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Oil Price Trade and Market Expectation, Oil prices fall on OPEC expectations
Oil futures fell Monday but regained ground from earlier lows after Saudi Arabia’s oil minister appeared to defuse rumors that the oil cartel might agree to boost production at a meeting this weekend.
However, Ali Naimi left open the possibility that the Organization of Petroleum Exporting Countries will agree to increase output during a meeting in [...]
ExxonMobil awards $1 million to Society of Exploration Geophysicists
Exxon Mobil announced that it will award $1 million to the Society of Exploration Geophysicists Foundation in support of the organization’s mission to prepare students from around the world for careers in geophysics. The company announced the pledge at the SEG Seventy-Seventh Annual Meeting in San Antonio on September 24.
“ExxonMobil congratulates the Society [...]
Oil company Total SA 2Q Profit Drops 1 Percent
Oil company Total SA said Thursday that its second-quarter net profit edged down 1 percent as improved refinery margins failed to offset the weaker U.S. dollar.
Net income fell to 3.41 billion euros ($4.66 billion) from 3.44 billion euros in the same period a year ago, said Total, one of the world’s largest publicly traded oil [...]
Exxon Profit Slips As Production Falls
Exxon Mobil profit slipped about 1 percent in the second quarter, disappointing analysts as higher exploration and production costs, and lower oil and gas production offset big earnings in the refining and marketing end of the business.
Though the $10.26 billion in profit was the fourth-largest quarterly profit for a public company in U.S. history, Exxon’s [...]
Oil Exploration : ConocoPhillips writes off Venezuela
ConocoPhillips’ second-quarter income plummeted because of its previously-announced writeoff of the $4.5 billion value of three oil projects taken over last month by Venezuela’s government-run oil company, the Houston-based oil major said today.
The company posted earnings of $301 million, or 18 cents a share, compared to $5.2 billion, or $3.09 a share, in the second [...]
India’s state-owned Oil & Natural Gas gets a new chairman
India’s state-owned oil company, Oil & Natural Gas, has given its acting chairman, R.S. Sharma, the role permanently after a 14-month search failed to attract private-sector candidates for a job that pays about $20,000 a year.
Sharma, 56, won final approval from the office of the prime minister on Wednesday. He replaced Subir Raha, who stepped [...]
Energy companies pin hopes on shale oil in Colorado and Utah
In Colorado and Utah, there is as much oil as in Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined, according to estimates.
Trapped in limestone up to 200 feet, or 61 meters, thick in the two Rocky Mountain states is enough so-called shale oil to rival [...]
Industry praises drilling proposal
The Interior Department’s rollout Monday of a finalized proposal to open 48 million acres of off-limits federal waters for exploration and drilling drew praise from the oil and gas industry, though some said the move would barely tap vast undiscovered resources.
“Most U.S. offshore areas in the lower 48 states and some 80 percent of the [...]
Industry praises drilling proposal
The Interior Department’s rollout Monday of a finalized proposal to open 48 million acres of off-limits federal waters for exploration and drilling drew praise from the oil and gas industry, though some said the move would barely tap vast undiscovered resources.
“Most U.S. offshore areas in the lower 48 states and some 80 percent of the [...]
