Following the announcement of record net income in the fourth quarter of $663 million, oilfield services company Baker Hughes said it would shed 7,000 jobs early this year as a result of the oil price slide that has prompted a drilling slowdown, FuelFix reports.
If Rick Perry made another attempt at the presidency he’d want to be touting the economic success of Texas under his leadership, a plan that could be wrecked by an oil bust triggered by falling prices, Politico reports.
ATLANTA (AP) — Delta Air Lines Inc. reported a fourth-quarter loss because falling oil prices led it to write down the value of its fuel-hedging contracts, but the airline's results were still better than Wall Street expected.
Its shares rose more than 4 percent in midday trading Tuesday.
Delta reported a $712 million loss after taking $1.4 billion in special charges, mostly hedging losses.
CASABLANCA, Morocco (AP) — Morocco will experience strong economic growth in 2015 based on expectation of a bountiful harvest and the drop in oil prices, authorities said Tuesday.
Ahmed Lahlimi Alami, the high planning commissioner, told journalists that growth was expected to be 4.8 percent in 2015, a dramatic increase over 2.6 percent the previous year, which was marked by a poor harvest.
The deepest cut in a forecast by the International Monetary Fund in three years appeared to have little impact on oil prices early Tuesday, although they had fallen over the holiday weekend. West Texas Intermediate crude for February delivery was $1.31 lower than Friday’s close, at $47.38 a barrel in electronic trading on the Nymex, while in London March Brent gained 7 cents on Monday’s settlement, to $48.91, Bloomberg reports.
The latest attempt by traders to cash in on oil prices involves buying cheap crude now, storing it in supertankers, and selling it in the future when prices rise again, The Wall Street Journal reports.
WASHINGTON (AP) — Cheap oil doesn't only mean cheaper gas in the tank. It means that a car dealer in Illinois is shuffling the inventory of models he'll be selling, that more students in Wisconsin may get school-provided iPads, that some planned projects in a Southern California city will get delayed, and that some expected oilfield hiring in North Dakota and Texas may not happen.
In ways large and small, plummeting oil prices are now reverberating through businesses, towns, schools and family budgets, causing confusion and changing plans. With prices having fallen by nearly half in just six months, the potential impact has been sudden and wide ranging.
KUALA LUMPUR, Malaysia (AP) — Malaysia on Tuesday cut its economic growth forecast for this year and announced a slew of austerity measures as tumbling oil prices force the government to slash spending.
Prime Minister Najib Razak said the government's 2015 budget, announced in October, was based on oil prices averaging $100 a barrel but this projection was no longer realistic as global crude prices have dropped by over 50 percent. State oil company Petronas contributes about a third of Malaysian government revenue.
Expectation that statistics will show slower economic growth and energy demand in China was weighing on oil prices Monday. U.S. benchmark crude dropped $1.02 to $47.67 a barrel in electronic trading on the Nymex, while in London Brent fell the same amount to $49.15, Reuters reports.
Oil prices surged 8.3 percent in Friday trading as rig data suggested a slowdown in shale oil development, with Brent crude rising $3.86 to $52.99 a barrel and U.S. crude climbing $3.71 to settle at $48.24 a barrel, Reuters reports.
A survey conducted by Reuters reports that OPEC output rose by 130,000 barrels per day in January as Angola boosted exports and Persian Gulf producers kept steady or increased output, a signal that some members plan to stay the course on maintaining output despite low oil prices.
Despite the collapse of crude oil prices last year, the latest Commerce Department report of gross domestic output showed outlays for new oil rigs and wells rose 8.9 percent in the fourth quarter of 2014, even as equipment spending across all U.S. businesses fell, Bloomberg reports.
Chevron CEO John Watson, after his company reported lower profits and announced budget cuts, voiced optimism for long-term industry prospects, saying the price of oil will have to rise above $50 per barrel to support new exploration to meet energy needs, FuelFix reports.
A new poll conducted by The New York Times, Stanford University and Resources for the Future suggests that more than two-thirds of Americans, including 48 percent of Republicans, say they consider themselves more likely to support a candidate who supports action to combat climate change.
The National Biodiesel Board in a letter to the Environmental Protection Agency voiced frustration with the agency's delayed implementation of biodiesel mandates, saying the slow movement has caused some producers to reduce staff and forced others into bankruptcy, The Hill reports.
A survey of economists by Bloomberg projects that many of the world's largest crude oil exporters like Saudi Arabia, Kuwait and Qatar could see budget surpluses take hits and slip into deficits as global oil prices remain low.
Chevron, after posting a 30 percent decrease in earnings from the previous year in the fourth quarter 2014, abandoned plans to explore for shale gas in Poland, dealing a blow to efforts to develop hydraulic fracturing and shale drilling industries in Europe, The New York Times reports.
In an interview with E&E, Rep. Cynthia Lummis, R-Wyo., vice chairwoman of the Natural Resources Committee and leader of a new Interior and EPA oversight panel, discusses her familiarity with development and ranching issues in western states and her plans to limit Obama administration regulations on public land use.