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Keyword: oilindustry

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  • Trudeau calls Trans Mountain 'major win' for workers.Joins Obama to kill future oil industry jobs.

    12/21/2016 8:50:03 AM PST · by jerod · 7 replies
    CBC News website ^ | Dec 21, 2016 | CBC online
    Prime Minister Justin Trudeau says Calgary is "top of mind" in Ottawa as his government moves to grow the economy — while protecting the environment — by allowing two major pipeline projects to go ahead. ​Last month, Trudeau's cabinet gave the green light to both the Kinder Morgan Trans Mountain pipeline expansion and Enbridge's Line 3 project, while rejecting the controversial Enbridge-backed Northern Gateway project. He told a business audience at the Calgary Chamber of Commerce year-end breakfast Wednesday morning that the two projects will create upward of 22,000 jobs.
  • Donald Trump Picks GOP Oil Industry Ally, Oklahoma Attorney General Scott Pruitt, to Lead EPA

    12/07/2016 12:41:47 PM PST · by springwater13 · 84 replies
    NBC News ^ | Dec 7 2016, 3:34 pm ET | Emma Margolin
    Donald Trump intends to select Oklahoma Attorney General Scott Pruitt to lead the Environmental Protection Agency, a senior transition official confirmed to NBC News Wednesday the clearest sign yet the president-elect will pursue an agenda that could undue President Obama's climate change legacy. An ally to the fossil fuel industry, Pruitt has aggressively fought against environmental regulations, becoming one of a number of attorneys general to craft a 28-state lawsuit against the Obama administration's rules to curb carbon emissions. The case is currently awaiting a decision from the United States Court of Appeals for the District of Columbia, which...
  • Citibank: Were Nearing A Bull Market For Oil

    07/12/2016 10:01:52 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 12-07-2016 | Citi
    Citigroup is especially bullish on commodities in 2017, the bank says. The oil market is treading water for now, but the oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade, Citi analysts, led by Ed Morse, wrote in a research note published on July 11. There is a quite a bit of volatility in commodity markets, especially for oil, but global demand continues to grow at a steady pace. Prices have crashed on oversupply, but with oil production going offline, particularly in the U.S., the markets...
  • Hedge Funds Pulled Short Oil Positions Just Before Rebound: Bloomberg

    01/26/2016 11:49:37 AM PST · by Citizen Zed · 4 replies
    barrons ^ | 1-25-2016 | Teresa Rivas
    Computer automated hedge fund strategies weren't the only winners amid recent volatility. Hedge funds also appear to have timed oil’s recent slump and rebound. That's according to Bloomberg's Moming Zhou, who reports  that hedge fund significantly curbed their bearish positions in crude oil just after it fell to a 12-year low last week -- and then rebounded in its biggest jump since 2008. While oil had a brutal start to 2016 after a disappointing 2015 showing, many are coming around to the idea of a recovery in prices, as Citi argued it could be the trade of the year, some...
  • Cheap prices fail to kill U.S. oil boom

    01/25/2016 10:08:32 PM PST · by Citizen Zed · 25 replies
    cnn money ^ | 1-26-2016 | Matt Egan  
    <p>Many smart people thought U.S. oil production would fall off a cliff along with the crash in crude prices.</p> <p>In reality, it hasn't even come close to killing American production. The U.S. pumped 9.35 million barrels of oil a day in October, according to the latest government statistics available. That's up from 9.13 million barrels in October 2014.</p>
  • ExxonMobil: Energy outlook sees demand up, carbon intensity down

    01/25/2016 11:42:16 AM PST · by thackney · 4 replies
    Oil & Gas Journal ^ | 01/25/2016 | OGJ editors
    Global energy demand will increase 25% between 2014 and 2040, driven by population growth and economic expansion, according to ExxonMobil Corp.'s 2016 Outlook for Energy. Most of this growth will occur in nations outside the Organization for Economic Cooperation and Development. At the same time, the carbon intensity of the global economy will decline by half because of energy efficiency gains and increased use of renewable energy sources and lower carbon fuels, such as natural gas. In 2040, oil will provide one third of the world's energy, remaining the No. 1 source of fuel, and natural gas will move into...
  • American oil companies are starting to scream "mayday."

    01/24/2016 9:05:27 AM PST · by Lorianne · 46 replies
    CNN ^ | 22 January 2016 | Heather Long
    Last year, 42 North American drillers filed for bankruptcy, according to law firm Haynes and Boone. It's only likely to get worse this year. Experts say there are a lot of parallels between today's crisis and the last oil crash in 1986. Back then, 27% of exploration and production companies went bust. Defaults are skyrocketing again. In December, exploration and production company defaults topped 11%, up from just 0.5% the previous year, according to Fitch Ratings. That's a 2,000%-plus jump. It's just the beginning, says John La Forge, head of real assets strategy at Wells Fargo. If history repeats, people...
  • These Shale Drillers Could Soon Default As Credit Options Run Out

    01/09/2016 4:54:54 PM PST · by familyop · 5 replies
    OilPrice.com ^ | 06 January 2016 | ZeroHedge
    So, without further ado here are 25 deeply distressed companies, whose banks we found have quietly shrunk the borrowing base of their credit facilities anywhere from 6 percent in the case of Black Ridge Oil and Gas to a whopping 51 percent for soon to be insolvent New Source Energy Partners. [Link to chart here.]
  • Will OPEC Be Forced To Call An Emergency Meeting Soon?

    01/20/2016 10:31:57 AM PST · by bananaman22 · 29 replies
    oilprice.com ^ | 20/01/2016 | obama no more
    Oil prices dropped to fresh lows during midday trading on January 20, with WTI dipping below $27 per barrel and Brent trading under $28. The crash in oil since December has only deepened the pain for oil-exporting countries, even for those within OPEC. Despite the cartel’s inability to agree on a production target at its meeting in early December, some of its members are clamoring for action. Venezuela recently requested an emergency meeting in a letter sent to the other 12 members of OPEC. That is not necessarily news since Venezuela did the same thing last year, but there are...
  • Is it time to bail out the U.S. oil industry?

    01/15/2016 5:00:25 AM PST · by thackney · 22 replies
    CNN Money ^ | January 14, 2016 | Matt Egan
    The epic-crash in oil prices has wiped out tens-of-thousands of jobs, caused dozens of bankruptcies and spooked global financial markets. The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing. Now there are calls in at least some corners for the federal government to come to the rescue. "It is time to send out an S.O.S., before it's too late," John Kilduff, founding partner of energy hedge fund Again Capital, wrote in a recent CNBC column. In the Kilduff dictionary, by the way, S.O.S....
  • Obama Has Been More Friend Than Foe to Oil Industry

    12/24/2015 6:31:56 AM PST · by SeekAndFind · 16 replies
    Wall Street Journal ^ | 12/23/2015 | Amy Harder
    When President Barack Obama first took office in 2009, he was expected to be an adversary of oil and gas companies, seen as polluters of the environment. He hasn't been. Last week, Mr. Obama helped the industry achieve its biggest priority of the past two years: the lifting of the 40-year-old ban on oil exports, which he signed into law as part of broader spending and tax legislation. The White House helped negotiate lifting the ban with Congress in exchange for temporary renewal of tax credits for wind and solar industries--energy industries that provide electricity and for the most part...
  • Worst Petrobras strike in 20 years hurts Brazil oil output

    11/05/2015 5:17:41 AM PST · by thackney · 7 replies
    Reuters ^ | Nov 4, 2015 | Jeb Blount
    A four-day strike at Petrobras gathered steam on Wednesday, cutting crude and natural gas output from the No. 2 South American oil producer and threatening to become the most disruptive walkout at the state-run oil company in 20 years. On Wednesday, Petroleo Brasileiro SA, as Petrobras is formally known, said in a securities filing late Wednesday that oil output in Brazil was about 140,000 barrels a day, or 6.5 percent below pre-strike levels of about 2.1 million barrels a day. Using contingency plans management restored production that was cut by as much as 273,000 barrels a day, or 13 percent...
  • Infrastructure upgrades anticipate industry rebound

    10/28/2015 11:26:10 PM PDT · by brownwill6767
    Albuquerque Journal ^ | 10/26/15 | Kevin Robinson-Avila
    New Mexico’s oil and gas industry may be in the doldrums now, but state and economic development officials are laying the groundwork for a rapid comeback when markets improve. Gov. Susana Martinez released a new energy plan for New Mexico in September that calls for broad infrastructure development in the state’s Permian Basin in the southeast and the San Juan Basin in the northwest to facilitate oil and gas development. That includes road improvements, new pipelines to transport crude and natural gas, and possibly a new 100-mile rail line running from Interstate 40 in Gallup to Farmington. It also calls...
  • Next Few Weeks Will Reveal Full Extent Of Oil Industry Suffering

    10/27/2015 8:11:37 AM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 27-10-2015 | oilmajor
    Get ready for some bad news and red ink. With the bulk of quarterly earnings reports in the energy industry yet to be announced, there are already $6.5 billion worth of asset write-downs, according to Bloomberg. And that could be just the tip of the iceberg. A Barclays assessment last week predicted $20 billion in impairment charges from just six companies. Write-downs occur when the expected future cash flow from an asset falls sufficiently that a company has to report that the asset has lost some of its value. With oil prices half of what they were from mid-2014, oil...
  • Occidental reportedly selling Bakken acreage at sharp discount

    10/19/2015 7:28:41 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | October 16, 2015 | Jordan Blum
    Houston-based Occidental Petroleum Corp. is reportedly selling its Bakken shale assets in North Dakota at a steeply discounted price of $500 million to Lime Rock Resources private equity firm in Houston. Reuters broke the story, but Guy Baber of Simmons & Company International wrote Friday that Occidental was shopping the acreage in the fall of 2014 for as much as $3 billion. Occidental was still seeking at least $1 billion this summer, according to Simmons. Both Occidental and Houston-based Lime Rock Resources declined comment, and refused to confirm or deny the reported sale of roughly 300,000 acres. The Simmons note...
  • Is The Oil And Gas Fire Sale About To Start?

    10/16/2015 7:23:14 AM PDT · by bananaman22 · 15 replies
    Oilprice.com ^ | 16-10-2015 | Thomas
    Much has been written about the mounting pile of debt for U.S. oil companies (not to mention the well-known Brazilian oil giant). Not that long ago, many oil and gas companies secured at least a part of their revenue by hedging contracts. Bloomberg already reported in June that many of these companies saw their artificial safety nets vanishing as oil prices failed to recover. One month later, we heard such morale boosting terms as frack now, pay later, which were merely a bold move by struggling oil services companies to encourage cash strapped oil and gas companies to continue operations....
  • Many oil companies virtually abandoning exploration

    10/13/2015 5:48:44 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | October 12, 2015 | Rhiannon Meyers
    The hunt for new stores of oil and gas has been dramatically curtailed amid a global crude slump, with exploration budgets at the largest oil companies cut in half from their peak levels in 2013, according to a new analysis. Investment banking firm Tudor, Pickering, Holt & Co., which tracked exploration capital spending at integrated oil companies and major exploration and production companies, forecast that spending will fall to $25 billion next year, down from the $50 billion these same companies spent three years ago. Oil companies are spending less in part because service costs have tumbled alongside oil prices,...
  • Oil Sands Boom Dries Up in Alberta, Taking Thousands of Jobs With it

    10/13/2015 6:58:56 AM PDT · by Lorianne · 22 replies
    New York Times ^ | 12 October 2015 | Ian Austen
    FORT McMURRAY, Alberta At a camp for oil workers here, a collection of 16 three-story buildings that once housed 2,000 workers sits empty. A parking lot at a neighboring camp is now dotted with abandoned cars. With oil prices falling precipitously, capital-intensive projects rooted in the heavy crude mined from Albertas oil sands are losing money, contributing to the loss of about 35,000 energy industry jobs across the province. Despite a severe economic downturn in a region whose growth once seemed limitless, many energy companies have too much invested in the oil sands to slow down or turn off...
  • Sen. Cruz: We Should Embrace Our Countrys Energy Revolution

    10/10/2015 6:52:37 AM PDT · by Isara · 11 replies
    Cruz.Senate.gov ^ | October 9, 2015
    WASHINGTON, D.C. — U.S. Sen. Ted Cruz (R-Texas) today released the following statement upon the House of Representatives’ passage of legislation lifting restrictions on crude oil exports: “I applaud the House of Representatives for voting today to remove restrictions on exports of domestic crude oil, an effort strongly led by Rep. Joe Barton of Texas. Eliminating the de facto ban on crude oil exports is long past due. This ban is a relic of 1970s price controls, and like most of the 70’s fads, this one is far past its prime. It’s time to put it to bed for good.“Today’s vote...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    Market Watch ^ | May 11, 2015 | Myra P. Saefong
    Oil production from the Bakken and Eagle Ford shale plays look like theyve peaked and other shale plays may not be far behind. Oil production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...