Tag: energy

November 10, 2021

Crude oil found firmer footing after the White House indicated that it would not be tapping the Strategic Petroleum Reserves (SPR). A forecast from the US governments own Energy Information Agency (EIA), has the global market being oversupplied next year […]

September 14, 2021

Chevron Corp. is tripling spending in its new low-carbon unit, which Chief Executive Mike Wirth said he increasingly sees as a viable business. The San Ramon, Calif., oil giant is pledging to spend $10 billion through 2028 on biofuels, hydrogen […]

April 30, 2021

Exxon Mobil returned to profitability during the first quarter, beating top- and bottom-line estimates for the period, as the company recovers from the havoc wreaked on the energy sector by the coronavirus pandemic. The oil giant earned $2.7 billion during […]

February 10, 2021

WASHINGTON — U.S. consumer prices rose 0.3% in January, led by a surge in energy. But even though the gain was the biggest monthly increase since July, inflation gains over the past year have remained modest. The Labor Department reported […]

February 2, 2021

Exxon Mobil said Tuesday that it lost $20.1 billion during the most recent quarter, its fourth straight quarter of losses as the energy giant continues to grapple with the pandemic’s impact on the industry. Exxon said it earned 3 cents […]

September 28, 2020

Crude-oil futures on Monday were edging modestly higher, reversing some earlier weakness that had been sparked by growing concerns about the impact of rising coronavirus cases throughout the globe. Those concerns were amplified after major energy officials said that they […]

June 15, 2020

LONDON — Energy company BP is writing down its oil and gas assets by as much as $17.5 billion and will review its plans to develop oil wells as the shock to the industry and world demand from the COVID-19 […]

April 13, 2020

Oil prices moved higher early Monday morning stateside after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single […]

April 2, 2020

Energy stocks propelled the broader stock market higher Thursday, driven by a surge in crude prices on hopes that Saudi Arabia and Russia could step back from their price war. The Dow Jones industrial average jumped 300 points, a day […]

March 30, 2020

Sheltering in place, shutting down large parts of the economy and skyrocketing job losses due to coronavirus are bad for America’s health, the economy and for corporate profits. So be prepared for unsettling news when companies start reporting how much […]

November 8, 2019

California’s power woes are making things worse for small business owners—but business is booming for the makers of backup generators. Across the state, hundreds of thousands of small businesses lost power in multi-day outages during the month of October. The […]

November 4, 2019

Over the weekend, Saudi Aramco, the Kingdom’s state oil company announced it will go public at last. But as the latest round of oil industry earnings showed—ExxonMobil, the final major to report third quarter earnings, did so on Friday—Aramco will […]

March 15, 2019

A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a “challenge” for global oil markets. The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling […]

March 7, 2019

Call it high energy. Shares of oil and gas giant Kinder Morgan hit a fresh 52-week high on Wednesday, putting the stock up 30 percent in 2019. But Susquehanna’s Stacey Gilbert argues that while the action looks positive, people could […]

September 24, 2018

Oil prices surged early Monday in New York, extending an uptrend for crude, as major energy producers declined to commit to increasing crude output to address expected supply disruptions at a closely watched producer meeting. November West Texas crude CLX8, […]

May 7, 2018

Energy stocks are leading U.S. indexes higher in early trading as the price of crude oil climbs. Exxon Mobil added 1.2 percent early Monday, and Schlumberger rose 1.2 percent. The gains came as the price of U.S. crude oil traded […]

March 13, 2018

American shale drillers will take aim at the seven million barrels-per-day mark next month, as U.S. oil production continues to hit new record highs. Output from the nation’s shale oil regions is poised to grow by 131,000 barrels a day […]

March 5, 2018

A global energy watchdog says booming production in the United States will meet 80 percent global growth in demand for oil over the next five years. The International Energy Agency believes slow growth from OPEC will be offset by oilfields […]

August 1, 2017

This port city built of granite on the North Sea has taken a battering in recent years. Plunging oil prices hit the petroleum industry, which dominates the economy. Tens of thousands of jobs were slashed. Projects worth billions of dollars were sent […]

July 28, 2017

Exxon Mobil’s second-quarter profit nearly doubled but missed expectations as a prolonged downward swing for oil prices constricted the company’s momentum. Exxon reported a $3.35 billion profit for the quarter, up 97% from a year ago, as it slashed spending […]