Chesapeake Has Bought Itself Time But Can It Survive?
The last year has been a bumpy one for Chesapeake Energy. When natural gas prices collapsed several years ago, many firms across the industry moved towards liquids as a panacea. Continue Reading
S&P Strips Exxon of Triple-A Credit Rating
Exxon Mobil Corp. was stripped Tuesday of the perfect triple-A credit rating it has held for more than six decades by Standard & Poor’s Ratings Services, a sign that the Continue Reading
Cheap oil smudges Exxon’s long-held sterling credit rating
Exxon Mobil Corp lost its top-tier credit rating from Standard & Poor’s on Tuesday – the first time in almost 70 years, as an oil price rout makes it tougher Continue Reading
BP eyes more spending cuts after 80 percent profit drop
BP said on Tuesday it could cut capital spending further after reporting an 80 percent drop in profits in the first quarter of the year, when oil prices touched a Continue Reading
BP sees balanced market by year’s end
British energy company BP says it expects its production during the second quarter will move lower and markets will return to balance by the end of the year. Photo by Continue Reading
BP Results Still Hurt by Gulf of Mexico Spill
BP is struggling to control the spiraling costs of the fatal blowout that sent a slick of oil across the Gulf of Mexico for months in 2010, disclosing on Tuesday Continue Reading
Gazprom questions price mechanisms for LNG
Russian energy company Gazprom said liberalizing the market for liquefied natural gas means contractual talks with China are under threat. Gazprom Deputy Chief Executive Officer Vitaly Markelov said counterparts at Continue Reading
Oil Rising Faster Than Ruble Bolsters Russia’s Revenue Outlook
The outlook for Russia’s earnings from oil exports is improving as the price of a barrel of crude in ruble terms rose to the highest in more than five months. Continue Reading
Oil futures rise on weaker dollar, new cash inflows
Crude oil futures rose on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned that fundamentals remain weak as a Continue Reading
Oil Falls on Signs of Rising Supplies
Oil prices sold off Monday after a private data forecaster reported a jump in stored supplies at the main delivery hub in the U.S. The market chopped around much of Continue Reading
Oil falls as traders cash in after three weeks of gains
Oil prices dipped on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Front-month Continue Reading
Next oil downturn? Looming gasoline glut threatens crude’s rebound
A rebound in oil prices this year from 12-year lows is in danger of coming to a crashing halt, as the main engine of global demand growth for the past Continue Reading
Kuwait Emerging From Strike With Plans to Have Record Oil Output
Kuwait plans to boost oil production to more than 3 million barrels a day within months, doubling output from where it stood during last week’s oil-worker strike. Output will climb Continue Reading
East Libya’s Oil Company Loading First Crude Shipment for Export
The government in eastern Libya plans later Monday to export its first cargo of crude since the country with Africa’s biggest known oil reserves split into rival power centers in Continue Reading
Iraqi Sects’ Discord Blunts U.S.-Backed Drive Against ISIS
Iraqi forces, backed by American airstrikes and advised by American officers, have been making strides in Anbar Province, slowly taking back territory from the Islamic State. But in Falluja, a Continue Reading
New estimate puts Israel’s Leviathan gas resources far lower at 16.6 Tcf: sources
An updated assessment of the Leviathan offshore gas field puts the Israeli offshore field’s estimated resources at 16.6 trillion cubic feet (about 453 billion cubic meters), 24% lower than a Continue Reading
Syrian food crisis deepens as war chokes farming
Syria’s war has destroyed agricultural infrastructure and fractured the state system that provides farmers with seeds and buys their crops, deepening a humanitarian crisis in a country struggling to produce Continue Reading
Libyan Eastern Government’s First Crude-Oil Export Sets Sail
The Tripoli headquarters of Libya’s National Oil Co., which has objected to an oil export… A government that controls Libya’s eastern half said its oil company has loaded its first Continue Reading
Iran Threatens Lawsuit in Hague Court Over U.S. Ruling on $2 Billion
Iran said on Monday that it would seek to sue the United States at the International Court of Justice at The Hague to prevent the distribution of nearly $2 billion Continue Reading
It Isn’t Just ISIS that Is Destabilizing Iraq
As Iraqi exports from the southern coast reach a monthly record high and the government is trying to lure in new investment on the border with Iran, all is certainly Continue Reading
Saudi prince unveils sweeping plans to end ‘addiction’ to oil
The powerful young prince overseeing Saudi Arabia’s economy unveiled ambitious plans on Monday aimed at ending the kingdom’s “addiction” to oil and transforming it into a global investment power. Deputy Continue Reading
Saudi reform plan pleases markets, doesn’t reassure sceptics
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman reacts upon his arrival at the Elysee Palace in Paris, France, June 24, 2015. A sweeping economic reform plan announced by Saudi Continue Reading
Aramco value to top $2 trillion, less than 5 percent to be sold, says prince
An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Saudi Arabia expects state oil company Saudi Aramco [SDABO.UL] to Continue Reading
Saudi Arabia’s Break-Even Oil Price Plunges as Spending Drops
Saudi Arabia will see the biggest drop this year in the oil price needed to balance its budget as Riyadh curbs spending amid the crude-market rout. The kingdom’s fiscal break-even Continue Reading
Saudi Aramco: The Oil Giant’s Known Unknowns
If Saudi Aramco were to become a holding company with 5% or so of its… Saudi Arabian Oil Co.: A company that enriched its private investors for decades through what Continue Reading
Will Saudi Arabia’s ambitious reform programme work?
Saudi Arabia has unveiled the most far-reaching reform programme in the kingdom’s history, in its latest attempt to wean the country off dependence on falling oil revenue and shift towards Continue Reading
Why The Saudi Aramco IPO Will Not Be Enough
The Saudi Arabian sale of Saudi Aramco is already starting to attract widespread attention after Mohammad bin Salman, deputy crown prince of the Kingdom, indicated that an IPO for the Continue Reading
Weakened Saudi Arabia Could See Social Unrest After Economic Shakeup
Despite oil’s rebound from cyclical lows and the world’s exuberance that the energy space may be saved (on the basis of headline-reading algo pumping momentum into commodity futures products that Continue Reading
Saudi Arabia: Nothing But A Lot Of Sand & Hot Air
After three decades of internecine war, Abdul-Aziz bin Saud, allied with the fundamentalist Wahhabist Islamic sect, consolidated the House of Saud’s dominance over Arabia in 1932 with the tacit support Continue Reading
Uganda advancing on oil pipeline developments
A statement from the government in Uganda said a decision was made by a regional consortium to build a crude oil pipeline through Tanzania. Delegates from Burundi, Ethiopia, Kenya, Rwanda, Continue Reading
Can This Pipeline Unlock East-African Oil Potential?
Critical decision over the weekend on one of the world’s most-watched infrastructure developments — in the fast-emerging oil and gas basins of Eastern Africa. That came from a meeting of Continue Reading
Uganda: Transporting Oil to Tanzania to Cost Shs40,000 Per Barrel
Kampala — Tanzania will charge Uganda a tariff/transit fee of Shs40,321 ($12.2) for each barrel of oil going through the crude oil pipeline to Tanga port at the Indian Ocean Continue Reading
Venezuela Starts Power Rationing, Oil Production Likely to Fall
Venezuela—home to the largest oil reserves in the world–will for the next 40 days experience a four-hour blackout every single day, and there are fears that the rationing could lead Continue Reading
China Stockpiling Oil At Highest Rate In Over A Decade
China might be in the midst of another round of stockpiling, stepping up crude oil imports to fill its strategic petroleum reserve (SPR). The slowdown in oil demand in China Continue Reading
Indonesia OPEC Governor: No Urgency To Freeze Output With Oil At $45
Indonesia’s governor to the Organization of the Petroleum Exporting Countries said on Monday that oil at $45 a barrel was “not bad” and that there would be no urgency to Continue Reading
China Bans Some New Coal Power Plants
China’s government is banning construction of new coal-fired power plants in areas with surplus power supply, a move that could weigh on already-struggling coal markets . The new measures outlined Continue Reading
China Curbs Plans for More Coal-Fired Power Plants
Coal-fired power plants have propelled much of China’s economic rise for decades, helping make the nation the world’s biggest emitter of greenhouse gases. Even with economic growth slackening, and other Continue Reading
Oil and Gas Companies Turn to Digital Technology as Low Energy Prices Pressure Business
Oil and gas companies are turning to digital technologies to lower costs and improve efficiency as the industry struggles with low energy prices. Information technology budgets have decreased by 10% Continue Reading
US shale gas producers bet Mexico is next bonanza
Donald Trump wants a wall along Mexico’s northern border. Energy companies are perforating it with pipelines. They are laying steel pipes, some beneath the Rio Grande riverbed, to export billions of Continue Reading
Russia easing control over oil companies
Russian President Vladimir Putin (L) hears 2016 investment plans from the director of state oil company Rosneft. Photo courtesy of the Office of the Russian President. MOSCOW, April 25 (UPI) Continue Reading
BP Reports Surprise Profit on Strength in Refining, Trading
BP Plc, the first oil major to report first-quarter earnings, posted a surprise profit as a stronger-than-expected refining and trading performance helped mitigate the lowest crude prices in more than Continue Reading
Despite Claims, Ukraine Not Free Of Russian Energy Dependence
Now more than two years on since the revolutionary events on Maidan and Russia’s subsequent annexation of Crimea, Ukraine is still largely without its footing. Political infighting is again on Continue Reading
We Could Be Witnessing the Death of the Fossil Fuel Industry—Will It Take the Rest of the Economy Down With It?
Oil rig at sunset image via shutterstock . Reproduced on Resilience.org with permission. It’s not looking good for the global fossil fuel industry. Although the world remains heavily dependent on Continue Reading
Oil Retreats From 5-Month High as Global Surplus Seen Persisting
Oil retreated from the highest close in five months amid signs a global glut will be prolonged as Middle East producers boost supplies. Futures fell more than 1.5 percent in Continue Reading
Oil falls as traders cash in after three weeks of gains
Oil prices dipped on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Front-month Continue Reading
Oil Producers Lock In Once-Snubbed Prices
A Pioneer Natural Resources facility in Texas last December. The company has boosted its hedges… U.S. oil producers aren’t letting the rally go to waste. In an about-face, companies are Continue Reading
Offshore rig operators reel from oil price rout
In the depths of the ocean off the coast of Uruguay, more than two miles below sea level, the oil industry is continuing to push back the frontier. Last month Continue Reading
Mukalla offensive kills 800-plus militants, Saudi Yemen coalition says
People inspect damage at a site hit by Saudi-led air strikes in the al Qaeda-held port of Mukalla city in southern Yemen April 24, 2016. Yemeni government forces and their Continue Reading
IMF expects $500B revenue loss for Mideast oil exporters
Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of more Continue Reading
Activists: Car bomb kills 6 in Syrian capital
An activist-run monitoring group says a car bomb has exploded in a suburb of Damascus that is home to one of the holiest Shiite shrines in Syria, killing six people. Continue Reading