Anadarko Petroleum Corp. is reducing its capital spending plans by almost half this year, but volumes still could be up to 4% higher, led in the United States by conventional production in the deepwater Gulf of Mexico and continued strength from the Wattenberg field in Colorado and Permian Basin, despite lower planned activity.
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BP’s Dudley Says Prices Lower For Longer, ‘Not Lower Forever,’ as Profits Plunge
BP plc reported a 91% decline in fourth quarter profits year/year, with earnings off 89% sequentially as writeoffs from canceled projects and writedowns from lower realizations slammed the supermajor.
February 2, 2016
Five-Year Low During 4Q For U.S. Oil, Gas Dealmaking, Says PwC US
Merger activity in the U.S. energy sector reached its lowest levels in five years during the last three months of 2015, both for values and volumes, PwC US said Thursday.
January 29, 2016
Hess Scales Way Back in Lower-For-Longer Oil Price Environment
Reflecting widespread expectations of a “lower for longer” oil price environment in 2016, Hess Corp. said it will be dramatically scaling back U.S. onshore exploration and production (E&P) activities heading into the new year.
January 29, 2016
BG Shareholders Approve Shell Merger; Deal Could Close Feb. 15
BG Group shareholders overwhelmingly approved the proposed merger with Royal Dutch Shell plc at their general meeting on Thursday, clearing one of the last hurdles to creating a global energy giant.
January 28, 2016
Not ‘Business as Usual,’ But Enterprise Reports Profitable 4Q
Enterprise Products Partners LP was able to hold its own during a fourth quarter that was anything but business as usual with regard to commodity prices.
January 28, 2016
Williams Partners Cuts Spending by One-Third
Low commodity prices and the consequent slowdown in the natural gas patch prompted Williams Partners to slash its 2016 capital spending plan by $1.2 billion — a reduction of 32% to about $2.1 billion from previous plans as projects are deferred, delayed or canceled.
January 26, 2016
Schlumberger Lays Off 10,000 More People; U.S. Land Activity Decline ‘Sharpest’ Since 1986
Schlumberger Ltd. lost more than $1 billion in the fourth quarter and reduced its workforce by another 10,000 as tight exploration budgets slammed profits for the world’s largest oilfield services company.
January 22, 2016
Kinder Cuts Planned Spending After 4Q Loss
Kinder Morgan Inc. (KMI) Wednesday retrenched again in the face of weak commodity prices, cutting spending plans while it emphasizes self-funded growth through only the highest-return projects. A $1.15 billion impairment drove the fourth quarter to a net loss of $637 million compared with net profit of $126 million in the year-ago quarter.
January 21, 2016
TransCanada Sues Over Keystone XL Rejection, Seeks $15B in Damages
TransCanada Corp. has filed a lawsuit in U.S. federal court and said it intends to initiate a claim under the North American Free Trade Agreement (NAFTA) over the Obama administration’s rejection of the controversial Keystone XL oil pipeline. The company is seeking $15 billion damages.
January 7, 2016
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