Category: Oil & Gas

Trump Cheers Exxon’s Plan to Create 45,000 Jobs

Exxon Mobil will spend $20 billion by 2022 to expand its footprint along the U.S. Gulf Coast, creating more than 45,000 jobs. The world’s largest publicly traded oil company said Monday it will invest in refining and chemical-manufacturing projects at 11 proposed and existing sites, located in Texas and Louisiana.

Transocean Delays 10-K Filing

Shares of Transocean are lower by 2.35% to $13.72 in pre-market trading on Thursday morning, after the international offshore contract drilling provider announced it is delaying the filing of its form 10-K. The company said it needs additional time to complete the form, which includes the evaluation of disclosure controls and procedures.

Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era

Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.

Petrobras settles four more lawsuits with investors in the U.S.

Feb 24 Brazil’s state-run oil company Petroleo Brasileiro SA, or Petrobras, said on Friday its board has approved settlements with investors in four more lawsuits in a U.S. federal court in New York. In a securities filing, Petrobras said the new settlements would raise total provisions for the lawsuits to $372 million in the fourth quarter, $8 million above the quarter ended in September.

Tellurian: Cramer’s Top Takeaways

Tellurian’s Charif Souki tells Jim Cramer he’s bullish on the ability of the U.S. to export more natural gas. In an “Executive Decision” segment, Cramer spoke with Charif Souki, former head of Cheniere Energy and now the co-founder and chairman of Tellurian , a stock that was up 12.1% today.

Exxon Mobil Reportedly Resumes Nigerian Layoffs

Exxon Mobil reportedly laid off 89 workers mainly at its Qua Iboe terminal in south-eastern Nigeria, according to an anonymous source. Workers in Nigeria ended a strike at the company’s headquarters in the country in December following the firing of more than 100 employees.

European Oil Majors Rise on Record Bets For Further Crude Gains

Europe’s biggest oil company stocks notched solid gains Tuesday as crude prices continued to rise on increased bets that OPEC’s production cut discipline will offset rising U.S. supply signals. Europe’s biggest oil company stocks notched solid gains Tuesday as crude prices continued to rise on increased bets that OPEC’s production cut discipline will offset rising U.S. supply signals.

3 Stocks We Like More Than Kinder Morgan Inc.

Travis Hoium : Kinder Morgan is supposed to be a cash-flow machine for investors, acting as a toll collector on thousands of miles of oil and gas pipelines. At the end of the day, the company should be judged by its cash flow and dividend — which is no longer a great value at a 2.2% dividend yield.

Chesapeake Energy Settles With Estate of Former CEO

Chesapeake Energy Corporation’s 50 acre campus is seen in Oklahoma City, Oklahoma, April 17, 2012. From a single 6,000-square-foot building in 1989, the multi-building complex today contains almost one million square feet of office space and includes … employee perks like on-site Botox treatments at the headquarters.

Wall Street’s Love Affair With Energy Heats Up as Rigs Roll Out

Wall Street is throwing the most money at U.S. energy companies since at least 2000 amid growing confidence that the industry is emerging from the worst downturn in a generation. Energy firms raised $6.64 billion in 13 equity offerings in January, drawn in by a rich combination of oil prices consistently above $50 a barrel and a rush to drill that’s doubled the rigs in use in the U.S. and Canada since May. The biggest change from last year: Oilfield servicers that provide the rigs, fracking equipment and sand used by drillers.

Cheniere Is Ready for Another Leg Up

Cheniere Energy has one of these chart patterns that tells us this stock is ready to pop higher. We liked the strong move up just a couple weeks back, and now we see some consolidation that forms a bullish pennant pattern.

3 Reasons Phillips 66’s Earnings Were Such a Disappointment

Not only did those problems grow worse during the fourth quarter, but a range of items across several of the company’s other business segments caused its earnings to deteriorate even further. As a result, the company did not even come close to meeting expectations when it reported fourth-quarter results on Friday morning, as adjusted earnings were just $0.16 per share, which was $0.24 less than analysts’ expectations.

ConocoPhillips Reports Smaller Quarterly Loss

ConocoPhillips, the largest U.S. independent oil producer, posted a much smaller quarterly loss from a year earlier, when it recorded a $2.7 billion charge. The company’s net loss narrowed to $35 million, or 3 cents per share, in the fourth quarter, from $3.45 billion, or $2.78 per share.

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Secretary of State-designate Rex Tillerson testifies on Capitol Hill in Washington, Wednesday, Jan. 11, 2017, at his confirmation hearing before the Senate Foreign Relations Committee. CEO’s confirmation hearing, as the new Secretary of State presented a tougher stance on Russia and pledged greater support for Israel.

1 Thing Vanguard Natural Resources, LLC Has to Prove in 2017

That is after its banks had reduced the borrowing base under its credit facility for the second time that year resulting in another deficiency. This situation caused the upstream MLP to caution that: [It] anticipates that its forecasted excess cash flow will not be sufficient to pay the remaining borrowing base deficiency.

Exxon’s Profit Miss Shows No One Immune From Market Ravages

Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump, Exxon capitulated on Tuesday and took a $2 billion hit on the value of some Rocky Mountain gas.

Shell’s Divestment Push Reaches Thailand in $900 Million Sale

Royal Dutch Shell Plc will sell its stake in an offshore Thai gas field to a unit of Kuwait Petroleum Corp. for $900 million as the international energy giant continues hawking assets for cash in the midst of a years-long energy slump. Shell reached an agreement to sell two subsidiaries that own a combined 22.2 percent interest in the Bongkot field and adjoining offshore acreage to a subsidiary of Kuwait Foreign Petroleum Exploration Co., the unit known as Kufpec, Shell said in a statement Tuesday.

Will ConocoPhillips Raise Its Dividend in 2017?

Early last year, ConocoPhillips slashed its dividend, doing an about-face after having reassured investors that it remained committed to sustaining its payout. Now that crude oil has rebounded, some hope that ConocoPhillips will be able to return to its upward trajectory with its quarterly dividends.

XLE, SVXY: Big ETF Outflows

Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Energy Select Sector SPDR Fund , where 1,750,000 units were destroyed, or a 0.7% decrease week over week. Among the largest underlying components of XLE, in morning trading today Exxon Mobil is down about 0.6%, and Chevron is lower by about 1.5%.