Reuters RIO DE JANEIRO (Reuters) – Investors cheered a significant cut in production costs at Brazil’s state-run oil firm Petrobras on Friday, sending shares in the company soaring 4% in morning trade, their biggest intraday gain in more than a month. In its third-quarter results released on Thursday night, the company said production costs in a key offshore oil area
Reuters At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources. In one of the biggest sanctions actions taken by the U.S. government since its crackdown on Iranian oil exports, Washington
Reuters Phillips 66 beat analysts’ estimates for quarterly profit on Friday, as the refiner benefited from higher retail fuel margins, sending its shares up 4.4% to their highest in more than a year. The Houston, Texas-based company, which retails fuel under brand names such as Conoco, 76 and JET, buys refined products from the market and resells them across its
Source: Reuters LONDON (Reuters) – Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns. Brent crude LCOc1 was down 29 cents at $61.38 by 1359 GMT but the benchmark was set
Source: Houston Chronicle The U.S. Fish & Wildlife Service gave a nod of approval to Annova LNG’s proposed export terminal at the Port of Brownsville after the Houston liquefied natural gas company pledged to set aside more than 1,400 acres of land and enact several other measures to help preserve the endangered ocelot and jaguarundi. Seeking to build a facility
Source: Houston Chronicle The British energy major BP said Thursday it will build a new pilot plant for recycling plastics at its refining complex in Illinois. The $25 million pilot plant, which is expected to be completed next year, would test BP’s new “Infinia” technology to transform currently un-recyclable plastics into new plastic feedstock. The technology specifically would recycle polyethylene terephthalate,
Source: Houston Chronicle Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles. Futures recouped earlier losses of 1% as equities strengthened on positive corporate results, yet remained capped by economic worries as IHS Markit’s measure
Source: Reuters (Reuters) – Oilfield services firm Patterson-UTI reported a smaller-than-expected loss on Thursday, as cost cuts helped it limit the impact of an ongoing decline in North American shale activity. An investor push toward higher returns instead of growth amid weak oil prices has prompted U.S. shale producers to reduce spending, forcing rig providers to lower costs in the
Source: Reuters PARIS (Reuters) – Six French and Ugandan campaign groups have asked a French court to order energy major Total (TOTF.PA) to disclose how it is addressing the human and environmental impact of a Ugandan oil field, green group Friends of the Earth said on Wednesday. Total said on Wednesday it had no immediate comment on the groups’ legal
Houston Chronicle Roughly a month after its stock plummeted in value by 75 percent, Houston oil field service company McDermott International has landed $1.7 billion in new capital. In a Monday morning filing with the U.S. Securities and Exchange, McDermott entered into a credit deal with Barclays Bank, Crédit Agricole Corporate and Investment Bank and five other financial institutions. Under
Source: Houston Chronicle Stockholders voted to approve the $1.8 billion merger two Houston oil field service companies — creating a new company with projected annual revenues of $4 billion. In a pair of simultaneous votes held on Tuesday, stockholders with both C&J Energy Services and the Keane Group approved the merger deal, creating a new company named NexTier Oilfield Solutions
Source: Reuters HOUSTON (Reuters) – Oil rose nearly 2% on Wednesday after government data showed a surprise draw in U.S. crude stocks and as the prospect of deeper output cuts by OPEC and its allies offered support. U.S. crude stocks fell 1.7 million barrels last week as refineries hiked crude runs by 429,000 barrels per day (bpd) and oil imports
