Story by Reuters Russian natural gas and oil producer Gazprom <GAZP.MM> suffered an 86 percent fall in net income in 2014 because of the rouble’s weakness, the fall in global oil prices and a dispute with Ukraine. The state-run company, which generates about 8 percent of Russia’s gross domestic product, said on Wednesday higher impairment charges had also contributed to
Story by Bloomberg Federal Reserve policy makers said they expect the economy to pick up after growth ground to a virtual halt in the first quarter, suggesting they are still open to an interest-rate increase later in the year. The Federal Open Market Committee “continues to expect that, with appropriate policy accommodation, economic activity will expand at a moderate pace,”
Leading Natural Gas Producer not Slowing Down Range Resources (ticker: RRC) maintained its 20% to 25% annual line-of-sight growth strategy in its Q1’15 results, announcing a new production record of 1,328 MMcfe/d in the quarter. Volumes for 2015 are expected to average 1,394 MMcfe/d (30% liquids) for the fiscal year based on the company’s guidance of 20% growth, even though
Venoco, Inc. today announced that Scott Pinsonnault was named Chief Financial Officer, a position he had held on an interim basis since November, 2014. Prior to joining the company as interim Chief Financial officer, Mr. Pinsonnault was Managing Director with Opportune LLP’s (“Opportune”) Energy Practice. The change is effective May 1, 2015. “It has been a pleasure to work with
Story by Reuters General Motors Co said it is likely it will cease vehicle production in Venezuela in July as the automaker joins other U.S. corporations in taking action to shield their profits from the South American country’s volatile currency. GM has one plant in Venezuela, in Valencia, where it builds the Chevrolet Aveo and Cruze cars, the Orlando crossover
Three States are Suing the Federal Government to Preserve State Jurisdiction A federal judge has decided to allow North Dakota and Colorado to join a Wyoming lawsuit that challenges new rules from the U.S. Bureau of Land Management regarding drilling on federal lands. “North Dakota regulators say the new federal rule could add years to the permitting process and hamper
Sprague Resources LP Declares Increased Cash Distribution for the First Quarter of 2015 Sprague Resources LP (“Sprague”) (SRLP) announced today that the Board of Directors of its general partner, Sprague Resources GP LLC, has declared a cash distribution of $0.4725 per unit for the quarter ended March 31, 2015, representing a 3.3% increase over the distribution declared for the quarter
Genesis Energy, L.P. Reports First Quarter 2015 Results Genesis Energy, L.P. (GEL) today announced its first quarter results. Our results for the quarter ended March 31, 2015 included the following items: We generated total Available Cash before Reserves of $64.0 million in the first quarter of 2015, an increase of $10.6 million, or 20%, from the first quarter of 2014. Adjusted
Martin Midstream Partners Reports Increased Distributable Cash Flow and Adjusted EBITDA in 2015 First Quarter Results Martin Midstream Partners L.P. (MMLP) (the “Partnership”) announced today its financial results for the first quarter ended March 31, 2015. Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of Martin Midstream Partners, said, “I am pleased with
Williams Partners Reports First Quarter 2015 Financial Results Williams Partners L.P. (WPZ) today announced unaudited financial results for first quarter 2015, during which time Williams Partners and Access Midstream Partners, L.P. (formerly NYSE: ACMP) merged to form one master limited partnership (MLP). Financial information for periods prior to July 2014 – when Williams (WMB) acquired control of Access Midstream –
Midcoast Energy Partners, L.P. Declares Distribution Increase and Reports Earnings for First Quarter 2015 Midcoast Energy Partners, L.P. (NYSE: MEP) (“Midcoast Partners” or “the Partnership”) announced today that the board of directors of its general partner has declared a quarterly cash distribution of $0.3475 per unit, or $1.39 per unit on an annualized basis on all of its outstanding common
Cenovus first-quarter oil sands production up 20% Oil sands per-unit operating costs decline 31% Combined oil sands production averaged more than 144,000 barrels per day (bbls/d) net in the first quarter, up 20% from the same period in 2014. Total oil production was more than 218,000 bbls/d, 11% higher than in 2014. Upstream per-unit operating costs declined 23%, including a
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