Reuters JP Morgan on Tuesday raised its oil price outlook and forecast supply-demand balance to tighten next year against the backdrop of the OPEC and its allies increasing output cuts and stronger economic growth in emerging markets. The investment bank revised its Brent price forecast to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip
Reuters The largest banking lenders to the U.S. oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, industry and banking sources said. Major banks including JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), and Royal Bank of Canada (RY.TO)
By Tyler Losier, Energy Reporter, Oil & Gas 360 Ithaca will now be second largest producer in North Sea Ithaca Energy Limited will be acquiring Chevron North Sea Limited (stock ticker: CVX) for $2 billion, adding 10 producing field interests to its existing portfolio. Four of those interests are related to assets already operated by Ithaca, leading to an approximately
By Tyler Losier, Energy Reporter, Oil & Gas 360 Devon looks to focus on oil-based growth in U.S., departs Canada Canadian Natural Resources Limited (stock ticker: CNQ) inked a deal this Wednesday to acquire Devon Energy Corp.’s (stock ticker: DVN) Canadian assets for a cash purchase price of approximately US$2.8 billion (CAD $3.8 billion). The deal is expected to close
JP Morgan Chase & Co. increases oil and gas loan loss reserves by 61% JP Morgan Chase & Co. plans to increase its reserves to cover potential oil and gas loan losses by 61% this quarter, reports Reuters. The bank plans to set aside $500 million on top of the $815 million already in place to protect against loan loss
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