• T. Boone Pickens. Image courtesy of U.S. Naval War College/Flickr.

    T. Boone Pickens cashes out of oil

    Famed investor T. Boone Pickens has exited his oil holdings, citing concerns over growing crude ...

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  • Image courtesy of Anadarko Petroleum.

    Anadarko Petroleum posts $1.25 billion Q4 loss

  • Image courtesy of Krystian Olszanski/Flickr.

    Six jailed in Algeria for corruption linked to Sonatrach contracts

  • Image courtesy of Weatherford International.

    Weatherford International cutting 6,000 jobs, closing more facilities

  • Image courtesy of Gazprom.

    Gazprom planning to set new EU export record high in 2016

Recent Posts

Petrobras slashes 3 billion barrels from proven reserves

Image courtesy of Petrobras.

Brazil’s Petrobras slashed its 2015 proven reserves on Friday by just over 3 billion barrels. The state-owned company said that, according to ANP/SPE criteria its proven oil, condensate and natural gas reserves fell to 13.279 billion barrels of oil equivalent (boe) as of December 31, down from 16.612 billion boe the previous year. According to Forbes, 10.9 billion barrels of the company’s reserves are oil and condensate with natural gas ...

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CNPC: China oil demand will grow by 4.3 percent in 2016

Chinese president Xi Jinping. Image courtesy of Hye900711/Wikimedia Commons.

China’s oil demand growth is slated to decline by half a percentage point year-over-year in 2016, according to a report released Thursday by China National Petroleum Corporation. According to Reuters, China National Petroleum Corporation (CNPC) expects oil demand to grow by 4.3 percent in 2016, down from 4.8 percent last year. In a report released by its research institute, state-owned CNPC forecast that China’s ...

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Total signs crude purchase framework agreement with Iran

Image courtesy of Total.

France’s Total signed a framework agreement on Thursday with Iran’s state-owned oil company for the purchase of crude. Total said it has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) as well as a framework agreement for the purchase of crude oil for French and European refineries. The company has not disclosed the potential purchase volumes. Following the MoU, NIOC ...

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Platts: Bakken, Eagle Ford production barely budged in December

Image courtesy of Ditch Witch/Wikimedia Commons.

Despite an over 50 percent drop in the U.S. rig count production from the Bakken and Eagle Ford shale plays barely budged in December. According to Platts Bentek, oil production at the Eagle Ford basin grew less than one percent month over month while production at Bakken dropped less than 1 percent from November to December. Production from the Eagle Ford ...

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BP laying off 7,000 after rocky Q4

BP chief executive Bob Dudley. Image courtesy of BP/Youtube.

BP said Tuesday it will layoff 7,000 employees as low oil prices weighed heavily on the company’s fourth quarter results. The company expects to reduce the number of staff and contractor roles in its upstream segment by around 4,000 during 2016 as well as laying off  up to 3,000 staff and contractors from its downstream segment by the end of 2017. ...

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Norway regualtor finds ‘serious’ breaches tied to 2015 Statoil gas leak

Image courtesy of Harald Pettersen/Statoil.

The Norwegian Petroleum Safety Authority (PSA) said Tuesday that it found several “serious” breaches tied to a 2015 leak at Statoil’s Gudrun facility in the North Sea. An investigation by the PSA into the February 2015 incident found that the leak was caused by a rupture in a two-inch pipe in the bypass line directly downstream of the first-stage separator. The leak prompted ...

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Hess sinks to $1.82 billion Q4 net loss

Image courtesy of Hess.

Hess said Thursday that it booked a fourth quarter unadjusted net loss of about $1.82 billion. The company reported an adjusted net loss of $396 million, or $1.40 per common share, for the fourth quarter compared with adjusted net income of $53 million, or $0.18 per share, in the fourth quarter of 2014. Hess said that lower realized selling prices ...

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Repsol flags $3.2 billion for 2015 impairments

Repsol CEO Josu Jon Imaz. Image courtesy of Repsol/Flickr.

Repsol warned on Thursday that it will take $3.2 billion in impairments for 2015, although net income is expected to beat the company’s initial forecast. The Spain-based company said its board of directors agreed to apply “extraordinary impairments” totaling 2.9 billion euros, or about $3.2 billion, to its 2015 earnings due to low oil and gas prices. The impairments will result in ...

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U.S. rig count drops by 18, sixth straight week of decline

rig count down 18

U.S. oil and gas drillers posted another week of double digit losses after dropping 18 rigs last week. According to Baker Hughes, the number of rigs drilling for oil and gas in the United States fell to 619 rigs as of January 29, down from 1,543 rigs a year ago. The drop marks the sixth straight week that the U.S. rig count ...

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Chevron slides to $558 million Q4 loss

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Chevron reported a $588 million fourth quarter loss on Friday as low oil prices weighed on upstream earnings. The company reported a loss of $588 million, or $0.31 per diluted share, for the fourth quarter of 2015, down significantly from earnings of $3.5 billion in the fourth quarter of 2014. Full year 2015 earnings fell to $4.6 billion, or $2.45 per diluted share, ...

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