West Texas Intermediate fell for a third day after U.S. government data showed distillate and crude inventories increased in the world’s biggest oil consumer. Brent was steady in London. Futures dropped as much as 0.6 percent in New York, extending a 1.8 percent loss on March 6, the most in two months. Distillate stockpiles, including […]
Royal Dutch Shell on Wednesday filed a formal exploration plan for the Arctic waters north of Alaska, marking an important step forward for its ambition to drill next summer what will be the world’s most closely watched oil well. The plan for multiple wells in the Chukchi Sea off the northwest coast of Alaska was […]
The UK Onshore Operators Group (UKOOG) announced last Thursday that it welcomes a report by Public Health England that has concluded that shale gas extraction emissions represent a « low » risk to public health. The report focuses on the potential impact of chemicals and radioactive material from all stages of shale gas extraction, including hydraulic fracturing. […]
Squeezed margins in the global refining industry are hurting the world’s largest oil companies, as Royal Dutch Shell, Total and ExxonMobil all blamed poor quarterly earnings on a decline in their downstream businesses. Results from Shell were the most disappointing last Thursday, as its profit dropped almost a third to $4.5bn. ExxonMobil’s profit fell 18 […]
French oilfield services firm Technip stated Thursday that it has a strong, diversified book of business that will drive revenue growth in 2014. This is despite the firm’s CEO saying that he sees a more strict « discipline » from its oil and gas major clients in terms of capital expenditure. Reporting its third quarter results for […]
PetroChina Co. and China Petroleum & Chemical Corp., the country’s largest energy companies, increased profit in the third quarter as a new policy helped them raise fuel prices, foreshadowing Premier Li Keqiang’s plan to reduce state intervention in the economy. China Petroleum, known as Sinopec, reported a 20 percent jump in net income to 22 […]
Brazil’s biggest oil discovery, the offshore Libra area, will not enter production until 2020 and peak output will come at least four years later, the head of state-run oil company Petrobras said last Thursday. Chief Executive Maria das Graças Foster said in a television interview that heavy investment in Libra will begin in 2017 and […]
France’s Total SA (FP) is the best-performing stock among the world’s five biggest non-state oil companies this year and has overtaken BP Plc in market value. It’s also the only one that’s promised to cut capital spending. All five report third-quarter earnings this week. Chief Executive Officer Christophe de Margerie said last month that Total […]
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