Ernest's Feed
May 1, 2015

Chevron profit beats Street as cost cuts offset cheap oil

By Ernest Scheyder

(Reuters) – Oil and natural gas producer Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected quarterly profit on Friday as cost cuts and strong refining margins helped offset the impact of lower oil prices CLc1 LCOc1, sending shares up in early trading.

The No. 2 U.S. oil company reported net income of $2.57 billion, or $1.37 per share, compared to $4.51 billion, or $2.36 a share, a year earlier.

Apr 30, 2015

Whiting would add rigs if oil prices hit $70 per barrel

, April 30 (Reuters) – Whiting Petroleum Corp
, the largest oil producer in North Dakota, plans to keep
11 drilling rigs operating through next year, though it would
add “a couple of rigs” if crude prices rise to $70 per
barrel, Chief Executive Jim Volker said on Thursday.

The company posted a smaller-than-expected quarterly loss on
Wednesday helped by sharp cost cuts. Volker told analysts on a
Thursday conference call that he plans to sharply cut spending
further later this year and that the company can survive with
oil prices at $50 per barrel.

Apr 29, 2015

Exclusive: North Dakota governor signs sweeping oil tax law

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – North Dakota, the second-largest U.S. oil producer, has approved a sweeping reorganization of its oil tax code, cutting the overall rate and ending a tax break of more than $5 billion poised to hit in June.

Governor Jack Dalrymple signed the measure on Wednesday afternoon, his staff told Reuters, lowering the combined rate crude producers will pay by 1.5 percentage points.

Apr 29, 2015

North Dakota governor signs sweeping oil tax law

, April 29 (Reuters) – North Dakota, the
second-largest U.S. oil producer, has approved a sweeping
reorganization of its oil tax code, cutting the overall rate and
ending a tax break of more than $5 billion poised to hit in
June.

Governor Jack Dalrymple signed the measure on Wednesday
afternoon, his staff told Reuters, lowering the combined rate
crude producers will pay by 1.5 percentage points.

Apr 29, 2015

North Dakota governor signs sweeping oil tax changes into law

, April 29 (Reuters) – North Dakota, the
second-largest U.S. oil producer, has approved a sweeping
reorganization of its oil tax code by cutting the overall rate
and also ending a more than $5 billion tax break poised to hit
in June.

Governor Jack Dalrymple signed the measure on Wednesday
afternoon, his staff told Reuters, lowering the combined rate
crude producers will pay by 1.5 percentage points.

Apr 29, 2015

Whiting posts smaller-than-expected loss, aided by cost cuts

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – Whiting Petroleum Corp (WLL.N: Quote, Profile, Research, Stock Buzz), North Dakota’s largest oil producer, posted a quarterly loss on Wednesday that was narrower than Wall Street expected as the company slashed spending amid a steep drop in crude oil prices CLc1.

Whiting’s sales price for its crude fell more than 50 percent during the quarter, forcing the company to curtail spending and sharply scale back operations to preserve as much cash as possible.

Apr 29, 2015

Cost cuts help Hess offset plunging crude oil prices

April 29 (Reuters) – Oil and natural gas producer Hess Corp
reported a quarterly loss on Wednesday that beat Wall Street’s
expectations, as cost cuts helped offset plunging crude oil
prices .

The company posted a net loss of $389 million, or $1.37 per
share, compared to a net income of $386 million, or $1.20 per
share, in the year-ago quarter.

Apr 23, 2015

U.S. EPA chief defends coal plant emissions rules

HOUSTON, April 23 (Reuters) – A proposed plan that would
force American coal-fired power plants to slash emissions would
not cost jobs and would help the country move toward a
low-carbon future, U.S. Environmental Protection Agency
Administrator Gina McCarthy said on Thursday.

“Our rule creates a dynamic where cutting carbon pollution
and investment decisions align,” McCarthy said at the IHS
CERAWeek conference in Houston, the world’s largest gathering of
energy executives. “Environmental protection isn’t window
dressing; it’s foundational to strong, lasting economic growth.”

Apr 22, 2015

U.S. energy secretary touts nuclear deal with Iran

HOUSTON, April 22 (Reuters) – An agreement between the
United States, Iran and other world powers designed to curtail
Iran’s nuclear program is effective and would work if
implemented, U.S. Secretary of Energy Ernest Moniz said on
Wednesday.

“I think we’ve established a very strong set of parameters
around the agreement,” Moniz said at the IHS CERAWeek conference
in Houston, the world’s largest gathering of oil executives.
“It’s a long term process with constraints coming off at various
time frames as confidence improves” in Iran’s nuclear
intentions.

Apr 21, 2015

Statoil pushes oil industry to take bold climate steps

HOUSTON, April 21 (Reuters) – The oil and natural gas
industry cannot ignore climate change and must support work to
help curb its effects through a carbon tax, increased natural
gas production and other means, Statoil ASA Chief
Executive Eldar Sætre said on Tuesday.

It was the strongest stance yet from the leader of a major
oil producer on the need to limit carbon emissions. Some major
energy companies, especially in Europe, have been pushing for an
industry-coordinated response to stem climate change.