Wall Street welcomes Trump's comeback, but with trepidation
Wall Street executives praised the prospect of business friendly regulations and a flurry of deals, as they analysed the implications of Donald Trump’s reelection. However, some were uneasy over his unpredictable nature. Executives from banks and…
Infinity Natural, a company that produces oil and natgas, files for an IPO in the US
Infinity Natural Resources, an oil and natural gas developer, is planning to launch its initial public offering (IPO) in the United States. This comes after the company nearly doubled its revenue during the first half year. Infinity, backed by investment…
GE Vernova turbine blades fail at UK offshore wind farm
GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm. According to a project statement, the incident occurred at the Dogger Bank A Project…
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along…
Hess Corp Posts Smaller Quarterly Loss
Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, helped by lower exploration costs and a surge in output in its Bakken shale and Gulf of Mexico assets that also prompted the company to raise its 2019 production forecast.The…
ConocoPhillips Profit Slides
ConocoPhillips missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy.The OPEC and Russia have put a lid on production, but that…
Occidental Tops Chevron's Bid for Anadarko
Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp.Both suitors are offering a premium…
ExxonMobil Plans Big 2020 Capex Boost
Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company's shares fell after he laid out a strategy to "lean in" while the rest of the industry cuts back.Exxon shares…
Exxon Reorganizing Exploration Units
Exxon Mobil Corp on Thursday outlined a major reorganization of its global exploration businesses aimed at reversing years of weak oil and gas output.Chief Executive Darren Woods, who took over the helm two years ago, has spent billions to buy production…
Big Crude Oil Margins Should Boost US Refiner Earnings
U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.U.S. independent refiners…
Encana's Q3 Profit Down 7%
Canadian oil and gas producer Encana Corp on Wednesday posted a third-quarter profit above analysts' estimates but 7.3 percent below the same period last year as a result of lower production. Encana also joined other producers in the country in hedging more of its future production…
Cenovus Facing Tough Market for Critical Asset Sales
Cenovus Energy Inc's efforts to sell C$5 billion ($3.8 billion) of energy assets, already facing a rocky road because weak oil prices are depressing the appetite for deals, has become complicated by the surprise departure of its chief executive officer, fund managers said.
US Drillers Add Oil Rigs for 6th Week in a Row
U.S. drillers added oil rigs for a sixth consecutive week, extending a nine-month recovery as shale producers ramp up spending to take advantage of a recovery in oil prices. Drillers added five oil rigs in the week to Feb. 24, bringing the total count up to 602…
US Drillers Continue to Add Oil Rigs
U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added eight oil rigs in the week to Feb.
US Shale Companies to Boost Spending as Banks Loosen Purse Strings
U.S. shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in two years. The credit increase is small, but with major oil producers worldwide aiming to hold down production in 2017…
Canada's First LNG Export Terminal Seen as One-off
Woodfibre LNG, Canada's first liquefied natural gas export project, will be a "nice-to-have" fillip for the country's gas producers but does not signal the start of a west coast LNG boom, industry watchers said on Monday. Privately held Woodfibre…
US Oil Drillers Add Rigs for 2nd Time in 2016
U.S. energy firms this week added rigs drilling for oil for the second time this year, energy services company Baker Hughes Inc said on Friday, after crude prices briefly tested a seven-month high over $50 a barrel over the past two weeks. That…
SunEdison at Risk of Bankruptcy; Shares Plummet
U.S. solar company SunEdison Inc , whose aggressive acquisition strategy has saddled it with more than $11 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday. SunEdison's shares - already…
US Oil Drillers Cut Rigs to Least in 6 Years
U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to cut spending due to the collapse in crude prices. Some analysts forecast the rig count…
Next Exxon CEO Likely to be Internal Candidate
Exxon Mobil Corp's appointment of the head of its refining business as its new president makes him the probable successor to Chief Executive Rex Tillerson and was designed to avoid raising eyebrows on Wall Street, analysts said on Monday. The new president…
