(World Oil) – ExxonMobil plans to cut about 2,000 jobs globally as the Texas oil company consolidates smaller offices into regional hubs as part of its long-term restructuring plan. The reductions represent about 3% to 4% of Exxon’s global workforce and are part of the company’s ongoing efficiency drive, Chief Executive Officer Darren Woods said in an memo to employees
(Investing) – NEW YORK – Oil prices eased on Wednesday after data showed an increase in U.S. diesel stockpiles, stoking worries about demand, as investors awaited the U.S. Federal Reserve’s decision on interest rates. Brent crude futures lost 44 cents, or 0.64%, to $68.03 a barrel by 11:29 a.m. EDT (1529 GMT) while U.S. West Texas Intermediate crude futures were also down 44 cents,
(World Oil) – The U.S. oil industry is facing significant challenges, having laid off thousands of workers and reduced billions in spending due to declining oil prices and major industry consolidation. This shift may signal the end of the rapid output growth that once positioned the U.S. as the top global producer. In response, the Organization of the Petroleum Exporting
(Oil Price)– The years of very rapid growth in U.S. crude oil production are behind us, in large part due to the maturing of the biggest growth engine, the Permian, according to Goldman Sachs. The investment bank expects declines in America’s crude oil output for this year and next because of the lower oil prices, Daan Struyven, oil research head
(World Oil)– Activity is slowing in U.S. oil fields as drillers remain in the crude-price danger zone for profits, according to one of the biggest investors of private operators in the shale patch. “In the mid-$60s, you get dangerously close to where oil prices don’t really drive appropriate returns for new drilling,” Dwight Scott, who joined Quantum Capital Group at
(Investing) – Oil prices slipped lower Tuesday, continuing the previous session’s selloff after U.S. President Donald Trump provided Russia with additional room to end the Ukraine war before taking action. At 07:45 ET (11:45 GMT), Brent oil futures expiring in September ticked down 0.1% to $69.10 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.2% to $66.88 per barrel. After an initial rally,
(MarketWatch) – The Federal Reserve is likely to resume lowering interest rates in September, but it won’t be an easy call for the central bankers, economists said Thursday in the wake of the June jobs report. There will be a lot of data over next two months that will impact the Fed’s decision, but if trends continue as they are now,
(World Oil)– The U.S. Senate on Tuesday voted to narrowly approve President Trump’s $3.3 trillion tax and spending package dubbed the ‘One Big Beautiful Bill.’ U.S. energy associations including the API, IPAA, NOIA and EWTC issued separate statements acknowledging the Senate’s decision as a victory for the U.S. oil and gas industry. “We applaud the Senate for passing the One
(World Oil)– Citing the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS), the Texas Independent Producers and Royalty Owners Association (TIPRO) has highlighted new employment figures showing an increase in upstream employment in Texas in the month of May. According to TIPRO’s analysis, direct Texas upstream employment for May totaled 208,200, an increase of
Publisher’s Note: Eni will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown, August 17-20, 2025. Register to attend. (Oil Price)– Eni has signed a deal to sell 20% in its low-carbon energy business Plenitude to Ares Management Corporation in a deal valuing the unit at an enterprise value of $13.8 billion (12 billion euros). Under the agreement, global alternative investment manager Ares
(Investing) – HOUSTON – Oil held steady on Thursday after strong earnings from Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) supported U.S. equities and postponement of U.S.-Iran talks offset concerns about the U.S. economy and the prospect of higher OPEC+ oil output. U.S. West Texas Intermediate crude futures eased 15 cents or 0.3% to $58.04 a barrel by 12:30 p.m. ET (1630 GMT). Brent
(Investing) – NEW YORK -Just 100 days into President Donald Trump’s second term, oil prices have slumped over 20% to below many U.S. producers’ breakeven costs as investors lose confidence amid tariff and policy uncertainty – undercutting Trump’s push for U.S. energy dominance. Trump campaigned on the often repeated refrain of “drill, baby, drill” and moved on his first day in
