Phillips 66 ‘maxed out’ on Canadian heavy crude oil: CEO
Phillips 66 ( PSX.N ) is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a Continue Reading
U.S. drillers add oil rigs for first week in three: Baker Hughes
U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow through on plans to spend more on exploration and production Continue Reading
Oil and gas production up, payrolls down in Texas
Oil and gas producers in Texas are doing more with less, but this has a negative side as companies need fewer workers on their payrolls, an economist said. Karr Ingham, Continue Reading
U.S. distillate fuel inventories are low for this time of year
Inventories of distillate fuel, a category that includes both diesel and home heating oil, were 117.7 million barrels at the end of June, the lowest end-of-June level since 2004. Distillate Continue Reading
Profits For Oil Majors Soar Even As Wall Street Hoped For More
Oil prices started the week moving upwards after geopolitical tensions threatened both Iranian and Saudi Arabian oil, but a rising rig count on Friday has all but erased those gains. Continue Reading
Chevron Announces Share Buybacks, But Misses On Earnings
Chevron Corporation ( NYSE:CVX ) announced on Friday much-awaited share repurchases in its Q2 earnings release, but investors were disappointed by a miss in profits despite the fact that the Continue Reading
Exxon Earnings Disappoint, Again
ExxonMobil ( NYSE:XOM ) reported on Friday an 18-percent annual increase in earnings per share for the second quarter, but missed—yet again—analyst expectations, and reported its lowest production in a Continue Reading
ExxonMobil reports 7% decline in oil-equivalent production in Q2
ExxonMobil’s oil-equivalent production averaged just below 3.65 million boe/d in Q2, down 7% from Q2 2017, while the company saw production in the Bakken and Permian surge by roughly 30% Continue Reading
Texas to ‘Shatter’ Oil Production Records with Fewer Rigs and Workers
Economist Karr Ingham shares the mid-year results from the Texas Petro Index and production is doing well. Six months ago, Texas was on the cusp of breaking oil production records Continue Reading
Exxon Mobil, Chevron earnings miss Wall Street expectations
Exxon Mobil Corp and Chevron Corp, two of the world’s largest oil producers, reported quarterly profit on Friday that fell far short of Wall Street’s expectations. The disappointing results come Continue Reading