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Shell clears major hurdle for Arctic drilling
Shell clears major hurdle for Arctic drilling Exploration plan calls for 2 ships to drill up to 6 wells northwest of Wainwright, Alaska Just days ahead of a planned protest of Royal Dutch Shell’s Arctic drilling program in Seattle, the company on Monday cleared a major bureaucratic hurdle to drill off Alaska’s northwestern coast. The […]
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 […]
This Week In Energy: ExxonMobil On The Hunt
This Week In Energy: ExxonMobil On The Hunt Oil prices continued to pick up steam for the week ending on February 13. Brent crude traded above $60 per barrel for the first time in 2015, a psychological threshold that caught the markets by surprise and points to a potential price rebound quicker than many had […]
Oil Searching For A Bottom As Union Threatens More Walkouts
Oil Searching For A Bottom As Union Threatens More Walkouts The strike at US refineries got a bit bigger over the weekend – all amid the mostvolatile, and now downward, price swings seen in the last six years. Investors have yet to lose hope in a sustainable rebound, but another prolonged fall may be looming […]
Union says U.S. refinery strike widened; cites unfair labor practices
Union says U.S. refinery strike widened; cites unfair labor practices (Reuters) – The United Steelworkers union said on Saturday the strike by U.S. refinery workers is expanding to two more plants early on Sunday due to unfair labor practices by oil companies. Walk-outs at BP Plc’s Whiting, Indiana, refinery and the company’s joint-venture refinery with […]
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 […]
Arctic Oil On Life Support
Arctic Oil On Life Support Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored. As drilling technology advances, conventional oil reserves become harder to find, and climate […]
Shell Cuts $15 Billion of Spending as Profit Misses Expectations
Shell Cuts $15 Billion of Spending as Profit Misses Expectations (Bloomberg) — Royal Dutch Shell Plc will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. Shell, the first of the world’s largest oil companies to report earnings following the slump in crude […]
