Markets brace for Big Oil profit plunge – The Seattle Times


Fortune
Markets brace for Big Oil profit plunge
The Seattle Times
Several oil producers and service companies have announced layoffs and reductions in spending on new drilling projects. BP told workers Monday that it would freeze pay for 2015. On Friday, Chevron posted a 30 percent decline in fourth-quarter profit, a
Big Oil needs to go on a diet now that the $100 a barrel party is overFortune

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Government Sells Scandalized Teapot Dome Oilfield for $45M – ABC News


Boston Globe
Government Sells Scandalized Teapot Dome Oilfield for $45M
ABC News
A private company finally will be able to drill legally for oil at Teapot Dome, a remote Wyoming oilfield that remains best known for a political scandal that embroiled the administration of President Warren G. Harding in the early 1920s. The Energy
Government sells Teapot Dome oilfield for $45 millionBoston Globe
Feds sell historic Teapot Dome oil fieldWashington Examiner

all 47 news articles »

Environmental Groups Take On Port of Seattle Over Shell Oil Lease Agreement – KPLU News for Seattle and the Northwest

Environmental Groups Take On Port of Seattle Over Shell Oil Lease Agreement
KPLU News for Seattle and the Northwest
Supporters of a new coalition opposed to basing Shell Oil’s Arctic drilling fleet in Seattle held up a banner at their inaugeral press conference. Bellamy Pailthorp KPLU. Environmentalists turned out in full force Wednesday to voice their opposition to

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Railroad Commission: Texas sees less drilling, higher production – San Antonio Business Journal


San Antonio Business Journal
Railroad Commission: Texas sees less drilling, higher production
San Antonio Business Journal
New figures from the Railroad Commission of Texas show less drilling activity but higher production from oil and natural gas fields across the Lone Star State. The Railroad Commission issued 1,506 original drilling permits in December 2014 compared
Texas oil production rose in November, despite price dropDallas Morning News (blog)

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Texas oil production rose in November, despite price drop – Dallas Morning News (blog)


Dallas Morning News (blog)
Texas oil production rose in November, despite price drop
Dallas Morning News (blog)
Texas pumped out 2.3 million barrels of oil a day in November, about 40,000 barrels more than it did in October, according to preliminary data released by the Texas Railroad Commission Thursday. The modest increase came even as West Texas …
Railroad Commission: Texas sees less drilling, higher productionSan Antonio Business Journal

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COLUMN-US crude oil stocks return to 1930s crisis levels: Kemp – Reuters


StateImpact Texas
COLUMN-US crude oil stocks return to 1930s crisis levels: Kemp
Reuters
In October 1929, U.S. commercial crude stocks peaked at a staggering 545 million barrels , following the discovery of a series of huge new oil fields in Oklahoma, Texas, the rest of the Southwest and California. In 1926, the first gusher had been
Big Oil’s Terrible, No Good, Very Bad MonthHouston Press (blog)
How Crude Oil Prices Drive the Cost of GasolineStateImpact Texas
After touching a longtime low, crude settles up 8 centsCNBC
Nasdaq –Yahoo News
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Increasing Demand for Refined Products Will Increase Oil Prices – 24/7 Wall St.


Reuters
Increasing Demand for Refined Products Will Increase Oil Prices
24/7 Wall St.
My opinion is that all of the analysts who are now blaming the sharp drop in oil prices on a “glut” of supply could change their tune quickly as consumers adjust to lower fuel costs. Just as higher costs reduce demand for any commodity, lower costs
Ewart: Oil price war delivering daily doses of bad newsCalgary Herald
Oil prices slip as output remains high, producers slash costsReuters
US Oil Prices Drop Below $44 a Barrel in Intraday Trading for First Time Since Wall Street Journal
Los Angeles Times –Seeking Alpha (registration)
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Iraq's Parliament Approves 2015 Budget Following Oil Price Debate – Wall Street Journal


Wall Street Journal
Iraq’s Parliament Approves 2015 Budget Following Oil Price Debate
Wall Street Journal
BAGHDAD—Iraq’s parliament has approved the country’s 2015 budget following weeks of debate on lower oil prices and how to write in a landmark oil export deal reached last year between Baghdad and the northern Kurdistan region. The budget is based …
Iraq cuts budget due to falling oil pricesYahoo! Maktoob News

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Shell to slash spending by $15bn after oil price collapse – Telegraph.co.uk


Telegraph.co.uk
Shell to slash spending by $15bn after oil price collapse
Telegraph.co.uk
Royal Dutch Shell is to slash investment by $15bn (£9.9bn) over the next three years but still intends to start drilling work in the Arctic if it gains US legal clearance despite envrionmental concerns and falling oil prices, the company said as it
Shell slashes spending by $15 billion as oil price bitesFortune
Shell slashes spending and calls for North Sea tax cutsThe Guardian
Shell CEO sees long-term oil price at $90/barrelReuters
PowerSource –ABC News –Financial Times
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ConocoPhillips and Occidental Post Losses, Reflecting Oil Price Plunge – New York Times


New York Times
ConocoPhillips and Occidental Post Losses, Reflecting Oil Price Plunge
New York Times
HOUSTON — After years of making record profits as oil prices soared, America’s oil giants are beginning to lose money. For the first time since the 2008 financial crisis, ConocoPhillips, the nation’s third-largest oil and gas producer, reported on
Conoco, Occidental and Shell cut 2015 budgets on crude slideReuters
$20 billion in cuts speak to state of oil firm financesHouston Chronicle

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Gazprom Braces for Oil Price Impact – Wall Street Journal


Wall Street Journal
Gazprom Braces for Oil Price Impact
Wall Street Journal
MOSCOW—Russian gas giant OAO Gazprom posted its weakest quarterly earnings since 2008, saying it could cut capital expenditure as plunging oil prices will further damage revenue. Gazprom said export earnings from its lucrative European market will …
Low oil prices eat into profits and jobsDaily Sabah

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Low oil prices starting to hit Texas economy, bank says – Houston Chronicle


Houston Chronicle
Low oil prices starting to hit Texas economy, bank says
Houston Chronicle
Low oil prices are just starting to exert a drag on the Texas economy, according to Comerica Bank’s latest state activity index. After seven months of consecutive gains, its Texas Economic Activity Index fell 0.2 percentage points to 107.5 in November
Low oil prices cause Comerica’s Texas economic index to end seven-month rise Dallas Morning News (blog)
Comerica Bank’s Texas Index Breaks Seven Month StreakMarketWatch
Texas economic activity index falls for first time in eight monthsmySanAntonio.com

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Enviromental Groups Take On Port of Seattle Over Shell Oil Lease Agreement – KPLU News for Seattle and the Northwest

Enviromental Groups Take On Port of Seattle Over Shell Oil Lease Agreement
KPLU News for Seattle and the Northwest
Supporters of a new coalition opposed to basing Shell Oil’s Arctic drilling fleet in Seattle held up a banner at their inaugeral press conference. Bellamy Pailthorp KPLU. Environmentalists turned out in full force Wednesday to voice their opposition to

and more »

Oil prices and Nigeria – The Economist (blog)


The Economist (blog)
Oil prices and Nigeria
The Economist (blog)
LOW OIL prices are not good for the Nigerian economy. In its latest forecasts, the IMF’s predictions for the Nigerian economy in 2015 have been cut—from over 7% growth to about 5%. The naira, Nigeria’s currency, is doing badly. But what are the
Slide in oil price: Solid minerals can save the economy, says miners’ chiefPremium Times

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US Oil Nears Six-Year Low on Growing Supply Glut – Wall Street Journal


Wall Street Journal
US Oil Nears Six-Year Low on Growing Supply Glut
Wall Street Journal
U.S.-crude prices landed at their lowest close in nearly six years on news that oil in storage is building up at a historic pace. U.S. oil supplies rose by 8.9 million barrels in the week ended Jan. 23, the U.S. Energy Information Administration said
Oil’s price slump may have lasting impact on non-OPEC countriesThe Globe and Mail
Oil tumbles; US crude prices near six-year low on record stockpilesReuters
Plunging oil price could see gas prices plummet and renewables hurtBusiness Spectator
OilPrice.com –Seeking Alpha (registration) –UPI.com
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Northeast Dems Revolt Against Obama's Proposed Atlantic Oil And Gas Lease … – Huffington Post


Huffington Post
Northeast Dems Revolt Against Obama’s Proposed Atlantic Oil And Gas Lease
Huffington Post
WASHINGTON — A group of Senate Democrats from the Northeast is pushing back on the Obama administration’s proposal to open new areas of the Atlantic Ocean to oil and gas drilling. New Jersey Democratic Sen. Cory Booker called the move “absolutely …
Obama administration opens up southern Atlantic coast to offshore drilling Washington Post
Obama calls for offshore oil and gas drilling on Atlantic coastPittsburgh Post Gazette
White House unveils plan to open Atlantic waters to offshore oil drillingThe Guardian
seattlepi.com (blog) –The Week Magazine
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Texas Railroad Commission Revises Media Policy – Texas Tribune


Texas Tribune
Texas Railroad Commission Revises Media Policy
Texas Tribune
The Texas Railroad Commission is overhauling its dealings with news outlets, after critics said the oil and gas regulator’s old practices lacked transparency. The all-Republican commission on Tuesday approved updates to a written media policy that open …
It’s time to end the crude oil export banTribTalk

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Falconridge Oil Technologies Signs Letter of Intent With Tubestar of India – SYS-CON Media (press release)

Falconridge Oil Technologies Signs Letter of Intent With Tubestar of India
SYS-CON Media (press release)
(OTCQB: FROT) (“Falconridge” or the “Company”) an emerging oil and gas technology company, is pleased to announce the signing of a Letter of Intent with Tubestar Oil and Gas Services Pvt. Ltd. (“Tubestar”) of India for representation and deployment of
Toronto oil well enhancement firm eying India dealCanadianManufacturing.com

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Falling crude prices will leave oilfield services companies 'parked,' may … – Financial Post


Energeticcity.ca
Falling crude prices will leave oilfield services companies ‘parked,’ may
Financial Post
CALGARY – Depressed oil prices will cause many producers to drill, but not draw from, new wells, with the result that oilfield service companies will suffer from the drop in activity, the head of the Petroleum Services Association of Canada said Tuesday.
PSAC drilling forecast adjusted lower to 7650 wells in 2015Calgary Herald

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