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Conference Board of Canada : Oil Extraction Industry Profits Increased to Reach $8 Billion
Higher prices and production will drive revenues to outpace costs, pushing pre-tax profits in Canada’s oil extraction industry to $8 billion this year, the Conference Board of Canada said Thursday.
But while this is a 66-per-cent increase from 2009 levels, the board noted in its latest industrial outlook that this level is well below the industry’s [...]
Bullion Monarch Mining Income Third Quarter Report : Revenues Increased 49 percent, Increase Volume from Newmont Mining Operation
Precious metals royalty and resource development company, Bullion Monarch Mining announced record quarterly revenue of US$1.5 million for the company’s third quarter ended January 31, 2010, up approximately 49% from the same period in 2009.
The jump in revenues was due to increased grades and volume at the Leeville underground gold mine in Nevada’s Carlin [...]
Oil and Gas Company Plans : Royal Dutch Shell to Boost Oil Production, Closes Petrol Stations and Cuts 2,000 Jobs
Royal Dutch Shell plans to exit 35pc of its petrol station markets, reduce refining capacity by 15pc, cut around 2,000 jobs by end of 2011, make cost saving of $1bn this year and sell non-core assets worth $1bn-$3bn a year.
“The company had become too complicated and slower to respond than we’d like. So we are [...]
Oil and Gas Company Financial Report : American Oil & Gas Plans Acquisition and Development Oil and Gas Properties
American Oil & Gas Inc. reports a net loss to common stockholders of $10.3 million (loss of $0.21 per share, basic and diluted) for the year ended December 31, 2009 (”2009″), as compared to a net loss to common stockholders of $24.2 million (loss of $0.51 per share, basic and diluted), for the fiscal year [...]
CONSOL Energy Acquires Dominion Resources Natural Gas Assets
CONSOL Energy CNX made headlines today by acquiring the natural gas assets of Dominion Resources D for about $3.475 billion. This deal makes sense from the perspective of both parties, as Dominion is primarily a stable utility, whereas CONSOL already has a sizable presence in Appalachian natural gas production. At first glance, we think the [...]
Royal Dutch Sheel Enter New Period of Growth Oil And Gas Production
Anglo-Dutch oil major Royal Dutch Shell PLC said Tuesday it was entering a new period of growth that would lead to significantly higher cashflows on the back of higher oil and gas output and reserves.
It also signaled expectations for oil prices to remain high.
Shell, which has some 11 billion barrels of oil equivalent of new [...]
Oil Rose Above $80 a Barrel Caution Ahead of OPEC Meeting
Oil prices rose above $80 a barrel on Tuesday as equities rallied but gains were capped by caution ahead of an OPEC meeting and expected monetary policy moves from the world’s top two oil consumers, the United States and China.
U.S. crude oil prices for April rose $1.14 to $80.94 a barrel by 1315 GMT, after [...]
Russian Companies Interest Find New Oil and Gas Fields
Against the background of difficult international energy market conditions Russian companies have become less interested in finding new oil and gas fields and developing existing deposits. Notably, the country’s gas monopoly Gazprom dropped its earlier plans to take over a giant Kovykta deposit and has postponed the development of yet another huge project, Shtokman.
Mining Trade Review : Gold, Copper and Nickel Improve as US Dollar Eases Against Euro
Gold mirrored crude oil’s movement and also got close to Monday’s levels, standing just short of US$1,120/oz on Saturday after slipping below US$1,100/oz during the week amid stronger US dollar.
The US dollar was under pressure on Monday and Tuesday following last week’s move by the Federal Reserve, which hiked the discount rate by 25 basis [...]
