Archive for January, 2015

Kinder Morgan Exec Talks the Bakken, Oil Prices

The CEO of Kinder Morgan Inc., Richard Kinder, believes that change goes hand in hand with opportunity. In a recent report by The Bakken Magazine, the leader of North America’s largest midstream energy firm and the third largest energy company spoke about the changes within the company and the state of the commodity price market….

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Defaults on Oil Loans Loom Over Whistler Ski Trip: Canada Credit

(Bloomberg) — A specter of rising defaults marred the view of pristine peaks as Canadian energy executives gathered at the Whistler ski resort.

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Leading Shale Driller Starts Mass Lay-offs Eliminating Thousands Of US Jobs

Wednesday afternoon, Upstreamonline reported that Helmerich & Payne has started a round of steep lay-offs that will impact thousands of land drilling crewmen. Anecdotally, we have been hearing about land drilling lay-offs in the Permian Basin by Helmerich & Payne for several weeks now. The Oklahoma-based company employs about 10,350 people in its provision of land rigs […]

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Oil’s Plunge Hurts Houston Office Sales, Calgary Leases

In Houston, the center of the U.S. oil and gas industry, Shorenstein Properties last month took its 28-story Five Post Oak Park office tower off the market after receiving bids, said Olivia Hennessey, a spokeswoman for the broker, HFF Inc. In Calgary, Alberta, more companies are seeking to sublet space they no longer need as […]

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Shell cuts $15 Billion of spending as profit misses expectations

Royal Dutch Shell Plc will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts….

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US oil well shut-ins start as crude rout batters small producers

Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the…

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The Best Indicator That Oil Prices Will Rise — Quickly

No matter what the “experts” say, no one really knows whether oil prices are going higher or lower over the next year. But the invisible hand of the market is definitely making a guess that looks very bullish for energy companies and investors. Looking at the price of oil futures, we can get a glimpse […]

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BP cuts jobs in Houston as it trims Gulf of Mexico business

HOUSTON – BP said Wednesday it is laying off employees in Houston to cope with falling oil prices, but refused to say how many of the local jobs will be cut. The British oil giant’s cuts, concentrated on the support staff at its Houston offices, are part of an effort to simplify its …

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Oil lobbying group buys Super Bowl ad

The oil industry’s top trade group will be among the advertisers vying for attention during halftime of Sunday’s Super Bowl game, according to an ad contract obtained by a political spending database….

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Hamm: Oil prices could rise sooner than you think

HOUSTON — The market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound faster than many observers expect, Continental Resources CEO Harold Hamm said Wednesday…

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