Exxon Mobil Corp. is cutting its drilling budget to a 10-year low and halting share buybacks after last year’s belt-tightening failed to shield the world’s biggest oil explorer from crashing Continue Reading
History doesn’t repeat, but it does rhyme. Or so the saying goes. Sometimes history indeed repeats. Our latest example: how the distribution of growth across the U.S. is strikingly similar Continue Reading
Chevron Corp., Hess Corp. and Continental Resources Inc. had their credit ratings cut by Standard & Poor’s as the worst oil-market collapse in a generation squeezes energy producers. In a Continue Reading
LyondellBasell Industries NV on Tuesday reported a worse-than-expected 31% slide in revenue, as its product prices remain under pressure. Still, the company was able to notch better-than-expected profit growth. The Continue Reading
* Output cuts not justified at the moment, says CFO * May start closing wells at prices below $15/b * Plan output increase to 2 mil boe/d pushed back to Continue Reading
BP’s final results for 2015 revealed its worst performance for more than two decades and that it will lose 7,000 members from its workforce in 2016 and 2017. Super major Continue Reading
Lundin Petroleum AB suffered its biggest ever quarterly loss as the collapse in oil prices forced the Swedish explorer to book impairment charges. The loss widened to $493 million in Continue Reading
A deepening recession, a ballooning budget deficit and Brent crude at around $30 a barrel have weakened the oil-reliant economy and forced Putin, who has tightened his grip on the Continue Reading
With oil hovering around $30 a barrel, commodities prices in free fall, and China continuing to confront a series of market-rattling growing pains, global equities have entered full correction mode. Continue Reading
Crude prices were down Tuesday as hopes for production cuts from major producers faded and investors focused back in on the weak fundamental factors underpinning the oil markets. The global Continue Reading
