, Feb 19 (Reuters) – One of the strongest
leaders of the U.S. shale revolution has been humbled by
plunging oil prices.
EOG Resources Inc slashed its 2015 budget on
Wednesday amid cheap crude and said its output will not grow
this year, mere months after confidently saying it was strong
enough to weather the downturn without cutbacks.
, Feb 18 (Reuters) – Oil and natural gas
producer EOG Resources Inc posted a quarterly profit far
below Wall Street’s expectations on Wednesday and slashed its
2015 budget, marking the latest energy giant to fall victim to
plunging crude prices.
Shares in the company, the largest oil producer in the
contiguous United States, fell more than 6 percent in
WILLISTON, N.D. (Reuters) – Hedge fund Paulson & Co has boosted its stake in Whiting Petroleum Corp to become the No. 1 shareholder in North Dakota’s largest oil producer, taking advantage of plunging crude prices that have pummeled the company’s stock.
Paulson, which also holds large stakes in Time Warner Cable Inc and Shire Plc, added about 4.1 million shares to its position in Denver-based Whiting in the fourth quarter of 2014, a filing with the U.S. Securities and Exchange Commission showed on Tuesday.