Tag: Oil Prices

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Shell job cuts: 2,200 more employees out of work in face of weak oil prices

Shell job cuts: 2,200 more employees out of work in face of weak oil prices

Shell job cuts targeted to be 12,500 by year’s end LONDON, May 25 (Reuters) – Royal Dutch Shell will cut a further 2,200 jobs, taking its target for layoffs to 12,500 by the end of the year, the Anglo-Dutch oil firm said on Wednesday, as it cuts deeper in the face of weak oil prices. Shell […]

May 25, 2016 | By | Reply More
Japex to keep oil sands operations idle after fire due to low prices

Japex to keep oil sands operations idle after fire due to low prices

Japex Hangingstone project closed for foreseeable future TOKYO, May 12 (Reuters) – Japan Petroleum Exploration (Japex) will not restart production at its Hangingstone oil sands concession in Alberta, Canada, for the foreseeable future due to low prices, even after devastating fires in the area were brought under control. Japex, which shut down its 5,000 barrels per […]

May 12, 2016 | By | Reply More
Lightstream Resources says risk of mid-June debt default

Lightstream Resources says risk of mid-June debt default

Lightstream Resources looking at asset sales, restructuring By Nia Williams CALGARY, Alberta, May 2 (Reuters) – Canadian oil and gas producer Lightstream Resources warned on Monday it could fail to meet a debt payment obligation due in mid-June if it is unable to bolster its balance sheet through asset sales. The Calgary-based company also said its […]

May 2, 2016 | By | Reply More
Ritchie Bros. Edmonton auction sets new records as oil slump lingers

Ritchie Bros. Edmonton auction sets new records as oil slump lingers

Over $240 million sold at Alberta Ritchie Bros. auction CALGARY, Alberta, May 2 (Reuters) – Ritchie Bros. Auctioneers sold more than C$240 million ($191.53 million) of equipment at its biggest ever Canadian auction over the weekend, as Alberta’s struggling oil sector continues to downsize amid a persisting crude price slump. The world’s largest industrial equipment […]

May 2, 2016 | By | Reply More
Oil price weakness drives Imperial Oil to bigger-than-expected loss

Oil price weakness drives Imperial Oil to bigger-than-expected loss

Imperial Oil US$81 million By Nia Williams CALGARY, Alberta, April 29 (Reuters) – Canadian integrated oil producer and refiner Imperial Oil Ltd reported a slightly bigger-than-expected quarterly loss on Friday, hurt by continued weakness in global crude prices. Imperial’s net loss was C$101 million ($81 million), or 12 Canadian cents per share, in the first quarter […]

April 29, 2016 | By | Reply More
Pacific Exploration gets court approval for $500 mln DIP facility

Pacific Exploration gets court approval for $500 mln DIP facility

Pacific Exploration also plans to file for protection under Chapter 15 in the US April 27 (Reuters) – Pacific Exploration & Production Corp said an Ontario court approved a $500 million debtor-in-possession financing facility for the Canadian company and its units, hours after it filed for creditor protection. The Ontario Superior Court of Justice also approved […]

April 27, 2016 | By | Reply More
Venezuela formally proposes non-OPEC producers attend Vienna meeting

Venezuela formally proposes non-OPEC producers attend Vienna meeting

OPEC meeting to continue “dialogue and coordination” CARACAS, April 26 (Reuters) – Venezuela has proposed that non-OPEC oil producers attend the group’s June meeting in Vienna to continue “dialogue and coordination,” according to a letter from the South American country’s oil minister to the Qatari energy minister, who is also the current organization’s president. A deal […]

April 26, 2016 | By | Reply More
Russian oil snapped up ahead of China fuel price hike – sources

Russian oil snapped up ahead of China fuel price hike – sources

5 million barrels of Russian oil bought for Chinese refiner By Florence Tan SINGAPORE, April 26 (Reuters) – Unipec, the trading arm of Asia’s largest refiner Sinopec, has bought more than 5 million barrels of Russian oil for loading in June as it prepares to raise refinery runs in China, industry sources said on Tuesday. Unipec’s […]

April 26, 2016 | By | Reply More
BP eyes more spending cuts after 80 percent profit drop

BP eyes more spending cuts after 80 percent profit drop

BP says it can balance books at $50-55/barrel By Ron Bousso and Karolin Schaps LONDON, April 26 (Reuters) – BP said on Tuesday it could cut capital spending further after reporting an 80 percent drop in profits in the first quarter of the year, when oil prices touched a near 13-year low. The British oil […]

April 26, 2016 | By | Reply More
Oil prices rally, bring up energy, financial stocks

Oil prices rally, bring up energy, financial stocks

TSX up 28.77 points TORONTO, April 26 (Reuters) – Canada’s main stock index rose on Tuesday as higher oil prices supported energy stocks while financial sector stocks also advanced, offsetting deep losses for one of the country’s major railway stocks. The most influential movers on the index included Canadian Natural Resources Ltd, which rose 1.2 percent […]

April 26, 2016 | By | Reply More