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Feb 23, 2015

Insight: U.S. shale oil’s crash diet likely to bring forward output dip

HOUSTON (Reuters) – Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals.

About a dozen chief executives who talked to Reuters or who spoke publicly, acknowledged they were taken aback by the scale and speed of the cutbacks, noting how this oil price downturn was different from several previous episodes in their careers.

Feb 23, 2015

US shale oil’s crash diet likely to bring forward output dip

HOUSTON, Feb 23 (Reuters) – Shale oil producers are
throttling back so quickly on drilling that U.S. crude output
could fall sooner than expected, within months, executives say
as they slash costs to cope with tumbling crude prices and
compete with Persian Gulf rivals.

About a dozen chief executives who talked to Reuters or who
spoke publicly, acknowledged they were taken aback by the scale
and speed of the cutbacks, noting how this oil price downturn
was different from several previous episodes in their careers.

Feb 20, 2015

Transocean CEO’s exit linked to lack of vision in tough market

HOUSTON, Feb 20 (Reuters) – Barely two months into his new
job as the head of the world’s largest offshore driller, Steven
Newman was steering Transocean through the 2010 Gulf of
Mexico oil spill, quickly earning a reputation as a CEO with a
steady hand.

Too steady, perhaps.

Since Sunday Newman, 50, is out of work. People inside and
outside the company say his abrupt departure reflected in part
the board’s view that the 20-year company veteran was too
conservative and lacked a bold vision for a period of dramatic
industry change that began at the end of the last decade.

Feb 13, 2015

Apache slashing 2015 rig count, capex due to low oil prices

Feb 12 (Reuters) – Apache Corp, one of the top U.S.
shale oil producers, said on Thursday it would slash capital
expenditures and its rig count in 2015 as the collapse of crude
oil prices prompts it to slow drilling, keeping output growth
mostly flat.

The company, which reported a multibillion-dollar net loss
but adjusted earnings that beat Wall Street’s estimates, also
said it would not divest its overseas businesses, with one
possible exception.

Feb 9, 2015

SandRidge cutting rig count by almost 75 pct -document

HOUSTON, Feb 9 (Reuters) – U.S. oil and gas producer
SandRidge Energy Inc plans to slash its rig count in
Oklahoma and Kansas by nearly 75 percent, according to a
document obtained by Reuters.

The cuts, to be implemented through early April, may amount
to what is arguably the most significant pullback in well
drilling by a publicly traded shale oil company since crude
prices started a 50 percent slide in June.

Feb 3, 2015

Anadarko CEO sees significant cuts in capex in 2015

HOUSTON, Feb 3 (Reuters) – Anadarko Petroleum Corp’s
capital expenditures in 2015 will be significantly lower than
last year because of the recent collapse in crude oil prices,
the exploration and production company’s CEO told investors on a
conference call on Tuesday.

“We see ourselves in a period here of trying to build value,
maintain flexibility and not grow in a low commodity price
environment that we see as less than attractive,” Chief
Executive Al Walker said.

Feb 2, 2015

Exxon fourth-quarter profit tops estimate, share buyback slashed in half

By Anna Driver

(Reuters) – Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to a tax adjustment and higher earnings from its chemicals business.

Shares of Exxon rose 1.2 percent to $88.46 in mid-day New York Stock Exchange trading.

Feb 2, 2015

Exxon 4th-qtr profit tops estimate, share buyback slashed in half

Feb 2 (Reuters) – Exxon Mobil Corp said on Monday
its quarterly profit fell 21 percent as weak oil prices took a
toll, but results topped Wall Street expectations due to a tax
adjustment and higher earnings from its chemicals business.

Shares of Exxon rose 1.2 percent to $88.46 in mid-day New
York Stock Exchange trading.

Jan 30, 2015

Exxon adds discrimination protections in U.S. for LGBT workers

HOUSTON, Jan 30 (Reuters) – Exxon Mobil Corp, the
world’s largest publicly traded oil company, has changed its
U.S. employment policies to prohibit discrimination based on
sexual orientation and gender identity as now required by
federal law.

Exxon spokesman Alan Jeffers said Friday the company’s board
approved the policy change at a meeting on Wednesday and noted
that the oil company “always updates its policies to comply with
the laws where we work.”

Jan 29, 2015

Conoco, Occidental and Shell cut 2015 budgets on crude slide

, Jan 29 (Reuters) – ConocoPhillips
and Occidental Petroleum Corp on Thursday
slashed exploration spending plans for this year, as the third-
and fourth-largest U.S. oil companies attempt to cope with a
steep slide in crude prices.

The cuts follow similar steps by rival Hess Corp
earlier this week while Royal Dutch Shell, Europe’s
largest oil company, said on Thursday it would reduce its
spending the next three years by $15 billion.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
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