Tuesday, September 22, 2020
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Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the COVID-19 pandemic hammered global demand for crude oil and refined products. Crude prices collapsed earlier this year to historic lows as coronavirus lockdowns drained demand and...

Baker Hughes posts second quarterly loss as oil slump slams demand

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility. Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that...

Oil prices jump on vaccine hopes & EU deal

Oil rose on Tuesday, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.24 cents at $44.52 by 1337 GMT, on track...

Halliburton posts third-straight quarterly loss on shale slump

Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and collapse in drilling by North American customers. Demand for drilling services offered by Halliburton and rivals like Schlumberger and Baker Hughes sank...

Oil prices slip amid uncertainty about fuel demand, rising output

Oil prices slipped on Friday amid growing uncertainty about the recovery in fuel demand as coronavirus cases surged in several countries, while major crude producers prepared to lift output. Brent crude futures fell 32 cents to $43.05 a barrel by 1122 GMT. U.S. West Texas Intermediate (WTI) crude dropped 25 cents...

Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts

Oil prices rose 1% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic. Brent crude was up 64 cents, or...

Canada’s Calfrac rejects Wilks Brothers proposals to buy U.S. business

Calfrac Well Services said on Tuesday it had rejected two proposals submitted by share and debt holder Wilks Brothers to buy the Canadian oilfield services firm's U.S. business in exchange for some of the company's debt. Calfrac said the two non-binding proposals submitted last month "significantly undervalued" the unit and...

Oil diplomacy and the U.S. presidential election

Slower growth in petroleum consumption has intensified competition among the major oil producers and contributed to periodic volume wars and price slumps as they have fought for market share. For now, the big three producers, Russia, the United States and Saudi Arabia, have reached a truce to stabilise prices during the...

Refiner Irving Oil to lay off 6% of global workforce as pandemic saps demand

July 8 (Reuters) - Irving Oil will lay off 6% of its global workforce due to economic challenges presented by the coronavirus pandemic, the refining company said on Wednesday. Energy companies across the world have been slashing jobs as the global coronavirus pandemic saps demand for crude oil, refined products...

Record debts come due for Canadian oil patch after five years of crisis

WINNIPEG, Manitoba/TORONTO, July 5 (Reuters) - Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt...
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Recently Added

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly...

Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep...
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