WARRI, Nigeria - Community leaders in Nigeria's oil-producing Niger Delta are voicing support for a new group of violent militants, saying their demands for a greater share of oil wealth match the aspirations of local people to protest decades of abuse and pollution.Participants in a stakeholders' meeting Thursday in Warri accused Nigeria's government of a heavy-handed military response and warned such a campaign will not stop attacks that have cut oil production by more than 40 per cent. The [Read more]
Range Resources buys Memorial Resource for $3.3 billion
NEW YORK - Range Resources will buy rival natural gas producer Memorial Resource Development for about $3.3 billion to expand its range in the East and in the Gulf.Shareholders of Memorial Resources, based in Houston, will receive 0.375 shares of Range Resources stock for each of their shares. The all-stock deal is valued at about $15.75 per share, marking a 17 per cent premium to its closing price Friday.Range Resources will also assume $1.1 billion in debt.The purchase better positions the [Read more]
US rig count drops 9 this week to 406, another all-time low
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. dropped by nine this week to 406, another all-time low amid depressed energy prices.A year ago, 888 rigs were active.Houston oilfield services company Baker Hughes Inc. said Friday 328 rigs sought oil and 86 explored for natural gas. One was listed as miscellaneous.Among major oil- and gas-producing states, Texas declined by seven rigs, Louisiana was down three and North Dakota, Oklahoma and Wyoming each fell by one.New [Read more]
Royal Dutch Shell first quarter earnings down 58 per cent.
LONDON - Oil company Royal Dutch Shell said first-quarter earnings plunged 58 per cent as depressed crude prices create "hugely challenging times" for the energy industry.The Anglo-Dutch company said Wednesday that profit adjusted for changes in the value of inventories and excluding one-time items dropped to $1.55 billion from $3.74 billion in the same period of 2015.The results came after Shell completed a $54 billion takeover of BG Group Plc earlier this year — a deal that increases the [Read more]
Enbridge predicts $62M in fines, penalties tied to oil spill
MARSHALL, Mich. - A pipeline company says it expects $62 million in fines and penalties related to a 2010 Michigan oil spill.In a filing Monday with the Securities and Exchange Commission, Enbridge says $55 million represents penalties under federal water law. The Alberta-based company says no final fine or penalty has been ordered yet as negotiations continue with the U.S. government.Enbridge says about 20,000 barrels of oil spilled into the Kalamazoo River system, near Marshall, from a [Read more]
Stung by low oil prices, Exxon loses ‘AAA’ rating from S&P
NEW YORK - Low oil prices have helped cost Exxon its pristine "AAA" credit rating from Standard & Poor's, a label it held for over six decades.The top "AAA" credit rating from S&P means a company's debt is the safest possible investment. Now only two other U.S. corporations are rated triple-A by S&P: consumer and medical products company Johnson & Johnson and technology company Microsoft Corp.S&P said Tuesday that it lowered Exxon's rating one notch to "AA+" because of slumping oil prices and [Read more]
Saudi Arabia outlines reform plan for oil-addicted economy
RIYADH, Saudi Arabia - Saudi Arabia unveiled a bold reform plan on Monday aimed at weaning the country off its "addiction" to oil in a bid to prepare the next generation of Saudi leaders for the domestic pressures of youth unemployment and revenues eroded by lower oil prices.The project, which includes plans to float a stake in the world's largest oil company, Aramco, and set up one of the world's biggest government investment funds, is meant to provide a blueprint for sweeping reforms to steer [Read more]
Middle East economies take hit from low oil prices
DUBAI, United Arab Emirates — 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 around $500 billion this year, the International Monetary Fund said Monday. The fund had projected in October that oil exporting countries in the region would see revenue losses of $360 billion in 2015, but oil prices took a tumble by year’s end and the drop in revenue amounted to $30 billion [Read more]
Halliburton cuts 6,000 jobs amid slowdown in drilling
HOUSTON - Halliburton Co. said Friday that it cut more than 6,000 jobs in the first quarter, continuing a purge at the oilfield-services company that has reduced its workforce by one-third since late 2014.The company revenue in the first quarter fell to $4.2 billion, a 40 per cent decline from the first quarter of 2015. That's in line with the average analyst estimate of $4.2 billion, according to FactSet.Halliburton has been slammed by the slowdown in drilling since oil prices began falling in [Read more]
LNG from Gulf headed to Europe
Within a decade of revolutionizing domestic natural gas markets, U.S. shale will for the first time enter Europe, a region dominated by Russian and Norwegian supplies. Portugal will receive the tanker Creole Spirit, the sixth cargo from Cheniere Energy Inc.’s Sabine Pass facility, according to two people with direct knowledge of the matter. The first left the plant in Louisiana for Brazil in February. Europe will become the third continent for U.S. shale gas, which has already turned the [Read more]
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