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Tag Archives: production

Oil prices set for fourth-straight monthly gain

oi prices

The price of oil is on track to set its longest run of monthly gains in five years. Futures were up Tuesday morning in New York, paving the way for a fourth-straight monthly advance. Oil production has been disrupted in several different countries in recent months. Nigeria’s oil production is down 50 percent after a series of militant attacks. In ...

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ExxonMobil loses AAA credit rating as debt increases

ExxonMobil loses AAA credit rating as debt increases

Standard & Poor stripped ExxonMobil of its AAA credit rating due to a plunge in oil prices and weak forecast. The Texas-based company was downgraded to an AA+ credit rating. The ratings agency cited “low commodity prices, high reinvestment requirements, and large dividend payments.” The decision comes as Exxon’s debt has increased substantially. “The company’s debt level has more than ...

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Iran: No output freeze until it restores pre-sanctions level

Iran: no output freeze until it restores pre-sanctions level

PARIS (AP) — Iran won’t consider a production freeze until it reaches its pre-sanctions level of output of 4.2 million barrels a day, a senior energy official said Thursday. Mehdi Hosseini, who heads the oil contracts revision committee at Iran’s Petroleum Ministry, said a freeze at anything less than that would be a continuation of the sanctions imposed on his ...

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US stock indexes are edging lower in early trading

US stock indexes are edging lower in early trading

NEW YORK (AP) — Stock indexes were edging lower in early trading Monday as investors worked through several company announcements. Global markets were modestly higher. KEEPING SCORE: The Dow Jones industrial average slipped 48 points, or 0.3 percent, to 17,748 as of 10:55 a.m. Eastern. The Standard & Poor’s 500 index was down five points, or 0.3 percent, to 2,066 ...

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North Koreans hunker down in loyalty campaign

North Koreans hunker down in loyalty campaign

WONSAN, North Korea (AP) — North Koreans are being mobilized en masse to boost production and demonstrate their loyalty to leader Kim Jong Un in a 70-day campaign aimed at wiping out “indolence and slackness.” To show their loyalty, workers are putting in extra hours to boost production in everything from coal mining to fisheries. Bright red flags and propaganda ...

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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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Major oil producers to talk output freeze in Qatar in April

Major oil producers to talk output freeze in Qatar in April

DUBAI, United Arab Emirates (AP) — OPEC member states and other major oil producers plan to meet next month to discuss a freeze in oil output levels, Qatar’s top energy official said Wednesday. The gathering, which will build on earlier talks that included major suppliers Russia and Saudi Arabia, reflects a growing sense of urgency among producers to try to ...

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Eagle Ford, Bakken production continues to drop

Eagle Ford, Bakken production continues to drop

Two of the nation’s most-prolific shale plays continue to see production numbers drop slightly. The Eagle Ford Shale and Bakken formation produced less oil in January than in December, according to analytics and consulting group Platts Bentek. In fact, oil production from both Eagle Ford and Bakken formations reached their lowest levels since Platts Bentek started tracking them in October ...

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Mexico will defer oil exploration projects to slash spending

Mexico will defer oil exploration projects to slash spending

MEXICO CITY (AP) — The state-run oil company, Petroleos Mexicanos, said Monday it will slash spending 22 percent and cut unprofitable production about 100,000 barrels a day as it struggles with liquidity problems and past-due payments to suppliers. The company, known as Pemex, said it will cut $5.5 billion from its 2016 budget, delay deep-water exploration and decrease production of ...

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IEA: Slashed spending by drillers could lead to price spike

IEA: Slashed spending by drillers could lead to price spike

HOUSTON (AP) — Oil prices will more than double by 2020 as current low prices lead drillers to cut investment in new production and gradually reduce the glut of crude, the head of a group of oil-importing countries said Monday. Fatih Birol, executive director of the International Energy Agency, said oil would rise gradually to about $80 a barrel. Oil ...

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