It wasn’t surprising to see a majority of points softening again Friday as weather continued to be milder than in most winters and the weekend was taking a bite out of industrial demand. What may have been a bit surprising to some was that quite a few locations were flat or managed to rack up small gains to keep mixed price movement in play.
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ConocoPhillips Cuts Spending, Workforce
In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.
ConocoPhillips Cautioned on Replacing Reserves, Growing Output
In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.
Futures Drop a Half Dollar, But Downside Potential Questioned
Proving Monday’s 49.1-cent gain was all bark and no bite in the momentum category, December natural gas futures on Tuesday plummeted as global economy concerns continue to raise questions about commodity demand strength and weather forecasts continued to shift. The front-month contract ended up closing Tuesday’s regular session at $6.705, down 54.3 cents from Monday’s finish.
Slowdown in U.S. Land Drilling Expected to Impact Entire Sector
Weaker-than-expected North American natural gas drilling in the last four months has taken a bite out of earnings for at least two major U.S. oilfield contractors, and the slowdown is expected to impact energy earnings across the board for the next few months, according to energy analysts.
Slowdown in U.S. Land Drilling Expected to Impact Entire Sector
Weaker-than-expected North American natural gas drilling in the last four months has taken a bite out of earnings for at least two major U.S. oilfield contractors, and the slowdown is expected to impact energy earnings across the board for the next few months, according to energy analysts.
Nymex’s Secondary Offering to Include 7 Million Shares at $136.50
Looking to take a second bite of the apple, Nymex Holdings Inc., the parent company of the New York Mercantile Exchange Inc., announced last week the pricing of its secondary offering of seven million shares of its common stock at $136.50 per share.
Nymex’s Secondary Offering to Include 7 Million Shares at $136.50
Looking to take a second bite of the apple, Nymex Holdings Inc., the parent company of the New York Mercantile Exchange Inc., late Wednesday announced the pricing of its secondary offering of seven million shares of its common stock at $136.50 per share.
Drop in Gas Prices Dents Chevron’s 4Q Earnings
Declining natural gas prices in the last three months of 2006 took a big bite out of Chevron Corp.’s net income, the San Ramon, CA-based major said Friday. Chevron recorded a 9% boost to its U.S. gas output in 4Q2006, but nearly all of it was gas recovered following restorations to Gulf of Mexico (GOM) infrastructure damaged by hurricanes Katrina and Rita in 2005.
Analyst Sees Net Storage Withdrawals Kicking In
The gas storage surplus had a bite taken out of it last week, and consultant Stephen Smith believes the market should expect to see net withdrawals going forward because of the early cold weather.