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US stocks jump following another surge in oil prices

US stocks jump following another surge in oil prices

NEW YORK (AP) — U.S. stocks are climbing Friday morning as the price of oil jumps for the second time in three days. Energy companies are getting a boost and mining and metals companies are also posting gains. Retailers are struggling after some weak sales reports. KEEPING SCORE: The Dow Jones industrial average rose 141 points, or 0.8 percent, to ...

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US stocks rise as health care and energy companies soar

US stocks rise as health care and energy companies soar

NEW YORK (AP) — U.S. stocks broke a two-day losing streak Wednesday as investors bought up drugmakers and other health care companies. Energy companies also jumped as the price of oil surged. Biotech drug companies, which have been mired in a long slide, made their biggest gains in almost five years. That came after Pfizer, one of the largest pharmaceutical ...

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Half of continental U.S. oil production comes from new wells

Half of continental U.S. oil production comes from new wells

About half of the oil produced in the continental United States last year came from wells drilled after January 2014, according to the U.S. Energy Information Administration. The data provides insight into the importance of short-cycle shale production and advances in oil industry technologies. Many companies are targeting short-cycle investments, lower-cost projects that take months, rather than years, to come ...

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Chevron shifts focus to Texas shale

Chevron shifts focus to Texas shale

Chevron plans to focus on shorter-cycle investments in West Texas shale plays after its larger, long-term investments come into production this year. By the end of the decade, Chevron believes it can nearly triple its oil production in the Permian Basin by increasing its rig count from seven to 14. “Don’t be surprised if by the middle of the next ...

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Chevron cuts spending budget again

gas, Chevron

NEW YORK (AP) — Chevron is cutting its spending budget by nearly 40 percent for 2017 and 2018 as it deals with plunging oil prices, a bigger cut in spending than it previously expected. The oil and gas company said Tuesday that it expects to spend between $17 billion and $22 billion on drilling and other projects in 2017 and ...

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Surge in crude oil pushes energy, other stocks higher

Surge in crude oil pushes energy, other stocks higher

NEW YORK (AP) — Energy stocks are leading an early rally on Wall Street after the price of crude oil surged. Chevron jumped 2 percent in the opening minutes of trading Monday, one of the biggest gains in the Dow Jones industrial average. The Dow jumped 184 points, or 1.1 percent, to 16,577 as of 9:45 a.m. Eastern time. The ...

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Exxon, Royal Dutch Shell and BP report lower reserves replacement

ExxonMobil, gas station,

ExxonMobil announced in a press release Friday, Feb. 19 they added one billion oil-equivalent barrels of proved oil and gas reserves, replacing only 67 percent of production in 2015. This is the first time since 1994 in which Exxon has failed to replace 100 percent of oil reserves. 2015 reserves for Exxon were added in Abu Dhabi, Canada, Kazakhstan and ...

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Global stock markets, oil price turn lower

Global stock markets, oil price turn lower

NEW YORK (AP) — U.S. stocks are opening lower as another drop in the price of oil and some weak corporate earnings got trading off to a gloomy start. Oil companies sank along with the price of crude early Friday. Chevron fell 1 percent. Several companies were also falling after releasing weak earnings or outlooks. Deere & Co. and Nordstrom ...

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Qatar acquires stake in Chevron oil project off Morocco

DOHA, Qatar  — The Qatari state oil company, Qatar Petroleum, says it has reached a deal with Chevron to acquire 30 percent of its stake in offshore drilling areas in Morocco. Under the terms of the deal announced Monday, Chevron will hold onto a 45-percent interest in the offshore leases, while Morocco will retain a 25 percent stake. Qatar Petroleum ...

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Oil industry cutting jobs, investment to offset lower prices

oil industry giant BP Whiting refinery

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant’s weakest quarter since 2002. The results ...

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