2016, May, 5, 19:10:00U.S. BANKRUPTCY UP
The rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt after this week's filings for creditor protection by Midstates Petroleum MPOY.PK and Ultra Petroleum UPL.NL.
2016, May, 5, 18:25:00PETROBRAS SELLS $1.4 BLN
Petrobras said that it sold a 67% stake in its Petrobras Argentina subsidiary to Pampa Energía, an Argentinean energy firm, for $892 million. Petrobras had previously disclosed that it was in negotiations with Pampa Energia.
2016, May, 5, 18:05:00HALLIBURTON VS U.S.: SENSELESSLY
Halliburton’s chief executive has blamed an increasingly difficult US regulatory climate for the collapse of his company’s $28bn bid for rival Baker Hughes, which was abandoned on Sunday.
2016, May, 3, 14:55:00THREE FACTORS OF BP
BP’s own forecast shows global energy demand rising one-third higher by 2035 than it is today, which would be like adding the total combined energy demand of the US, the European Union, and Japan. And it’s BP’s expectation that more than half of this demand will be met by oil and gas by 2035.
2016, April, 26, 20:15:00IMF SELLS MONEY
The International Monetary Fund said it was encouraged by the efforts of Saudi Arabia and other Gulf Arab oil exporters to repair damage to their state finances as low crude prices slash export revenues.
2016, April, 26, 19:35:00ROSNEFT CUT STAFF: 20%
Within unstable market conditions Rosneft proceeds looking for new sources of increase of the Company’s capitalization, boosting the efficiency of the investment program and its operations. This will inevitably relate to the operations of the central administrative office – we have set a goal to cut its staff size by 20% relative to the level of 01.01.2016.
2016, April, 24, 12:55:00RUSSIA CUTS PRICE
“With this rule, the Russian government is trying to break the vicious dependence of the economy on oil via the ruble. What’s changing is that the Russian government is signaling to the market participants that the ruble will be more predictable to spur investments into the economy.”
2016, April, 24, 12:40:00OIL MAJORS: THE WORST
The impact of weaker prices is being compounded by lower profits from refining, a business that has been bailing out oil majors over the past couple of years. Global refining margins dropped to $10.50 a barrel in the first quarter, 31 percent lower than a year earlier and 20 percent lower than the preceding quarter.
2016, April, 24, 12:30:00SCHLUMBERGER CUTS 2,000 JOBS
Since November 2014, when the oil bust started to take hold of the energy industry, Schlumberger has cut 36,000 jobs, or 28% of its workforce.
2016, April, 24, 12:25:00HALLIBURTON CUTS 6,000 JOBS
The company revenue in the first quarter fell to $4.2 billion, a 40 per cent decline from the first quarter of 2015. That’s in line with the average analyst estimate of $4.2 billion.
2016, April, 17, 19:25:00GLOBAL DEFAULT $50 BLN
“The one hope is that earnings bounce back and company cash flows [improve],” Mr Caprio added. “If that doesn’t happen, [companies] will have debt to pay off and it is unclear how they’ll pay it.”
2016, April, 15, 21:30:00RUSSIA SAVES BP
“We remain committed to our strategic investment in Rosneft,” Scott Dean, a company spokesman, said by e-mail, adding that BP complies with all relevant European and U.S. sanctions. “In the low oil-price environment, Rosneft continues to deliver solid operational and financial performance, demonstrating the resilience of its business model.”
2016, April, 15, 21:15:00U.S. LOSSES
Lenders including JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are setting aside more money to cover potential loan losses after crude prices fell 61 percent in less than two years.
2016, April, 12, 20:30:00CHEVRON: MARKETS ARE BETTER
"Now we're seeing reductions in spending on shorter cycle projects, in other words immediate drilling activity," Watson said. "Rig rates in the US are down almost 80%, we're seeing decline in rig rates around the world and we're starting to see the supply response that everyone has expected. So we're seeing the markets come back into better balance [but] it may take more time."
2016, April, 10, 13:50:00OIL MAJORS RATINGS DOWN
Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA’s was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody’s said. Prices are expected to stay low through this year and next and continue to pressure Total’s operating cash flows and credit metrics, Moody’s said.