger pre-emption rights in key oil and gas fields that would erode the potential benefits of the deal for the Anglo-Dutch oil giant. Shell said a main driver of its bid for BG Group was the gas-focused British group's position in Brazil.
Oil Majors Fail to Replace Falling Output
Oil groups produced much more than they found last year; Oil and gas output fell in 2014, echoes trend over past decade. Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week - and big cuts in spending…
Investors Look to Big Oil Mergers
Plunging oil prices look set to trigger another wave of industry consolidation after a decade when mega-deals were scarce, but investors want to see mergers that can squeeze out cost savings and only after a lavish dividend is paid. Over the last 18 months Big Oil has…
BHP Billiton Eyes Sale of US Shale Gas Assets
BHP Billiton is planning to sell its Fayetteville shale gas assets in the United States, the mining and energy group said on Monday, in the latest effort to trim its portfolio in the region and focus on more profitable petroleum liquids. The petroleum division of BHP, the world's largest miner…
