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Posts under ‘Bloomberg’

Crude at $49: The New Reality for Big Oil Companies

FROM BLOOMBERG Crude at $49: The New Reality for Big Oil Companies by Joe Carroll (Bloomberg) — Financial results from a fourth quarter that saw the collapse of the crude market will provide a window into how the world’s biggest oil companies are adjusting to a new reality of slowing growth and low prices. Oil that […]

U.S. Seen Limiting Oil Drilling in Arctic, May Open Atlantic

26 JAN 2015 (Bloomberg) — The U.S. Interior Department will lay a framework as soon as Tuesday for oil exploration in the nation’s coastal waters in a five-year plan that is expected to withdraw areas off Alaska while possibly adding parts of the Atlantic. Republican Lisa Murkowski said the head of the offshore energy office […]

Shell stokes up its fire sale

Introduction by John Donovan Bloomberg is reporting that Shell has agreed to sell its stake in the Bijupira and Salema fields in Brazil. This development is no doubt in response to the collapse in oil prices and is stoking up the fire sale instituted by CEO Ben van Beurden when Shell announced a profits warning […]

The dramatic consequences of plunging oil prices

“Brent futures are set to fall to as low as $31 a barrel by the end of the first quarter from about $48 now.”; “People know these prices are unsustainable,” he said, and they will lead to large-scale layoffs and cuts in maintenance spending, which will eventually sharply reduce overall output. BP’s announcement of layoffs was […]

Arctic Explorers Retreat From Hostile Waters With Oil Prices Low

From an article by Mikael Holter published 14 Jan 2015 by Bloomberg under the headline: “Arctic Explorers Retreat From Hostile Waters With Oil Prices Low” When Statoil ASA (STL) acquired the last of three licenses off Greenland’s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an […]

Brace for $40-a-barrel oil

FROM AN ARTICLE BY GRANT SMITH PUBLISHED BY BLOOMBERG.COM ON 14 JAN 2015 UNDER THE HEADLINE: Oil at $40, and Below, Gaining Traction on Wall Street Extracts Brace for $40-a-barrel oil. The U.S. benchmark crude price, down more than $60 since June to below $45 yesterday, is on the way to this next threshold, said […]

Shell puts the brakes on

By John Donovan In response to the collapse in the price of oil, Shell and Qatar Petroleum have abandoned a $6.4 billion joint venture to build a petrochemical complex in the Ras Laffan Industrial City.  Extract from a Reuters Report:, Prices quoted by companies to build the huge complex showed the project was “commercially unfeasible, […]

Shell, Total Lead Energy Shares Lower – $45 a barrel

From an article by Alan Soughley published by BloombergBusinessweek 13 Jan 2015 under the headline:  “European Stocks Decline; Shell, Total Lead Energy Shares Lower” Extracts Royal Dutch Shell Plc and Total SA led energy-related companies lower… A gauge of energy stocks slid 1 percent today, for the worst performance of the 19 industry groups on […]

Oil prices renewed their declines on Monday, dropping below $49 a barrel

Article by Ron Bousso published 12 Jan 2015 by Reuters under the headline: “Oil prices extend falls; Goldman Sachs slashes forecasts” LONDON (Reuters) – Oil prices renewed their declines on Monday, dropping below $49 a barrel as Goldman Sachs slashed its short-term forecasts and Gulf producers showed no signs of cutting production. Both Brent and […]

Panic sets in: Shell Canada job cuts

From Business News Network: 9 Jan 2015 BNN Exclusive: Shell Canada lays off oil sands workers In the face of collapsing crude prices, Shell Canada confirms to BNN it will reduce its oil sands workforce. The company says less than 10 percent of its total oil sands headcount will be impacted, which currently stands at roughly […]

Market Collapse: 5 percent of Shell’s capital invested in money-losing projects?

From an article by Joe Carroll and Tara Patel published 6 Jan 2015 by BloombergBusinessweek under the headline: “Oilfield Writedowns Loom as Market Collapse Guts Drilling Values”  Shell, Europe’s largest energy producer, may have as much as 5 percent of its capital tied up in money-losing projects. Extracts Tumbling crude prices will trigger a flood […]