Oil

Oil

Soros buying into Devon and Transocean

Source: 
Reuters

Soros Fund Management was among those hedge funds increasing their energy positions in the fourth quarter, picking up shares in Devon Energy and Transocean, according to filings with the Securities and Exchange Commission, Reuters reports.

Oil

Repsol offer gets OK from Talisman shareholders

Source: 
Reuters

An $8.3 billion offer for Talisman Energy Inc. from Spain’s Repsol SA has gotten approval from the Canadian company’s shareholders in a vote Wednesday, Reuters reports.

Oil

January US wholesale prices drop 0.8 percent on gasoline slide

WASHINGTON (AP) — U.S. wholesale prices fell by a record amount in January, led by the biggest drop in gasoline prices in six years.

The Labor Department said Wednesday that its producer price index declined 0.8 percent last month, the biggest drop in a data series that goes back to November 2009 when the government changed the calculation methods for its wholesale price index.

Oil

US factory output rose a modest 0.2 percent in January

WASHINGTON (AP) — U.S. factory production edged up last month as manufacturers cranked out more computers, clothing and steel and other metals, offsetting declines in autos and aerospace.

Factory production increased 0.2 percent in January after a flat reading in December, the Federal Reserve said Wednesday. December's reading was revised down from a 0.3 percent gain. The data suggests manufacturing is still supporting the economy, even though it is growing at a weaker pace than last year.

Oil

Blast devastates refinery, sends ash raining down on area

TORRANCE, Calif. (AP) — An explosion devastated part of a major refinery on Wednesday morning, raining down ash in the area and, experts say, likely helping to increase California gas prices, which have been creeping up in recent weeks.

A huge smokestack flare — in which workers were burning off flammable product after the explosion — could be seen for miles around. Four contractors suffered minor injuries as workers fled the site of the blast, according to ExxonMobil, which owns the refinery.

Oil

Mexico puts some deep-water oil on hold amid crude's slide

MEXICO CITY (AP) — Mexico's state-run oil concern is postponing some deep-water exploration projects in response to a steep drop in global crude prices, the company's director said Wednesday.

Emilio Lozoya, head of Petroleos Mexicanos, or Pemex, also said there will be personnel cutbacks at the company, with details to be made known in the coming weeks.

Oil

Oil prices retreat over supply glut

Source: 
Reuters

Oil prices dropped early Wednesday on fears from cautious investors that the recent rally went too far given the continuing supply glut. U.S. benchmark crude fell 64 cents to $52.89 a barrel in electronic trading on the Nymex, while in London Brent slid $1.03 to $61.50, Reuters reports.

Oil

Eni reports writedowns and wider losses but higher dividend

Source: 
The Wall Street Journal

Losses mounted for Eni SpA in the fourth quarter, as the Italian company reported its red ink climbed to $2.67 billion on the drop in oil prices, although it was increasing its shareholder dividend slightly, The Wall Street Journal reports.

Oil

Shell facing formidable, expensive Brent dismantling

Source: 
The New York Times

Royal Dutch Shell, which this month filed plans with the U.K. government to dismantle one of its North Sea oil platforms, faces a mammoth and expensive task as it decommissions the Brent field, The New York Times reports.

Oil

IHS reports shrinking discoveries, predicts increasing oil demand

Source: 
The Financial Times

Drillers discovered around 16 billion barrels of oil equivalent last year, according to preliminary figures from research firm IHS. It’s the fourth year in a row that volume figure has dropped, and the amount may turn out to be the smallest quantity found since the early 1950s, which could have a big impact on prices in the future, The Financial Times reports.

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