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 no room for undisciplined spending in...
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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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Exxon Mobil has discovered a giant gas field off the coast of Cyprus

Exxon Mobil has discovered a giant gas field off the coast of Cyprus

Exxon Mobil, the US major oil company, has discovered a large gas field near the southwest coast of Cyprus, the largest discovery in Cyprus area since 2011, said Cyprus Energy Minister Jorgos Lakkotrypis. The finding is also the third largest...
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AutoNation’s CEO: Auto sales are headed for further declines

AutoNation’s CEO: Auto sales are headed for further declines

AutoNation’s CEO Mike Jackson says the auto industry is entering a period of gradual decline. However, he added, “Adversity in the business will create new opportunities.” Who is more vocal than the first-line CEO? Mike Jackson is absolutely...
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US Oil Output Hits 12 Million Barrels Per Day

US Oil Output Hits 12 Million Barrels Per Day

U.S. crude oil production reach 12 million BPD in mid-February, according to the EIA actual report. EIA’s weekly petroleum report showed crude output jump more than 1.7 million BPD compared to February 2018: From 10.3 million BPD to 12 million BPD....
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France Mulls EdF De-Listing

France Mulls EdF De-Listing

The French government is considering buying out minority shareholders of EdF (Electricite de France SA), amid nuclear challenge. It’s the first step in a corporate restructuring to address the challenge of replacing the country’s nuclear-powerplants. T...
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The South African President has promised to save the Eskom and divide it into 3 entities

The South African President has promised to save the Eskom and divide it into 3 entities

South African power plants Eskom, which produce 95% of electricity in South Africa, are facing $ 30 billion in debt. South African President Cyril Ramaphos announced that Eskom will be divided into three entities. Utility holding Eskom consists of 3...
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PG&E Files For Bankruptcy Protection With $50 Billion In Debt

PG&E Files For Bankruptcy Protection With $50 Billion In Debt

In what’s expected to be one of the most complicated bankruptcies in recent memory thanks to the involvement of indignant state and federal regulators, activist shareholders, worried bond holders and angry fire victims, PG&E has officially filed for ...
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