Saturday, November 16, 2019

Marguerita Choy News

Icahn Sells Nearly a Third of His Oxy Stake

(File photo: Anadarko)

Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter…

Big Oil Stuns Brazil in Back-to-back Auction Flops

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Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA.The only block awarded in Thursday's bidding went to Petrobras…

Pemex Posts $4.4 Bln Loss

Pemex CEO Octavio Romero Oropeza (Photo: Pemex)

Slumping revenues pushed Mexico's Petroleos Mexicanos to a net loss of 87.4 bln pesos ($4.43 billion) in the third quarter, but the struggling state oil firm said on Monday it had cut back its hefty debt load, bucking the trend of recent years.Pemex, as the company is generally known…

ExxonMobil Seeks to Sell Montana Refinery

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Exxon Mobil Corp is seeking a potential buyer for its roughly 60,000 barrel per day Billings, Montana refinery, according to three sources familiar with Exxon’s plans.Representatives for large refiners, including Valero Energy Corp and Marathon Petroleum Corp…

Ecuador to Quit OPEC in 2020

Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more…

Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output

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Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery of its oil production.A rally in the dollar index, which moves inversely with oil…

Flooding Disrupts U.S. Gulf Coast Energy Operations

Energy infrastructure on the U.S. Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery, a key oil pipeline, terminals and a ship channel in Texas to shut, according to sources familiar with operations.Torrential…

Oil Prices Extend Losses After Saudi Pledge

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Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.Tension in the Middle East remained elevated…

Next Wave of U.S. LNG Export Projects to be Tougher

Photo courtesy of Venture Global LNG

The next wave of U.S. liquefied natural gas (LNG) export projects will be “tougher” to bring online, as companies with existing facilities take advantage of lower costs to expand capacity in coming years, the chief executive of Blackstone Group said on…

Oil Soars 10%

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Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially surged more than 20% after the open on Sunday evening…

US Rig Count Slides

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U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output.Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733…

Mexico Gives Pemex $5 Bln to Pay Debt

(File photo: Pemex)

Mexico's government will give state-owned Pemex $5 billion so the world's most indebted oil company can pay off bonds, part of a plan to shore up accounts that also includes refinancing other bonds, the company said on Wednesday.Pemex, burdened by some $104 billion of debt…

Schlumberger CEO Outlines Digital Strategy

Schlumberger CEO Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV's newly-appointed Chief Executive Officer Olivier Le Peuch on Wednesday outlined his vision for the world's largest oilfield services company, vowing to exit unprofitable businesses, restructure some units and focus on returns.In his first public remarks since taking office in July…

BP Exits Alaska in $5.6 Bln Sale

(Image: BP)

British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U.S.

US Drillers Add Oil Rigs

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U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.Companies added six oil rigs in the week to Aug. 16, the biggest increase since April…

Oxy CFO Pledges to Quickly Pare Acquisition Debt

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Occidental Petroleum Corp expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company's finance chief said on Monday.Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week…

Anadarko Shareholders Go for Cash in Oxy Buyout

(Photo: Anadarko)

Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental…

Mexico Unveils Pemex Business Plan

(Photo: Pemex)

Mexico on Tuesday unveiled parts of a keenly awaited business plan meant to bring the world's most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade.Octavio Romero…

US Drillers Add Rigs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year.The rig count, however…

US Rig Count Climbs

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U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week.Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig…