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News

Will A Rise In Demand For OPEC Oil Eventually Help US Shale Industry Recover?

Will A Rise In Demand For OPEC Oil Eventually Help US Shale Industry Recover?

Feb 10, 2015 at 17:08 | Andy Tully

There could be a danger for OPEC if demand for its oil rises in 2015. The price could rebound to a level where US shale production could be revived, starting…

Reality Check For Both EIA And IEA

Reality Check For Both EIA And IEA

Feb 10, 2015 at 17:05 | Kurt Cobb

Recent developments are beginning to undermine the supremacy of the world's long-running energy information duopoly and its perennially optimistic narrative. Policymakers, investors and the public should take heed.Until…

Strike At US Refineries Expands To 2 More Sites

Strike At US Refineries Expands To 2 More Sites

Feb 09, 2015 at 16:02 | Andy Tully

The United Steelworkers union (USW) has added two more sites to the number of oil refineries where its members have gone on strike, citing bad-faith bargaining…

New Petrobras CEO Facing Widespread Disapproval

New Petrobras CEO Facing Widespread Disapproval

Feb 09, 2015 at 15:55 | Andy Tully

The choice of banker Aldemir Bendine, a confidant of Brazilian President Dilma Rousseff, to take over as CEO of Petroleo Brasileiro (Petrobras) disappointed many who would…

Iran’s Khamenei Throws Support To A Practical Nuclear Deal With West

Iran’s Khamenei Throws Support To A Practical Nuclear Deal With West

Feb 09, 2015 at 15:50 | Juan Cole

Ayatollah Ali Khamenei, Iran’s clerical leader, gave a speech on Sunday in which he said he supports an agreement with the West on Iran’s nuclear…

West, East Give Conflicting Ratings To Gazprom

West, East Give Conflicting Ratings To Gazprom

Feb 06, 2015 at 17:40 | Andy Tully

Depending on your point of view, either Gazprom and other Russian energy companies are strong credit risks or faring as badly as their government, beset by low oil prices and…

Optimism Remains In North Dakota, But For How Long?

Optimism Remains In North Dakota, But For How Long?

Feb 05, 2015 at 16:36 | Andy Tully

Ordinarily, a good way to gauge the business climate of a region or a state is to look at its employment statistics. So you might expect…

The Plot Thickens In Petrobras Corruption Scandal

The Plot Thickens In Petrobras Corruption Scandal

Feb 05, 2015 at 16:30 | Andy Tully

The rags-to-riches life story of Maria das Gracas Silva Foster has taken a sharp turn with her resignation as CEO of Petroleo Brasiliero SA (Petrobras), along…

A Long Time Before We See $100 Again Says BP Chief

A Long Time Before We See $100 Again Says BP Chief

Feb 04, 2015 at 15:46 | Andy Tully

Bob Dudley, the CEO of BP PLC, says he believes that the 7-month-old slump in oil prices isn’t likely to reverse itself for some time, perhaps…

Canada’s Imperial Oil Defiant Despite Earnings Drop

Canada’s Imperial Oil Defiant Despite Earnings Drop

Feb 03, 2015 at 16:27 | Andy Tully

Like many other oil companies, Imperial Oil Ltd. of Canada had a sharp drop in earnings during 2014’s fourth quarter and is cutting capital spending as…

Yet More BP Oil Found At Bottom Of Gulf

Yet More BP Oil Found At Bottom Of Gulf

Feb 03, 2015 at 16:18 | Andy Tully

Scientists already have reported finding what they called a 1,235-square-mile “bathtub ring” of oil on the floor of the Gulf of Mexico left over from the…

Chevron’s Poor Earnings End Poland Shale Venture

Chevron’s Poor Earnings End Poland Shale Venture

Feb 02, 2015 at 17:31 | Andy Tully

Europe’s efforts to find alternatives to Russian oil and gas faced a new setback when Chevron Corp. announced its earnings had dropped dramatically in the fourth…

Exxon Unveils The Bad News On All Fronts

Exxon Unveils The Bad News On All Fronts

Feb 02, 2015 at 17:26 | ZeroHedge

Earlier today, following our chart showing the devastation in Q1 earning forecasts, Exxon Mobil came out with its Q4 earnings, and - as tends to happen…

US Crude Production Down, Imports Up

US Crude Production Down, Imports Up

Jan 31, 2015 at 10:31 | Ron Patterson

Even before the shale revolution got underway, US net imports were falling. The data below is from the Weekly Petroleum Status Report and is in thousand barrels per day.

Shell, ConocoPhillips Announce Heavy Spending Cuts

Shell, ConocoPhillips Announce Heavy Spending Cuts

Jan 31, 2015 at 10:08 | Andy Tully

Bad news from the oil industry is not in short supply lately, and now two major companies, Royal Dutch Shell and ConocoPhillips, have simultaneously announced sharp…

Either Oil Rebounds Above $80 Or Energy Stocks Fall By 40%

Either Oil Rebounds Above $80 Or Energy Stocks Fall By 40%

Jan 29, 2015 at 16:26 | ZeroHedge

Several days ago we showed something remarkable: "current forward 12-month P/E ratio for the Energy sector is now well above the three most recent historical averages: 5-year (12.0), 10-year…

British Utilities Under Fire For Not Sharing Savings With Consumers

British Utilities Under Fire For Not Sharing Savings With Consumers

Jan 28, 2015 at 16:30 | Andy Tully

Five of Britain’s “Big Six” energy utilities have so far shared some of their wholesale savings on gas with their retail customers, but the industry’s chief…

Alaska Facing Huge Deficit Without Oil Tax Revenues

Alaska Facing Huge Deficit Without Oil Tax Revenues

Jan 27, 2015 at 16:06 | Andy Tully

Alaska, once oil-rich, now faces tough decisions on what parts of the state’s budget can be cut, and where it can find other sources of revenue…

Global Drilling Productivity: The Unwelcome Truth

Global Drilling Productivity: The Unwelcome Truth

Jan 27, 2015 at 15:59 | Ron Patterson

The EIA publishes what they call a Drilling Productivity Report in which they claim that each rig is getting more productive, that is each rig produces just a little…

Emergency Tax May Not Be Enough To Save North Sea Oil

Emergency Tax May Not Be Enough To Save North Sea Oil

Jan 26, 2015 at 16:42 | Andy Tully

The mood in Aberdeen, the center of Europe’s North Sea oil industry, is a mix of grim optimism and outright despair. The plunge in oil prices during the past seven…

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