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Ecuador vs. Chevron, By Way of Canada
Ecuador vs. Chevron, By Way of Canada In the latest twist to a 22-year-old legal saga, Canada’s Supreme Court ruled on September 4th that Ecuadorian villagers can seek to enforce an Ecuadorian legal judgment in Canada for $9.5 billion against Chevron Corporation for polluting the Amazon rainforest. The plaintiffs were successful in arguing that since […]
Canada Clears Way for Ecuadorean Case Against Chevron Over ‘Amazon Chernobyl’
Canada Clears Way for Ecuadorean Case Against Chevron Over ‘Amazon Chernobyl’ A protestor shows his black painted hand as he carries an Ecuador flag to protest against Chevron and the oil contamination in Ecuador’s Amazon region during a joined global demonstration in Madrid, Spain, in 2013.. (Andres Kudacki / AP) Canada’s Supreme Court ruled Friday that […]
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers In the beginning of 2015 the biggest threat to the economy as a result of the collapse in oil prices, both in the US and worldwide, was the surge in layoffs among highly-paid energy sector job. This was confirmed in April when we showed the […]
Is Mexico Ready For Life Without Its Sugar Daddy?
Is Mexico Ready For Life Without Its Sugar Daddy? The autopsy has already begun. As the world’s attention is transfixed by every new development in Chapo Guzman’s latest audacious prison break, something much more important – and potentially more dangerous – is happening in Mexico. Yesterday the country held its first auction of offshore oil […]
Another 4.4 Magnitude Industry Reported Quake in Alberta
Another 4.4 Magnitude Industry Reported Quake in Alberta Chevron shuts down operations following seismic event near Fox Creek. Chevron Canada has confirmed that “a magnitude 4.4 seismic event was recorded by seismic monitoring arrays operated by Chevron Canada and Natural Resources Canada” in the Duvernay shale near Fox Creek, Alberta on Saturday. It’s the second […]
Get Ready for Oil Deals: Shale Is Going on Sale
Get Ready for Oil Deals: Shale Is Going on Sale (Bloomberg) — A decision by Whiting Petroleum Corp., the largest producer in North Dakota’s Bakken shale basin, to put itself up for sale looks to be the first tremor in a potential wave of consolidation as $50-a-barrel prices undercut companies with heavy debt and high […]
Oil Majors’ Profits Take A Beating
Oil Majors’ Profits Take A Beating The first quarterly earnings reports since the collapse of oil prices are in and the numbers show a significant deterioration in profits for the oil majors. Royal Dutch Shell went first on January 29, revealing a big jump from the same quarter a year ago, but down from the third quarter […]
It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames “Cash Flow Squeeze”
It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames “Cash Flow Squeeze” It was less than 24 hours after we posted that either oil will double from here allowing energy companies to grow into a normal P/E multiple, or energy stocks will have to crash by over 40% for the ridiculous 23x to return to its normal, long-term […]
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan […]
Oil jumps 3 percent to $63 as energy firms slash investments | Business | Reuters
Oil jumps 3 percent to $63 as energy firms slash investments | Business | Reuters. LONDON (Reuters) – Brent crude jumped 3 percent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil’s six-month price rout forced more energy firms to cut investments in new production. Oil this week […]
Chevron Pulls Out Of $10 Billion Gas Deal With Ukraine
Chevron Pulls Out Of $10 Billion Gas Deal With Ukraine. Ukraine’s bid to rid itself of its dependence on Russian energy just took a huge hit. Chevron announced that it was pulling out of a deal that it made with the Ukrainian government to develop shale gas in western Ukraine. The $10 billion deal was signed before […]
Early Signs Of A Pullback In Drilling Activity
Early Signs Of A Pullback In Drilling Activity. With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream. […]
Oil Companies Spending Big To Defeat Community-Led Anti-Fracking Initiatives At The Ballot Box | DeSmogBlog
Oil Companies Spending Big To Defeat Community-Led Anti-Fracking Initiatives At The Ballot Box | DeSmogBlog. Election day is fast approaching and, in a pattern becoming all too familiar, oil companies are spending big to defeat citizen-led initiatives to halt fracking in California.By last August, oil industry front groupCalifornians for Energy Independence, which is leading the […]
