Oil

Oil

Exxon takes on divestment movement in post

Source: 
National Journal

Exxon Mobil Corp. took to its blog titled "Perspectives" to attack divestment, an effort by environmental activists to urge schools, churches and pension funds to break financial ties with oil and coal companies, calling the movement "out of step with reality," National Journal reports.

Oil

General Electric plans helicopter leasing buy for energy services

Source: 
FuelFix

General Electric announced intentions to acquire an Irish helicopter leasing firm for $1.78 billion, with plans to use the fleet of 168 to transport crews to offshore oil and gas platforms and mining sites, FuelFix reports.

Oil

IEA oil demand growth forecast at weakest in five years

Source: 
The Wall Street Journal

The International Energy Agency slashed its 2014 forecasts for oil demand growth to 700,000 barrels a day, a cut of 200,000 barrels a day, making it the weakest projection in five years, The Wall Street Journal reports.

Oil

West Texas Intermediate prices continue decline in electronic trades

Source: 
Bloomberg

West Texas Intermediate continued its decline from a 22-month low close of $85.74 per barrel yesterday, falling as low as $84.64 in electronic trading in response to International Energy Agency forecasts suggesting slower oil demand growth, Bloomberg reports.

Oil

Kuwait backs Saudi position, sees no quick OPEC supply cuts

Source: 
Bloomberg

Kuwait indicated it would follow Saudi Arabia's lead on not immediately cutting oil production amid plunging prices, further indicating that Venezuela's call for an emergency meeting won't be answered, Bloomberg reports.

EnergyGuardian
Oil

Analysis : Oil exports fight looks to drag on

For those hoping the Energy Information Administration will make a definitive case for or against the U.S. oil exports ban, this weekend was a letdown.

EIA's study for the Obama administration on the tie between oil exports and gasoline prices is almost done, and the preliminary numbers don't show a strong link, Administrator Adam Sieminski said Sunday on the Platts Energy Week program.

That's not the news either side of the debate wants to hear. They alternatively contend that lifting the ban would drive gasoline prices down or up. But a finding of little impact takes some of the sting out of both arguments, in a fight that may not be resolved anytime soon.

Oil

Falling prices may press Bakken drillers to temper 2015 plans

Source: 
Bloomberg

The recent decline in crude oil prices is putting pressure on some oil producers working the Bakken shale to curb their drilling plans for 2015, as the extraction process requires prices between $70 and $80 per barrel to make target returns, Bloomberg reports.

Oil

CSX, Canadian Pacific talks still alive, sources say

Source: 
The Wall Street Journal

Though CSX wasn't initially responsive to a merger proposed by Canadian Pacific Railway, people familiar with talks tell The Wall Street Journal that a deal is still possible as Canadian Pacific Chief Executive Hunter Harrison makes the case that the move would streamline rail transport.

Oil

Targa buying Atlas Pipeline, Atlas Energy

HOUSTON (AP) — Targa Resources is buying Atlas Pipeline Partners and Atlas Energy in a deal valued at close to $6 billion, creating a huge energy transportation and storage company.

Targa Resources Partners LP, based in Houston, will pay $4 billion and assume $1.8 billion in debt for Atlas Pipeline. Each Atlas Pipeline unitholder will receive 0.5846 units of Targa Resources Partners and a one-time cash payment of $1.26 per Atlas Pipeline unit for total consideration of $38.66 per Atlas Pipeline unit.

Oil

US indexes slide, led by energy stocks

U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.

The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.

Pages

Subscribe to Oil