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Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop
Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop With oil trading at prices that are uneconomical even for the world’s biggest majors, on Tuesday morning Exxonmobil announced it cut its 2020 Capex by 30% and cash Opex by 15% as the CEO said he expects a record 25-30% demand drop this […]
Big Oil Doubles Down On Shale Despite Price Drop
Big Oil Doubles Down On Shale Despite Price Drop It’s the time of the year when oil companies start announcing their budgets for next year and besides a steady albeit guarded optimism, one thing stands out: oil majors are doubling down on their shale endeavors. Chevron, ConocoPhillips, and Hess Corp all announced their capex plans […]
How Will The Surge In Oil Prices Impact US GDP: One Bank Answers
How Will The Surge In Oil Prices Impact US GDP: One Bank Answers Back in late 2014, when oil prices tumbled after the OPEC “thanksgiving massacre“, the conventional narrative was that dropping oil prices were a boon for the economy as they resulted in lower gas prices and thus greater discretionary income. The stark reality […]
Oil Investment In Canada To Drop Despite Rallying Prices
Oil Investment In Canada To Drop Despite Rallying Prices Canada has the world’s third-largest crude oil reserves, but the country seems determined to pretty literally keep these in the ground. This determination becomes strikingly obvious when Canada is compared with its southern neighbor, which is just what Bloomberg’s Robert Tuttle and Kevin Orland did in […]
Peak Shale: Anadarko Just Became The First US Oil Producer To Slash CapEx
Peak Shale: Anadarko Just Became The First US Oil Producer To Slash CapEx It appears that Horseman Global’s Russell Clark may have been spot on with his bearish take on the US shale sector. As a reminder, in his latest letter to investors, Clark said that “the rising decline rates of major US shale basins, […]
The Spook In the Casino—–Recession Just Ahead, Part 1
The Spook In the Casino—–Recession Just Ahead, Part 1 The wise guys keep buying the dips owing to the simple proposition that there is never a lasting bear market without a recession. So after today’s blow-out we are likely to get another call to scoop up the “bargains” because the correction has run its course and […]
It Is Different This Time——–Now Comes The Global CapEx Depression
It Is Different This Time——–Now Comes The Global CapEx Depression Caterpillar (CAT) posted a disastrous 16% decline in worldwide retail sales this morning, meaning that its sales have now fallen for 35 straight months. As Zero Hedge noted, not only did US retail sales finally rollover and drop by 8% compared to prior year, but the rest of the world was a veritable bath […]
What The Rig Plunge Really Means For The Price Of Oil
What The Rig Plunge Really Means For The Price Of Oil Arguably the biggest catalyst for the surge in crude, in addition to the technical move which started off with a vicious short squeeze into the NYMEX close last Friday, was last week’s record drop in the Baker Hughes rig count to 1,223, down from […]
Oil fall could lead to capex collapse: DoubleLine’s Gundlach
Oil fall could lead to capex collapse: DoubleLine’s Gundlach (Reuters) – DoubleLine Capital’s Jeffrey Gundlach said on Tuesday there is a possibility of a “true collapse” in U.S. capital expenditures and hiring if the price of oil stays at its current level. Gundlach, who correctly predicted government bond yields would plunge in 2014, said on […]
Suncor to cut 1,000 jobs in response to low oil prices
Suncor to cut 1,000 jobs in response to low oil prices Energy firm to cut $1B from capital spending, delay work on some projects Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices. The job cuts will primarily affect contract workers, […]
