oil prices Archives - Page 48 of 70

Chevron says results will be ‘depressed’ as long as oil stays low, takes steps to protect dividend

May 1, 2020

CNBC Chevron shares dropped on Friday after the company warned that results will remain depressed as long as oil prices stay low, and said it was further cutting its 2020 capital spending plan. For the first quarter, Chevron reported earnings per share of $1.93, which included $680 million in one-time favorable items, and $31.5 billion in revenue, helped by downstream margins

Oil and gas companies set to lose $1 trillion in revenues this year

April 30, 2020

CNBC Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy. The E&P industry, which includes oil majors, made $2.47 trillion in revenues globally last year, the firm says. But this year it’s projected to bring in $1.47 trillion, reflecting a

Shell’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand- oil and gas 360

Oil major Shell slashes dividend for the first time since World War II

April 30, 2020

CNBC Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis. The board at Shell said it had decided to reduce the oil major’s first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019. That’s a reduction of

Energy demand, hit by coronavirus crisis, is set to see record drop this year, IEA says

April 30, 2020

CNBC The International Energy Agency said Thursday it expects global energy demand to plunge this year in what the Paris-based agency called the biggest drop since World War II. With roughly 4.2 billion people around the world subject to some form of lockdown in an effort to slow the spread of the coronavirus, the IEA is forecasting a 6% decline

Oil prices jump after smaller than feared U.S. inventories build

April 29, 2020

Reuters Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude LCOc1 futures were up 11.88%, or $2.43, at $22.89 a barrel by 1340 GMT. The more active July

Oil prices could go negative again for reasons beyond just storage

April 28, 2020

CNBC It’s not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry. First,

Continental Resources sued by rival over failed $200 million oil deal

April 28, 2020

Reuters Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending oil to $13 a barrel this month

Oil falls back into the red in volatile session

April 28, 2020

CNBC Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist around reopening of economies. West Texas Intermediate futures for June delivery gained 6 cents, or 0.47%, to trade at $12.84 per

BP’s net profit slides 67% in the first quarter following a historic fall in oil prices

April 28, 2020

CNBC Energy giant BP reported a significant fall in first-quarter net profit on Tuesday, as oil prices continue to dive amid intensifying concerns about the coronavirus crisis and dwindling storage capacity. The U.K.-based oil and gas company posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $800 million. That compared with $2.4 billion in the first quarter

Oil moves mixed on easing lockdowns, looming storage shortage

April 28, 2020

Reuters LONDON – Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand. Brent crude LCOc1 rose 78 cents, or 4%, to $20.77 a barrel at 1338 GMT, following a 6.8% slide on Monday.

Oil prices resume slide on oversupply and storage concerns

April 27, 2020

Reuters LONDON – Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $3 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. West Texas Intermediate CLc1 June futures fell

U.S. Silica announces salary reductions for top executives

April 24, 2020

Oil and Gas 360 KATY, Texas, April 24, 2020 /PRNewswire/ — U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced temporary pay reductions for its top executives and board in response to the COVID-19 pandemic and expected lower oilfield well completion activity. The CEO, Bryan Shinn, members of the board of directors and company officers have volunteered to take up to a 20% temporary

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