HOUSTON, 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.
Rising supplies of oil, from sources including North
American shale basins, and weakening demand have flooded global
markets with crude, sending prices plummeting almost 60 percent
since June. On Thursday, crude traded in New York at around $44
a barrel, much lower than many oil and gas projects require to
HOUSTON (Reuters) – Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn.
As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans.
By Marianna Parraga and Anna Driver
(Reuters) – Harvest Natural Resources Inc, a Texas
based oil and gas company, said on Friday it has filed an
arbitration request against Venezuela before a World Bank
tribunal to protect the value of its investment in the South
The request filed with the International Centre for
Settlement of Investment Disputes (ICSID) is seen as a last
resort for the Houston-based company, it said.
HOUSTON, Dec 12 (Reuters) – Banks are responding to tumbling
crude prices by trimming the value of oil reserves tied to
credit lines, possibly causing a cash crunch for some
highly-leveraged U.S. exploration and production firms.
With U.S. crude production still rising and the oil cartel
OPEC showing no willingness to cut output to curb global
oversupply, there is little to suggest that prices will rebound
soon from a 40 percent slide since June.
HOUSTON (Reuters) – Drilling contractor Noble Corporation
PLC on Monday said it paid $12.2 million to settle felony
charges by the U.S. Department of Justice related to safety,
environmental and record keeping violations on vessels in Arctic
waters off Alaska in 2012.
During 2012, the Noble Discoverer drillship experienced
numerous problems with its main propulsion system, including its
main engine, resulting in engine shut-downs, equipment failures,
and unsafe conditions, according to prosecutors.
HOUSTON, Nov 21 (Reuters) – Energy companies have long
touted to Wall Street investors the number of acres they lease
or own as a measure of how many oil and gas shale wells they can
Now, in a twist that has surprised some oil and gas
analysts, several U.S. companies are looking deep into the earth
and measuring their acreage in three dimensions instead of two.
HOUSTON, Nov 17 (Reuters) – Martin Craighead, chairman and
chief executive officer of Baker Hughes Inc, stands to
collect millions if Halliburton Co succeeds in its $35
billion takeover and he loses his job, according to regulatory
Halliburton Chief Executive Officer Dave Lesar will lead the
combined company, which will also retain the Halliburton name.
The deal, announced on Monday, will create an oilfield services
company big enough to compete with larger rival Schlumberger Ltd
NEW YORK, Nov 14 (Reuters) – Talks that could lead to
oilfield services provider Halliburton Co buying rival
Baker Hughes Inc may herald increased deal-making in the
energy business as companies bet on a protracted drop in oil
prices, industry bankers said.
Competing service companies including National Oilwell Varco
Inc and Weatherford International may also be
targets, bankers and lawyers said. In any deal, the incentives
will be the same: consolidation would allow them to better
weather the downturn and resist pressure from oil producers to
Nov 5 (Reuters) – Chesapeake Energy Corp, the
second-largest U.S. producer of natural gas, on Wednesday
reported a bigger-than-expected 8 percent increase in
third-quarter profit on higher output from lower-cost shale
wells in Texas, Louisiana and Ohio.
Shares of Chesapeake rose 6.3 percent to $22.64 in morning
New York Stock Exchange trading.
HOUSTON, Oct 31 (Reuters) – Top U.S. oil producers, which
already were reining in spending before crude prices started to
slip in June, are now looking to trim more fat from their
budgets while reminding investors they must spend to grow.
Exxon Mobil Corp on Friday it would keep its current
spending plan intact, though it is about 15 percent less than
2013. ConocoPhillips said it will spend less money next
year, and Chevron Corp said it is looking for budget