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Apr 30, 2015

ConocoPhillips first-quarter profit falls sharply on oil price decline

By Anna Driver

(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), the largest independent U.S. energy company, reported sharply lower quarterly profit on Thursday, hurt by a steep decline in crude oil prices.

Crude prices in the quarter tumbled by about half from a peak over $100 a barrel in June as global supplies grew and demand was dented by slowing economies in places like China. In recent weeks, crude has rebounded to around $60 a barrel.

Apr 30, 2015

ConocoPhillips 1st-qtr profit falls sharply on oil price decline

April 30 (Reuters) – ConocoPhillips, the largest
independent U.S. energy company, reported sharply lower
quarterly profit on Thursday, hurt by a steep decline in crude
oil prices.

Crude prices in the quarter tumbled by about half from a
peak over $100 a barrel in June as global supplies grew and
demand was dented by slowing economies in places like China. In
recent weeks, crude has rebounded to around $60 a barrel.

Apr 30, 2015

Exxon profit slips but beats forecasts on refining, output

By Anna Driver

(Reuters) – Exxon Mobil Corp’s first-quarter profit dropped less than expected in results posted on Thursday as margins at the refining unit of the world’s largest publicly traded oil company surged on tumbling crude prices.

While pure exploration and production companies have been stung by low prices, integrated companies such as Exxon and Royal Dutch Shell are relying on their refining units to bolster their bottom lines.

Apr 24, 2015

Oil exec Aubrey McClendon faces U.S. antitrust probe -filing

HOUSTON, April 24 (Reuters) – Aubrey McClendon, the former
CEO of Chesapeake Energy Corp, is under investigation by the
U.S. Department of Justice for potential antitrust violations
related to leasing oil and gas properties, according to a
regulatory filing by a new business venture he helps run.

The disclosure, from American Energy Capital Partners-Energy
Recovery Program LP, is the first to say the executive is
personally facing government scrutiny. Chesapeake Energy Corp
has previously disclosed it was cooperating with a
government probe into possible antitrust violations.

Apr 22, 2015

Hoping oil rout is over, Pioneer first to eye more rigs

HOUSTON (Reuters) – Pioneer Natural Resources Co may be the first major U.S. shale oil producer to ramp up drilling after a deep slump halved prices, adding rigs as soon as June so long as market conditions are favorable.

In an unusually bold show of industry optimism, Chief Executive Officer Scott Sheffield told Reuters on Tuesday that Pioneer, a top producer in the Permian Basin of West Texas, may increase drilling at a rate of two rigs a month, starting to reverse a trend that has seen the U.S. oil rig rate halve in seven months.

Apr 21, 2015

Bucking downturn, Pioneer sees adding rigs soon

HOUSTON, April 21 (Reuters) – Pioneer Natural Resources Co
, a top oil producer in the Permian Basin of West Texas,
will start adding drilling rigs in June so long as market
conditions are favorable, the company’s CEO said on Tuesday in a
bold show of industry optimism.

The comments from Scott Sheffield mark the first time during
the current crude price downturn that a prominent shale oil
company has said rigs will be added soon.

Apr 20, 2015

‘Ducks’ and oil: no need to fear US crude supply deluge

HOUSTON, April 20 (Reuters) – Conventional wisdom holds that
come June a pending $5.3 billion tax break in the No. 2 U.S. oil
producing state, combined with a modest uptick in oil prices,
will unleash a tsunami of new shale crude supply so big that
prices may slump again.

Just one problem with that scenario: oil producers say this
is not going to happen.

Apr 8, 2015

Analysis – Shell’s BG purchase could be catalyst needed for U.S. shale deals

HOUSTON (Reuters) – Royal Dutch Shell Plc’s $70 billion (47 billion pounds) agreement to buy BG Group Plc (BG.L: Quote, Profile, Research) may be just the signal that other dealmakers need to make their own energy takeover bets, particularly in the U.S. shale sector.

Bankers and analysts say that Shell’s move is telling potential acquirers that one of the biggest players is now confident enough to make a big play – that the fears of a further big slide in oil and gas prices may be fading.

Apr 8, 2015

Shell’s BG purchase could be catalyst needed for U.S. shale deals

HOUSTON (Reuters) – Royal Dutch Shell Plc’s $70 billion agreement to buy BG Group Plc (BG.L: Quote, Profile, Research, Stock Buzz) may be just the signal that other dealmakers need to make their own energy takeover bets, particularly in the U.S. shale sector.

Bankers and analysts say that Shell’s move is telling potential acquirers that one of the biggest players is now confident enough to make a big play – that the fears of a further big slide in oil and gas prices may be fading.

Mar 23, 2015

Forget the next movie, now you can crowdfund Texas oil wells

HOUSTON, March 23 (Reuters) – Would be wildcatters and
investors hoping to strike it rich in oil can now turn to
crowdsourcing, a way to raise money more synonymous with
aspiring filmmakers than roustabouts in West Texas.

Equity crowdfunding, or raising capital directly from a
large group of investors, is widely used for projects from
technology to fashion. Now, at least two small Texas firms are
testing the concept in the oil and gas industry.

    • 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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