Iran qualified 29 international oil companies to bid in tenders for crude and natural gas development projects as the Persian Gulf state seeks investment in energy. China National Petroleum Corp., Royal Dutch Shell Plc and Total SA are among the companies that will be invited to bid in tenders, according to a list published Monday on the website of National Iranian Oil Co.
Category: Oil & Gas
Tillerson to Cede Control of $240 Million in Exxon as Trump Pick
Rex Tillerson, former Exxon Mobil Corp. chief executive and President-elect Donald Trump’s pick for U.S. secretary of state, will relinquish control of about $240 million in company shares if confirmed as he severs ties to comply with conflict-of-interest requirements. If confirmed, Tillerson will sell the more than 600,000 shares he owns in the largest U.S. oil explorer and transfer the value of more than 2 million in deferred shares to an independently managed trust, Exxon said in a statement dated Jan. 3. The former CEO would have received the shares over the next 10 years.
Oil Starts New Year Higher as Kuwait Delivers on OPEC Output Cut
Oil advanced after the biggest annual gain since 2009 as output cuts by Kuwait signaled OPEC and other producing nations started trimming production to stabilize the market. Futures rose as much as 0.9 percent in New York after increasing 45 percent last year.
Kitty litter helps Wyoming bentonite past drilling slump
The market for a peculiar type of clay is looking up thanks to improved prospects for oil and gas drilling and to cat owners who use the stuff to soak up their pets’ business. Over 90 percent of all bentonite mined in the U.S. and almost half worldwide comes from beds of ancient volcanic ash in Wyoming.
Kitty litter helps Wyoming bentonite past drilling slump
The market for a peculiar type of clay is looking up thanks to improved prospects for oil and gas drilling and to cat owners who use the stuff to soak up their pets’ business. Over 90 percent of all bentonite mined in the U.S. and almost half worldwide comes from beds of ancient volcanic ash in Wyoming.
Oil Makes Biggest Annual Gain Since 2009 Before OPEC Supply Cuts
Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories. Futures rose 52 percent in London this year after closing little changed on Friday.
US rig count up 5 this week to 658; Texas adds 3
The number of rigs exploring for oil and natural gas in the U.S. increased by five this week to 658. A year ago, 698 rigs were active.
‘Best Idea’ Apache Supplants Chevron as My Chief Long in 2017
I’m a trader who specializes in intraday and swing trading rather than long-term investing, but in the fourth quarter of 2015 I really started like Chevron Oil prices are cyclical: price declines curtail production and increase demand so that prices eventually would rise CVX’s mix of upstream and downstream and strong balance sheet would give it the financial strength to navigate the downturn Due to those factors, I have been steadily bullish on CVX. For 2017, I’m switching my allegiance to Apache Oil prices have risen above $50 a barrel.
TD Leads Canadian Stock Sales as Energy Deals Fuel Record Year
Toronto-Dominion Bank took top spot for managing Canadian stock sales in 2016 as large energy deals led by pipeline operator TransCanada Corp. helped set a record for equity financings. The amount raised from initial public offerings, secondary sales and equity-linked securities reached C$50.4 billion , up 17 percent from 2015, according to data compiled by Bloomberg.
Why Sears Holdings, GNC Holdings, and Pengrowth Energy Slumped Today
Friday once again was a letdown for those who had hoped that Dow 20,000 would happen at some point during the week. Stocks gained slightly, but the Dow’s rise was limited to 15 points, leaving it 66 points shy of the fabled milestone.
Pengrowth Energy Corp Is Edging Away From Financial Disaster
Unless commodity prices dramatically improve, the company would not remain in compliance with certain of its financial covenants in the second half of 2017. Because of this situation, the company needed to find a solution to avoid a disaster.
How to Trade Chevron, Exxon Mobil as They Lag Crude Oil
As crude oil sets new 2016 highs, so do shares of Chevron and Exxon Mobil, with Chevron eking out a new high on Wednesday. Here’s how to trade them.
Covey Park continues Haynesville roll up with Chesapeake asset deal
The Denham Capital Management LP-backed operator has been an active consolidator in the play in 2016, while the $465 million deal wraps up the seller’s $2 billion divestiture program. Chesapeake Energy Corp. said Tuesday, Dec. 20, it has reached an agreement to sell the second portion of the company’s acreage and producing properties in the Haynesville Shale in northern Louisiana to an affiliate of private equity-backed Covey Park Energy LLC for $465 million.
Delta and Alaska Air Terminate Their “Frenemy” Relationship
While the two carriers have a codeshare and frequent flier partnership, they have aggressively entered each other’s markets and tried to steal customers from one another. This week, Delta and Alaska Air abandoned the pretense of being partners.
Rosneft Could Accelerate Global Expansion in 2017, Says WoodMac
Rosneft PJSC has the opportunity to accelerate its international expansion next year as the political environment becomes more favorable for the state-run Russian oil producer. U.S. President-elect Donald Trump’s “Russia-friendly rhetoric” and the appointment of Exxon Mobil Corp. Chief Executive Officer Rex Tillerson as Secretary of State “are likely to have a profound impact on the way Russia is perceived by the West,” according to consultant Wood Mackenzie Ltd. Rosneft has recent international success to build upon — its $1.1 billion purchase of a stake in an Egyptian gas field and the Russian government’s sale of 19.5 percent of the company to Glencore Plc and Qatar’s sovereign wealth fund.
Beijing Orders 1,200 Factories to Close or Cut Output Amid Smog
Beijing municipal government ordered more than 1,200 factories in the printing, construction materials and petrochemical industries citywide to either suspend or cut output after earlier issuing this year’s first red alert warning for severely high levels of air pollution. Under a contingency plan for severe air pollution, the city shut down more than 700 plants with production procedures that will pollute air and required 500 more to reduce production, according to a statement posted on the municipal government website on Saturday.
Tillerson’s Foreign Prowess Said Aided by Exxon Intelligence Arm
Even before Donald Trump tapped him to be the top U.S. diplomat, Rex Tillerson already had his own State Department. Behind the walls of Exxon Mobil Corp.’s secluded corporate headquarters in suburban Dallas, a little-known intelligence unit works to keep top executives informed on economic, social and political situations around the world so they never walk into a foreign negotiation unprepared.