May natural gas is expected to open 3 cents lower Thursday morning at $2.01 as traders largely discount what is expected to be a bullish government inventory report. Overnight oil markets rose.
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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.
Chevron Corp., the second-largest U.S.-based producer, and ConocoPhillips, the largest independent, unveiled drastically lower capital spending plans for next year as they plan for a continuing slump in commodity prices.
ConocoPhillips on Thursday said it would reduce 2016 capital spending by 25% year/year, with most of its budget earmarked for the Permian Basin and the Eagle Ford and Bakken shales.
December natural gas is set to open 6 cents lower Friday morning at $2.21 as traders see Thursday’s price decline as an indication of lower prices to come. Overnight oil markets fell.
One week after reaching into investors’ pockets with a dividend cut, Marathon Oil Corp. CEO Lee Tillman told analysts some of the dollars that would have gone to shareholders will find their way to the Eagle Ford Shale and the company’s emerging Oklahoma resource plays.
ExxonMobil Corp., the largest natural gas producer in the United States, saw its overall upstream profits slip by almost half year/year during the third quarter, but the super major is capturing significant drilling efficiencies and lower service costs, which have reduced capital costs year/year by close to $8 billion.
BP plc is becoming more competitive in the Lower 48 onshore following years of neglect, but natural gas prices under $3.00/Mcf Henry Hub put operations under more pressure, the company’s upstream chief said Tuesday.
November natural gas is expected to open 9 cents lower Monday morning at $2.20 as traders factor in another warmer revision to near-term temperature forecasts. Overnight oil markets were mixed.
The U.S. and Canadian rig counts continued their slide in the latest Baker Hughes Inc. census amid the mantra of “lower for longer” oil prices now widely spouted by industry executives and analysts.