Massive Fires And Explosions Erupt After Drone Strike Hits World’s Largest Oil Processing Facility In Saudi Arabia

Massive Fires And Explosions Erupt After Drone Strike Hits World’s Largest Oil Processing Facility In Saudi Arabia

What appears to be the most devastating Yemen Houthi rebel attack on Saudi Arabia to date, took place overnight on the world’s largest oil processing facility as stunning videos emerged of massive explosions rocking the major Aramco Buqyaq facility and Khurais oil field. Fires...
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BNP Research: Tough Road Ahead for Oil

BNP Research: Tough Road Ahead for Oil

New research, led by Mark Lewis, Global Head of Sustainability Research at BNP Paribas Asset Management, shows that oil needs a long-term breakeven price of USD 10 – 20/barrel to remain competitive in mobility in his report Wells, Wires and...
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When a bully is too much bullying, others negotiate alliances

When a bully is too much bullying, others negotiate alliances

China and Iran have negotiated a strategic partnership. Iran’s foreign minister Mohammad Zarif paid a visit to his Chinese counterpart Wang Li at the end of August to present a road map for the China-Iran comprehensive 25 years strategic partnership. T...
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France scraps plans for 4th-gen nuclear reactor

France scraps plans for 4th-gen nuclear reactor

After €730mn in investment, France scraps plans for 4th-gen nuclear reactor. The French nuclear agency says it axed plans to build a prototype fast-breeder nuclear reactor – at least for the foreseeable future – after spending over a decade and...
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Aramco second round: Select Lazard, Moelis for World’s Biggest IPO

Aramco second round: Select Lazard, Moelis for World’s Biggest IPO

Lazard just sent dealmakers from London, Paris, Houston to pitch. Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant’s second attempt at the world’s largest initial public offering, people with knowledge of the matter...
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GE Posts Quarterly Loss

GE Posts Quarterly Loss

General Electric Co. reported a second-quarter loss and flat sales, but said it was making progress in restructuring its long-struggling and hopeless Power division and raised its full-year financial projections. GE also said its CFO Jamie Miller, will be leav...
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9 in 10 US shale oil companies are burning cash

9 in 10 US shale oil companies are burning cash

Recently released data, which confirmed dismal first quarter earnings, only served to cement negative market sentiment. While shale operators continue to focus on improving capital efficiency, investors are putting the industry under extreme pressure, leaving...
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Chesapeake Energy Misses Earnings and Revenue Estimates

Chesapeake Energy Misses Earnings and Revenue Estimates

Chesapeake Energy (symbol: CHK) came out with quarterly earnings of $0.14 per share, missing the consensus estimate of $0.15 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items. This...
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Halliburton Beat Analysts’ Expectations, Future Doomed Because New Tech

Halliburton Beat Analysts’ Expectations, Future Doomed Because New Tech

Halliburton Co. (ticker:  HAL) showed a year-on-year increase in net profit for the first quarter, but adjusted earnings fell as expected. Net income rose to $152 million, or 17 cents a share, from $46 million, or 5 cents a share,...
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EU Refiners Turn to Ural Crude as US Unleashed More Sanctions on Venezuela

EU Refiners Turn to Ural Crude as US Unleashed More Sanctions on Venezuela

European refiners switched to expensive Russian sour Urals crude after US sanctions hit Venezuela’s similar-grade exports. Experts said that even though US crude output is increasing and exports are due to soar later this year, it is not an alternative bec...
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Chevron Buys Anadarko Petroleum for $33 Billion in Cash and Shares

Chevron Buys Anadarko Petroleum for $33 Billion in Cash and Shares

Oil giant Chevron buys a major company in the oil and gas exploration and drilling sector Anadarko Petroleum for $33 billion. Chevron pays a combination of cash and shares. The acquisition valued Anadarko Petroleum at $65 for one share. Chevron’s...
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Maersk Drilling Was Priced at $3.6 Billion in the Stock Debut

Maersk Drilling Was Priced at $3.6 Billion in the Stock Debut

Maersk Drilling was priced at $3.6 billion in the Copenhagen Exchange stock debut. An hour after the opening of the Copenhagen Stock Exchange, the shares were traded at about DKK 570, i.e. company’s market capitalization is now DKK 23.7 billion. Managem...
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Saudi Aramco Buying 70% Of SABIC In $70 Billion Cash Deal

Saudi Aramco Buying 70% Of SABIC In $70 Billion Cash Deal

Saudi oil giant Saudi Aramco is acquiring a 70% stake in the country’s petrochemcial company Saudi Arabian Basic Industries Corporation (SABIC) from the country’s sovereign wealth fund, Aramco reported on its Twitter account shortly after Bloomberg...
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Oil major Shell wants to be the world’s largest electricity provider by 2035

Oil major Shell wants to be the world’s largest electricity provider by 2035

Widely nown as Shell, Royal Dutch Shell is one of the biggest oil and gas company in the world. The plans of the British-Dutch giant for the coming years have surprisingly deviated from the current course. “The amount of clean...
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The Norwegian Sovereign Oil Fund will exclude all oil companies from its portfolio

The Norwegian Sovereign Oil Fund will exclude all oil companies from its portfolio

The largest sovereign fund in the world – the Norwegian Government Pension Fund Global, also known as the Oil Fund, which manages assets worth about $1 billion, excludes all oil companies from its benchmark index and subsequently sells all shares...
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