ExxonMobil revises down its production forecast
ExxonMobil, the world’s largest listed oil company, expects its production in 2020 to be roughly the same as last year, as cuts in investment prompted by the low price of Continue Reading
ExxonMobil Eyes Acquisitions, Forecasts Lowered Spending
Exxon Mobil Corp said on Wednesday it would continue to cut spending as long as crude prices remain low, but the world’s largest publicly traded oil company added it may Continue Reading
Russian Gazprom Neft’s 2015 crude oil output up on Arctic, Orenburg, Iraq
Plans to more than double exports by 2025 to 31 mil mt/year Russia’s Gazprom Neft said Wednesday that it increased its crude output last year due to higher production from Continue Reading
Why Big U.S. Banks Can Ride Out the Oil Bust
The energy meltdown has taken bank stocks hostage. Investors should cut them free. Fear that oil’s crash will spawn losses that blow holes in big-bank balance sheets are somewhat understandable. Continue Reading
Midstream Energy Companies Defend Contracts as Producers Head to Bankruptcy Court
As more oil and gas explorers head to bankruptcy court and try to exit pipeline and fuel-transport contracts, midstream companies are mobilizing to protect the deals meant to compensate them Continue Reading
Schlumberger touts streamlining during downturn
The integration with fellow services company Cameron International will help drive momentum forward as the market recovers, Schlumberger said. Schlumberger made the offer for the Houston-based maker of tools for Continue Reading
Statoil to explore offshore Ireland
Following a successful 2015 auction, Norwegian energy company Statoil said it was building a better position in the emerging reserve potential offshore Ireland. Statoil, alongside Exxon Mobil, was awarded the Continue Reading
Canada’s Nexen reducing headcount
A Canadian subsidiary of China National Offshore Oil Corp. said it was reducing its headcount as the industry works through a weakened oil economy. Subsidiary Nexen Energy said payrolls would Continue Reading
Mexicans Are Disappearing From Texas in Latest Twist on Oil Bust
The plunge in the peso has throttled the purchasing power of Silvia Guerra’s most important customers: shoppers from south-of-the-border cities like Nuevo Laredo, Monterrey and Saltillo who walk over the Continue Reading
Exxon Reduces Output Target Amid Prolonged Spending Cuts
Exxon Mobil Corp. scaled back its production target and said spending on capital projects will continue to drop through the end of next year as the rout in oil and Continue Reading