Continental’s proven reserves drop
U.S. shale leader Continental Resources reported its proved reserves for the year ending Dec. 31 declined by millions of barrels. Value of the company’s portfolio declined by about 10 percent Continue Reading
EIA: U.S. energy spending down sharply
Investment in the mining and other extractive industries, including oil, declined in the United States by more than 30 percent last year, federal data show. When measured as a share Continue Reading
Oil prices tumble after Fed testimony
Despite upbeat U.S. and European labor reports, lingering concerns over U.S. economic momentum throttled crude oil prices in early Thursday trading. Data from the U.S. Labor Department showed seasonally adjusted Continue Reading
Oil Hits Hurdle as U.S. Fuel Glut Puts Brakes on Refining
Refineries in the middle of the US are curtailing crude processing as profits shrink, leaving behind oil that’s adding to a supply glut and pushing prices to the lowest since Continue Reading
U.S. refineries’ windfall from cheap crude running out of steam
The Phillips 66 oil refinery is viewed from the air in Carson, California August 5, 2015. U.S. refiners’ months-long windfall from cheap and plentiful crude showed further signs of running Continue Reading
Oil Industry Caused 2005 Swarm of California Earthquakes: Newly Published Study
Oil and gas wastewater disposal has been tied to a series of earthquakes in California for the first time, in a peer-reviewed study published last Thursday. A string of quakes Continue Reading
Bank of Russia Vows Hands Off Ruble, Warns on Policy Tightening
The Bank of Russia, repeating that an interest-rate increase is possible, said it’s standing by its commitment to a free-floating exchange rate and will only intervene in the currency market Continue Reading
Repsol to Shut Unprofitable Norwegian Oil Field
Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse. “Varg Continue Reading
Total Trims Loss, To Further Cut Capital Spending
French oil giant Total SA reported a $1.63 billion fourth-quarter loss on Thursday and said it would cut billions more in spending, rocked by low oil prices that forced it Continue Reading
Hidden Dangers of the Oil-Price Shock
Many observers, from the International Monetary Fund to Virgin’s Richard Branson, say the stock market is overreacting to the oil-price shock. (Crude closed at $26.21 on Wednesday.) The basic argument Continue Reading