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Pure Acquisition Corp. Announces Business Combination Transaction

May 04, 2020  | Source: Pure Acquisition Corp. FORT WORTH, Texas, May 04, 2020 (GLOBE NEWSWIRE) — Pure Acquisition Corp. (“Pure”) (NASDAQ: PACQ, PACQU, PACQW), an oil and gas exploration and production focused special purpose acquisition entity, today announced that it has entered into a Business Combination Agreement (the “HPK Business Combination Agreement”) with, among others, … Read more Pure Acquisition Corp. Announces Business Combination Transaction

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KLX Energy Services and Quintana Energy Services to Combine in an All-Stock Merger, Establishing an Industry-Leading Provider of Asset-Light Oilfield Solutions Across the Full Well Lifecycle Including Drilling, Completion and Production Related Products and Services

  May 03, 2020 | Source: KLX Energy Services LLC Transaction Highlights Highly complementary product and service offerings across all major US oil and gas basins provide for increased scale to serve a blue-chip customer base Accretive to free cash flow per share within 12 months of closing Significant annualized cost synergies of at least $40 … Read more KLX Energy Services and Quintana Energy Services to Combine in an All-Stock Merger, Establishing an Industry-Leading Provider of Asset-Light Oilfield Solutions Across the Full Well Lifecycle Including Drilling, Completion and Production Related Products and Services

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Global Oil Demand Starts a Long, Painful and Uncertain Recovery

By Javier Blas May 3, 2020 (Bloomberg) Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major U.S. refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America.He only needed to look at the streets … Read more Global Oil Demand Starts a Long, Painful and Uncertain Recovery

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FREE WEBINARS May 5th & May7th: Shutdown and Turndown Considerations for Mechanical Integrity & Maximizing Margin

Current market conditions are forcing many refiners into an unfamiliar operating state.  A different approach may be required to rebalance and reduce refinery intake and maximize products that are still in demand.  Unit and equipment specific impacts of this approach will depend on the severity of the rate reduction as well as the duration. Aligning … Read more FREE WEBINARS May 5th & May7th: Shutdown and Turndown Considerations for Mechanical Integrity & Maximizing Margin

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North American oil producers slash spending by about 34% amid crude price rout – See the list

Oil Pump

May 1, 2020 North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices. Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per … Read more North American oil producers slash spending by about 34% amid crude price rout – See the list

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Mexico Indefinitely Halts New Clean-Energy Plans, Blaming Virus

By Justin Villamil May 2, 2020 (Bloomberg)Mexico’s Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the reliability of … Read more Mexico Indefinitely Halts New Clean-Energy Plans, Blaming Virus

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U.S. drillers cut oil rigs for seventh week in a row

May 1, 2020 Reuters U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic.Drillers cut 53 oil rigs in the week to May … Read more U.S. drillers cut oil rigs for seventh week in a row

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The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge

By Catherine Traywick, Kevin Crowley and Sheela Tobben (Bloomberg) American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival. Three of the biggest oil explorers in the U.S. — Exxon Mobil Corp., Chevron Corp., and ConocoPhillips — plan to curb as … Read more The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge

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TC Energy Says Montana Ruling Could Delay Keystone XL by a Year

Pipeline

By Kevin Orland (Bloomberg) TC Energy Corp. said a federal judge’s decision to block a key permit for the Keystone XL crude oil pipeline last month could delay the project for as much as a year.The Canadian pipeline giant thinks it can overcome the issues presented by the ruling and has been trying to mitigate … Read more TC Energy Says Montana Ruling Could Delay Keystone XL by a Year

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Fed Changes Open the Door for More Oil Companies to Get Loans

By Jennifer A. Dlouhy, Ari Natter and Saleha Mohsin Apr 30, 2020 The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes.Larger, more heavily indebted companies can now qualify and use the money to pay off … Read more Fed Changes Open the Door for More Oil Companies to Get Loans

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WEBINAR SERIES: The Global Energy Show invites you to join “Surviving the Slump – Oil and Gas Business Support, Capital and Liquidity Resources for 2020”

Global Energy Show GES Feature Logo 400x270

In partnership with  EnergyNow.com and Empowering Pumps & Equipment, this webinar will explain the various financial support options and resources made available federally and provincially to help exploration and production and oilfield service companies assist their staff, sustain operations and maintain liquidity until oil prices and business activity starts to recover. Major topics will include: … Read more WEBINAR SERIES: The Global Energy Show invites you to join “Surviving the Slump – Oil and Gas Business Support, Capital and Liquidity Resources for 2020”

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Chevron announces first quarter 2020 results

May 1, 2020 Business Wire First quarter earnings of $3.6 billion Cash flow from operations of $4.7 billion Taking actions to protect the dividend, sustain long-term value and preserve cash Further reducing 2020 capital expenditure guidance to as low as $14 billion Completed asset sales in the Philippines and Azerbaijan SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: … Read more Chevron announces first quarter 2020 results

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When the Flames Go Out, the Permian’s Methane Problem Worsens

By Rachel Adams-Heard and Akshat Rathi Apr 30, 2020 (Bloomberg) The orange flames that dot the Permian Basin have sparked criticism from investment bankers and shale pioneers who say the energy industry is wasting a valuable resource by burning off natural gas. Yet the flares are proving a bigger contributor to climate change if they are … Read more When the Flames Go Out, the Permian’s Methane Problem Worsens

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly May 1, 2020 (Bloomberg) The pandemic is likely to last years, less good tech results, and Trump’s campaign against China continues. Here are some of the things people in markets are talking about today. Going nowhere A report from a group of experts at the Center for Infectious Disease Research and Policy at the … Read more Five Things to Know in World Business Today

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Oil in First Weekly Gain in a Month With Output Cuts Deepening

By Elizabeth Low and Alex Longley May 1, 2020 (Bloomberg) Oil headed for its first weekly gain in a month as global production cuts start to lift physical markets and demand shows tentative signs of recovery. Futures in New York rose to near $20 a barrel on Friday and are up about $3 this week. U.S. … Read more Oil in First Weekly Gain in a Month With Output Cuts Deepening

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Chevron Opposes U.S. Oil Bailouts Amid Shale-Patch Shutdowns

  May 1, 2020 The Chevron Corp. El Segundo Refinery stands in El Segundo, California, U.S. Chevron Corp. said it opposes U.S. government “bailouts” for oil companies that haven’t prepared themselves well enough for a historic crash in crude prices that’s leading to unprecedented shutdowns in the shale patch. “As companies that have not positioned themselves … Read more Chevron Opposes U.S. Oil Bailouts Amid Shale-Patch Shutdowns

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Exxon Posts Historic Loss on Rout With Chevron in Retreat

By Kevin Crowley and Joe Carroll May 1, 2020, (Bloomberg) Exxon Mobil Corp. posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come.Exxon reported a $610 million loss on Friday, the oil giant’s … Read more Exxon Posts Historic Loss on Rout With Chevron in Retreat

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Lilis Energy Announces 2019 Fourth Quarter and Full-Year Results

April 30, 2020  | Source: Lilis Energy, Inc. FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, today announced its 2019 fourth-quarter and full-year results. Joseph C. Daches, Chief Executive Officer and … Read more Lilis Energy Announces 2019 Fourth Quarter and Full-Year Results

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Range Announces First Quarter 2020 Financial Results

April 30, 2020  | Source: Range Resources Corporation FORT WORTH, Texas, April 30, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2020 financial results. First Quarter Highlights – GAAP cash flow provided from operating activities of $125 million, and non-GAAP cash flow of $125 million GAAP net income of $145 million ($0.58 … Read more Range Announces First Quarter 2020 Financial Results

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Cevian Technologies are excited to announce the launch of our newest feature update, FracNet™ 1.9

We are excited to announce the launch of our newest feature update, FracNet™ 1.9: https://bit.ly/2xWagUS FracNet users can expect to see three key feature updates: smart alarms on digital display cards, pumping threshold NPT reporting, and a brand new support page. As always, our mission is to provide our clients with the best possible data experience. … Read more Cevian Technologies are excited to announce the launch of our newest feature update, FracNet™ 1.9

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ConocoPhillips reports first-quarter 2020 results; announces quarterly dividend and additional curtailments

FILE PHOTO: Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo - RC11AEA51EE0

April 30, 2020 Business Wire HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today reported a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share. Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 … Read more ConocoPhillips reports first-quarter 2020 results; announces quarterly dividend and additional curtailments

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Trump told Saudis: Cut oil supply or lose U.S. military support

April 30, 2020 Reuters U.S. President Donald Trump As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting … Read more Trump told Saudis: Cut oil supply or lose U.S. military support

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Don’t Leave America’s Post-Pandemic Energy Policy to Chance: Liam Denning

By Liam Denning Apr 29, 2020 (Bloomberg Opinion) As the coronavirus pandemic continues, Bloomberg Opinion will be running a series of features by our columnists that consider the long-term consequences of the crisis. This column is part of a package on how to navigate the pandemic-induced turmoil in energy markets. Remember how the mundane act of having a … Read more Don’t Leave America’s Post-Pandemic Energy Policy to Chance: Liam Denning

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Coal Demand Set for Biggest Annual Drop Since World War II

By Jeremy Hodges and Ronan Martin Apr 30, 2020 (Bloomberg) Global coal demand is heading for its biggest annual drop since World War II as economic activity plunges due to coronavirus lockdowns.Burning coal to make electricity in several European countries has become unprofitable and socially untenable — crowded out by cheap natural gas and the proliferation … Read more Coal Demand Set for Biggest Annual Drop Since World War II

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Blackstone Discloses 7% Stake in Kelcy Warren’s Energy Transfer

By Rachel Adams-Heard Apr 30, 2020 (Bloomberg) Blackstone Group disclosed a 6.9% stake in Energy Transfer LP that would make it the second-biggest holder in the pipeline giant after billionaire founder and Chief Executive Officer Kelcy Warren. The New York-based investment firm said the interest includes units owned by Harvest Fund Advisors, which it bought in 2017. … Read more Blackstone Discloses 7% Stake in Kelcy Warren’s Energy Transfer

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Shell CEO Says Pandemic May Change the Oil Business Forever

By Anna Edwards and Laura Hurst  Apr 30, 2020 (Bloomberg)Europe’s largest oil company is bracing for permanent change in customer behavior, signaling demand may not fully recover once the coronavirus pandemic is over. The global spread of the virus has roiled oil markets, dragging down profits at some of the biggest producers and promising worse to come … Read more Shell CEO Says Pandemic May Change the Oil Business Forever

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 30, 2020 (Bloomberg) Jobless claims likely to add to litany of dire economic news, Apple among the companies reporting, and it’s ECB decision day. Here are some of the things people in markets are talking about today. Millions more Weekly jobless claims published at 8:30 a.m. Eastern Time are expected to drop to … Read more Five Things to Know in World Business Today

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Oil Jumps on Output Cuts and Early Signs of Demand Recovery

By Alex Longley Apr 30, 2020 (Bloomberg) Oil jumped for a second day as global production cuts deepened and signs of a recovery in physical markets emerge. Futures in New York rose by more than $2. Norway said it will participate in oil-output cuts for the first time since 2002, joining other major producers in reining … Read more Oil Jumps on Output Cuts and Early Signs of Demand Recovery

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Royal Dutch Shell Cuts Dividend for First Time Since World War Two

(Bloomberg) Royal Dutch Shell Plc cut its dividend for the first time since at least the Second World War as the oil slump triggered by the coronavirus pandemic reshapes the energy industry. The surprise move is the latest illustration of how the international spread of the deadly disease is causing the biggest upheaval for generations. Energy … Read more Royal Dutch Shell Cuts Dividend for First Time Since World War Two

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Norway Joins Oil Production Cuts for First Time Since 2002

Offshore drilling

By Mikael Holter Apr 30, 2020 (Bloomberg) Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices plumbed new depths. The Nordic country will cut production by 250,000 barrels a day in June and 134,000 barrels in the second half of the year, the … Read more Norway Joins Oil Production Cuts for First Time Since 2002

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Oil Fields Face Disorderly Shutdown Despite OPEC+ Cuts, IEA Says

By Grant Smith Apr 29, 2020 (Bloomberg) Some oil fields are set to suffer chaotic stoppages despite efforts by OPEC+ to mitigate the impact of coronavirus on global markets, the International Energy Agency warned. “Lockdown measures have caused unprecedented demand declines, whose speed and magnitude greatly exceed the normal market flexibility of supply,” the Paris-based IEA said … Read more Oil Fields Face Disorderly Shutdown Despite OPEC+ Cuts, IEA Says

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Trudeau Government Takes on Lending Risk to Help with Credit for Oil Companies

By Esteban Duarte Apr 29, 2020 (Bloomberg)The Canadian government is taking on bigger lending risks to help an oil industry saddled with the lowest crude prices on record.Prime Minister Justin Trudeau’s government is relying on two financing agencies for the measures. The Business Development Bank of Canada will provide mezzanine financing — a form of … Read more Trudeau Government Takes on Lending Risk to Help with Credit for Oil Companies

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U.S. Midwest Refinery Surge Extends Lifeline to Canadian Crude

By Robert Tuttle  Apr 30, 2020 Refiners in the America’s heartland are starting to ramp up, which will be welcome news to struggling Canadian oil producers.Heavy Western Canadian Select crude’s discount to U.S. benchmark futures shrank to $8 a barrel Wednesday, the narrowest in more than a year, NE2 Group pricing data show. Refineries in the Midwest, … Read more U.S. Midwest Refinery Surge Extends Lifeline to Canadian Crude

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Oil States Announces First Quarter 2020 Results of Operations

April 29, 2020  | Source: Oil States International, Inc. HOUSTON, April 29, 2020 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE: OIS) reported a net loss for the first quarter of 2020 of $405.0 million, or $6.79 per share, on revenues of $219.7 million and Consolidated EBITDA (Note A) of $21.9 million. The reported first quarter 2020 net loss … Read more Oil States Announces First Quarter 2020 Results of Operations

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Tenaris Announces 2020 First Quarter Results

April 29, 2020  | Source: Tenaris S.A. The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this … Read more Tenaris Announces 2020 First Quarter Results

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 29, 2020 (Bloomberg) Fed decision, another big day for earnings, and U.S. coronavirus cases hit 1 million. Here are some of the things people in markets are talking about today. What else? With interest rates already close to zero, and a raft of new measures announced since the last scheduled FOMC meeting, there are low expectations for major … Read more Five Things to Know in World Business Today

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Oil Bounces Back With Output Cuts Looming, Storage Filling

By Alex Longley Apr 29, 2020 (Bloomberg) Oil clawed back its recent heavy losses as output cuts from major producers seek to stymie an unprecedented global glut. Futures rose by more than $2 in New York to over $14 a barrel. Russian oil companies will cut output by about 19% from February levels, the nation’s Energy … Read more Oil Bounces Back With Output Cuts Looming, Storage Filling

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Continental Resources sued by rival over failed $200 million oil deal

April 28, 2020 Reuters Casillas Petroleum Resource Partners sued Continental Resources Inc, alleging the Oklahoma shale producer last month backed out of a $200 million oil and gas deal as prices crashed. U.S. crude futures prices have tumbled, with coronavirus-related lockdowns and travel restrictions souring demand as OPEC and other producers waged a price war, sending … Read more Continental Resources sued by rival over failed $200 million oil deal

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Texas energy regulators to vote on production curtailments in May 5 meeting

April 28, 20201 Reuters Texas energy regulators will vote next week on a controversial proposal to reduce the state’s oil output after delaying it on concerns of legal challenges.The vote follows a motion submitted by Texas Railroad Commissioner Ryan Sitton, who has already been vocal about the need for curtailments to address historically low oil … Read more Texas energy regulators to vote on production curtailments in May 5 meeting

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U.S. court ruling could threaten pipeline projects with delays

April 28, 2020 Reuters Several major U.S. oil and natural gas pipeline projects could be at risk of delays after a U.S. district judge in Montana this month said the Army Corps of Engineers had inappropriately used a national permit program, energy analysts said on Tuesday.Chief U.S. District Judge Brian Morris ruled on April 15 that … Read more U.S. court ruling could threaten pipeline projects with delays

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 28, 2020 (Bloomberg) Oil plunges again, another big day for corporate earnings, and we may be stuck with the virus for a long time. Here are some of the things people in markets are talking about today. Dropping West Texas Intermediate for June delivery traded close to $10 a barrel this morning, extending losses as exchange-traded … Read more Five Things to Know in World Business Today

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Oil Swings Wildly After Major Index Bails Out of June Contract

By Olivia Raimonde Apr 28, 2020 (Bloomberg) Oil resumed losses after a brief bounce higher amid the aftershocks of a major index tracked by billions of dollars in funds exiting near-term contracts for fear prices may turn negative again.June WTI fell about 6% after climbing as high as $13.69 in trading Tuesday morning after an abrupt decision by … Read more Oil Swings Wildly After Major Index Bails Out of June Contract

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U.S. Oil Producers Begin Storing Crude in Strategic Reserve

By Stephen Cunningham Apr 27, 2020 (Bloomberg) U.S. oil producers running out of space for storage amid an unprecedented slump in demand have started making deliveries to the nation’s emergency stockpile.This month, 1.1 million barrels have been delivered into Strategic Petroleum Reserve storage. The Energy Department has finalized contracts announced earlier this month for companies to … Read more U.S. Oil Producers Begin Storing Crude in Strategic Reserve

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What Fracker Earnings Really Need Are Fewer Frackers: Liam Denning

By Liam Denning  Apr 28, 2020 (Bloomberg Opinion) For frackers, this earnings season isn’t really about the earnings, which is just as well: After Covid-19 and the OPEC+ bust-up wrecked expectations in March, April’s negative oil prices rendered the entire quarter irrelevant. Indeed, the sector’s pitch for the entire past decade has been rendered irrelevant. That makes the upcoming round of … Read more What Fracker Earnings Really Need Are Fewer Frackers: Liam Denning

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Caterpillar Warns of ‘Severe and Chaotic’ Impact From Virus

By Joe Deaux Apr 28, 2020 (Bloomberg) The world’s biggest maker of mining and construction equipment is predicting that the pain from the coronavirus crisis is far from over. Caterpillar Inc. said the current quarter will be “more significantly impacted” by the pandemic after profits for the first three months of the year trailed analysts estimates. … Read more Caterpillar Warns of ‘Severe and Chaotic’ Impact From Virus

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 28, 2020 (Bloomberg) Oil plunges again, another big day for corporate earnings, and we may be stuck with the virus for a long time. Here are some of the things people in markets are talking about today. Dropping West Texas Intermediate for June delivery traded close to $10 a barrel this morning, extending losses as exchange-traded … Read more Five Things to Know in World Business Today

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Duke’s Emission-Free Path Doesn’t Include Quitting Fossil Fuel

By David R. Baker Apr 28, 2020 (Bloomberg) Duke Energy Corp. sees a way to virtually eliminate its global warming emissions in 30 years while continuing to use natural gas. The utility giant’s latest climate report, released Tuesday, argues that gas will remain a cheaper choice than batteries for backing up renewable power and closing coal plants. … Read more Duke’s Emission-Free Path Doesn’t Include Quitting Fossil Fuel

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Oil Bounces Higher After Sudden Index Shift Spurred Fire Sale

By Alex Longley and Olivia Raimonde (Bloomberg) Oil erased losses after earlier plunging close to $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts. The abrupt decision by S&P Global Inc. to tell clients to sell their June West Texas Intermediate holdings unleashed another day of chaos in … Read more Oil Bounces Higher After Sudden Index Shift Spurred Fire Sale

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Canada’s economy in deepest recession on record, U-shaped recovery likely

April 28, 2020 Reuters The Canadian economy is likely in its deepest recession on record and will only recover modestly over the coming year as it takes a direct hit from the coronavirus outbreak and a collapse in oil prices, a Reuters poll of economists showed. After the economy contracted sharply last month and lost a … Read more Canada’s economy in deepest recession on record, U-shaped recovery likely

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Fort McMurray, Canadian oil sands hub, floods amid virus fight

April 27, 2020 Reuters Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada’s oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus. The Regional Municipality of Wood Buffalo, which includes Fort McMurray, ordered mandatory evacuations of some residents that began on Sunday and … Read more Fort McMurray, Canadian oil sands hub, floods amid virus fight

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Negative Oil Prices Were a Warning, Not an Anomaly: Julian Lee

By Julian Lee Apr 25, 2020 (Bloomberg Opinion) Crude oil’s collapse into negative prices on Monday was a clear warning of just how scarce storage space for oil is getting. Prices below zero are the market’s way of telling producers to stop pumping, now.Dismissing the historic move in the May contract for West Texas Intermediate crude as “more of … Read more Negative Oil Prices Were a Warning, Not an Anomaly: Julian Lee

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When oil became waste: a week of turmoil for crude, and more pain to come

April 27, 2020 Reuters The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures , which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. In just a few months, … Read more When oil became waste: a week of turmoil for crude, and more pain to come

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 27, 2020 (Bloomberg) Reopening plans gather pace, a busy week for central banks, and a surprise from Deutsche Bank. Here are some of the things people in markets are talking about today. Corner turned? New York Governor Andrew Cuomo said a phased reopening beginning with construction and manufacturing could start as soon as May … Read more Five Things to Know in World Business Today

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The Next Chapter of the Oil Crisis: The Industry Shuts Down

By Javier Blas (Bloomberg) Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down. The economic impact of the coronavirus has ripped through the oil industry in dramatic … Read more The Next Chapter of the Oil Crisis: The Industry Shuts Down

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BP to Close Hilcorp Alaska Deal With Revised Payment Terms

By Laura Hurst Apr 27, 2020 (Bloomberg) BP Plc confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy Co., but said financial terms had been adjusted to reflect market conditions. The renegotiation of the deal will come as a relief to the London-based oil major, which is leaning on asset sales to … Read more BP to Close Hilcorp Alaska Deal With Revised Payment Terms

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Oil Slumps Back Below $13 on Glut While Producers Start Cuts

By Sharon Cho and Alex Longley Apr 27, 2020 (Bloomberg) Oil slumped below $13 a barrel again as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output. Futures in New York slid as much as 24%, snapping a four-day gain. While U.S. drilling is sliding and Saudi Arabia has … Read more Oil Slumps Back Below $13 on Glut While Producers Start Cuts

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Range Announces First Quarter 2020 Production and Pricing Update

April 27, 2020  | Source: Range Resources Corporation FORT WORTH, Texas, April 27, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that first quarter 2020 production averaged approximately 2,294 Mmcfe per day.  Range continues to expect 2020 production to average approximately 2.3 Bcfe per day, including an expected exit rate of approximately 2.3 Bcfe per … Read more Range Announces First Quarter 2020 Production and Pricing Update

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Greenstart Idle Reduction Technology: Making Your Environmental Impact and Profitability Greener – Propell

Propell-Feature-Logo-400x270-1

Propell’s GreenStart system allows for reduced idle time by intelligently shutting off the engine when not in use. A self-contained starter system provides the onboard energy to restart the engine at any time, while an on-board monitoring software intelligently determines when to restart, providing up to 35% reduction in total fuel costs. Minimized Engine Idle … Read more Greenstart Idle Reduction Technology: Making Your Environmental Impact and Profitability Greener – Propell

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WEBINAR SERIES: Shutdown and Turndown Considerations for Hydroprocessing Units & Turnaround Deferrals

Current market conditions are forcing many refiners into an unfamiliar operating state.  A different approach may be required to rebalance and reduce refinery intake and maximize products that are still in demand.  Unit and equipment specific impacts of this approach will depend on the severity of the rate reduction as well as the duration. Aligning … Read more WEBINAR SERIES: Shutdown and Turndown Considerations for Hydroprocessing Units & Turnaround Deferrals

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Online Training Course: Introduction to Industrial Modular Execution and Design (OT-100) – DyCat Solutions

DyCat Solutions Feature Logo 400x270

Industrial Modularization has been proven on a global basis to reduce cost and provide cost and schedule certainty. Other benefits include reduced key material quantities, improved safety and quality and reduced labour risk. The objective of industrial modularization is to move site labour offsite to a controlled environment. This is achieved by locating the piping, … Read more Online Training Course: Introduction to Industrial Modular Execution and Design (OT-100) – DyCat Solutions

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U.S. drillers cut most oil rigs in a month since 2015 -Baker Hughes

Scott DiSavino April 24 (Reuters) – U.S. energy firms cut the most oil rigs in a month in April since 2015 with oil prices down over 70% since the start of the year as steps to curb the coronavirus pandemic cut global crude demand faster than producers can shut wells, causing storage tanks to fill … Read more U.S. drillers cut most oil rigs in a month since 2015 -Baker Hughes

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WEBINAR: How Energy Companies Manage Remote Assets and Sites During Disruption, Volatility and Physical Distancing

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In this educational webinar we will show how five (5) North American Oil and Gas companies are utilizing remote monitoring and inspections to lower total cost of ownership providing a high return on investment, resulting in becoming more effective, protecting staff and increasing productivity while saving money and resources. Click here for more information and … Read more WEBINAR: How Energy Companies Manage Remote Assets and Sites During Disruption, Volatility and Physical Distancing

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The 20 Minutes That Broke the U.S. Oil Market

By Bloomberg News Apr 25, 2020 (Bloomberg) It was evident from the very beginning on April 20 that the oil market was headed for trouble. Frantic sell orders had been pouring in overnight and any traders who connected to the Nymex platform that morning could see a bloodbath was coming. By 7 a.m. in New York, … Read more The 20 Minutes That Broke the U.S. Oil Market

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Icahn Bought Cheap Oil During Monday’s Plummet to Historic Lows

By Erik Schatzker Apr 24, 2020 (Bloomberg) When on Monday it seemed the whole world was selling oil, a familiar name was buying: Carl Icahn. ”We made some money on it,” Icahn said in an interview Friday with Bloomberg Television. “We did get a fair amount.” The billionaire raider-turned-activist took advantage of the historic collapse in … Read more Icahn Bought Cheap Oil During Monday’s Plummet to Historic Lows

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Wall Street Is Bending to Pressure to Halt Arctic-Drilling Loans

By Jennifer A. Dlouhy Apr 24, 2020 (Bloomberg) The latest front in the war against drilling for oil in Alaska’s rugged wildlife refuge isn’t Washington — it’s Wall Street. Activists trying to keep rigs out of the Arctic National Wildlife Refuge are now focused on choking off the flow of money needed to exploit the reserve. … Read more Wall Street Is Bending to Pressure to Halt Arctic-Drilling Loans

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Whiting Secures Bankruptcy Accord to Give Creditors 97% Stake

By Allison McNeely Apr 24, 2020 (Bloomberg) Whiting Petroleum Corp., the shale driller that went bankrupt at the start of this month, formalized a restructuring deal that would cut more than $2.3 billion of debt and hand control of the company to creditors. The Denver-based company agreed to give a 97% stake in the reorganized company to its … Read more Whiting Secures Bankruptcy Accord to Give Creditors 97% Stake

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Negative Oil Has Hamm’s Continental Invoking ‘Act of God’ Clause

By Jennifer A. Dlouhy and Rachel Adams-Heard Apr 24, 2020 (Bloomberg) Shale explorer Continental Resources Inc. told at least one refiner it couldn’t make an oil delivery after the global pandemic sent prices plunging, a move refiners called the “height of hypocrisy” following billionaire founder Harold Hamm’s calls to limit foreign imports. Oklahoma City-based Continental on … Read more Negative Oil Has Hamm’s Continental Invoking ‘Act of God’ Clause

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ADM idles large Iowa, Nebraska corn-based ethanol plants

April 23, 2020 DES MOINES, Iowa — Ethanol producer ADM said Thursday it is idling production at its corn ethanol plants in Cedar Rapids, Iowa, and Columbus, Nebraska, furloughing 90 employees in each facility for at least four months. The plants, each capable of annually producing about 300 million gallons of the typically corn-based fuel … Read more ADM idles large Iowa, Nebraska corn-based ethanol plants

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Five Things to Knowin World Business Today

World Business

By Lorcan Roche Kelly Apr 24, 2020 (Bloomberg) More bad economic numbers, Mnuchin remains optimistic and fears of second viral wave weigh as restrictions ease. Here are some of the things people in markets are talking about today. Slowdown, stimulus After yesterday’s dismal PMI numbers, there was more data this morning showing the fierce hit to economic activity. In Germany business … Read more Five Things to Knowin World Business Today

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Oil Rises After Dramatic Week That Saw Historic Drop Below Zero

By Saket Sundria and Alex Longley Apr 24, 2020 (Bloomberg) Crude rose at the end of a dramatic week that saw prices in New York plunge below zero for the first time in history. West Texas Intermediate for June delivery increased to near $17 a barrel after the May contract slumped to as low as -$40.32 … Read more Oil Rises After Dramatic Week That Saw Historic Drop Below Zero

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Mnuchin Weighs Lending Program for Struggling Oil Companies

By Saleha Mohsin April 23, 2020  ‘Investment-grade’ drillers should look to Fed, Mnuchin says  Treasury chief says he’s discussing alternatives with banks Treasury Secretary Steven Mnuchin said he’s considering the creation of a government lending program for U.S. oil companies, which are looking for federal aid as they cope with a devastating plunge in prices. … Read more Mnuchin Weighs Lending Program for Struggling Oil Companies

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Trump Developing Plans to Aid Oil Despite Democrats’ Opposition

By Jennifer A. Dlouhy, Ari Natter and Saleha Mohsin Apr 24, 2020 (Bloomberg) A plan being weighed by Treasury Secretary Steven Mnuchin to steer financial aid to beleaguered oil drillers could set up a clash with Democrats who have warned against any bailout for the industry. Mnuchin said he is considering a lending program for the … Read more Trump Developing Plans to Aid Oil Despite Democrats’ Opposition

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One Pipeline Giant Offering to Stash the Oil Glut in Its Lines

By Rachel Adams-Heard Apr 23, 2020 (Bloomberg) Energy Transfer LP is looking at ways to free up space on its pipelines to store more crude as the coronavirus lockdown leaves the world swimming in oil.The company has identified two pipelines in Texas that would provide about 2 million barrels of additional storage, according to a spokeswoman. … Read more One Pipeline Giant Offering to Stash the Oil Glut in Its Lines

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U.S. Natural Gas to Be World’s Priciest Amid Virus Upheaval

Natural Gas

Apr 23, 2020 (Bloomberg) For the first time in more than a decade, U.S. natural gas is set to be the world’s most expensive as Covid-19 lockdowns wallop demand in other regions. Gas futures in the U.S. have rallied about 10% this month as traders bet that a historic crash in oil prices will drive American … Read more U.S. Natural Gas to Be World’s Priciest Amid Virus Upheaval

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 23, 2020, 4:33 AM Word Count: 592 (Bloomberg) —Millions more jobless claims, awful PMI numbers and more fiscal stimulus. Here are some of the things people in markets are talking about today. Jobless The rapid rise in the number of people out of work is expected to show another increase today, with economists forecasting 4.5 million … Read more Five Things to Know in World Business Today

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Three Hours Longer, the Pandemic Workday Has Obliterated Work-Life Balance

By Michelle Davis and Jeff Green Apr 23, 2020 (Bloomberg) An executive at JPMorgan Chase & Co. gets unapologetic messages from colleagues on nights and weekends, including a notably demanding one on Easter Sunday. A web designer whose bedroom doubles as an office has to set an alarm to remind himself to eat during his non-stop workday. At Intel Corp., a vice president with … Read more Three Hours Longer, the Pandemic Workday Has Obliterated Work-Life Balance

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Kuwait Cutting Oil Output Ahead of Schedule, Minister Says

FILE PHOTO: Kuwait's Oil Minister Bakhit al-Rashidi arrives for an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader/File Photo

By Dana Khraiche, Verity Ratcliffe and Khalid Al-Ansary Apr 23, 2020 (Bloomberg) Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a devastating glut. The fourth-biggest member of OPEC “felt responsibility to respond to market conditions” and acted on its own, Oil Minister … Read more Kuwait Cutting Oil Output Ahead of Schedule, Minister Says

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Oil Extends Recovery From Selloff But Concern Over Glut Lingers

By Elizabeth Low and Alex Longley  Apr 23, 2020 (Bloomberg) Oil extended its recovery from Monday’s plunge below zero, but trading remains volatile with the market under intense pressure from a swelling global glut.Futures in New York rose as much as 23% to near $17 a barrel. Already inundated with bearish signals, the market shrugged off … Read more Oil Extends Recovery From Selloff But Concern Over Glut Lingers

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Oklahoma will let struggling oil producers halt output without breaking contracts

April 22, 2020 Reuters Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify some oil production as economic waste, enabling producers to maintain leases where production is halted due to low prices.The decision represents the first win by regional oil groups seeking relief from state regulators as prices fall … Read more Oklahoma will let struggling oil producers halt output without breaking contracts

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MUST WATCH: Michael Moore’s Much Needed Documentary “Planet of the Humans” Looks at the Ugly Truths About Renewable Energy & Those Selling Out to It

Watch the Full Movie Here: Michael Moore released his latest documentary film Tuesday on YouTube. Titled “Planet of the Humans” and directed by Jeff Gibbs, the film asks if it is already too late to stop climate change from occurring on Earth: Michael Moore presents Planet of the Humans, a documentary that dares to say … Read more MUST WATCH: Michael Moore’s Much Needed Documentary “Planet of the Humans” Looks at the Ugly Truths About Renewable Energy & Those Selling Out to It

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Kinder Morgan increases dividend five percent and announces results for first quarter of 2020

April 22, 2020 Business Wire HOUSTON – Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2625 per share for the first quarter ($1.05 annualized), payable on May 15, 2020, to common stockholders of record as of the close of business on May 4, 2020. This dividend represents a 5 percent … Read more Kinder Morgan increases dividend five percent and announces results for first quarter of 2020

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Ships, trains, caves: Oil traders chase storage space in world awash with fuel

April 22, 2020 Reuters Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet … Read more Ships, trains, caves: Oil traders chase storage space in world awash with fuel

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Whether OPEC+ formally agrees, deeper oil cuts now look inevitable

April 22, 2020 Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more.With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due … Read more Whether OPEC+ formally agrees, deeper oil cuts now look inevitable

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OIL PRICES: Brent Oil Recovers From 21-Year Low, Huge Price Swings Dominate

By Sharon Cho and Alex Longley  Apr 22, 2020 (Bloomberg) Oil recovered from a 21-year low, bucking two days of frenzied selling. Brent for June delivery slumped as much as 17%, before paring losses to trade higher. West Texas Intermediate crude also gained in New York, after an unprecedented plunge into negative territory earlier in the week. President … Read more OIL PRICES: Brent Oil Recovers From 21-Year Low, Huge Price Swings Dominate

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FEATURE: Putting Autonomous Driving Back on the Road

By Ira Boudway Apr 21, 2020 (Bloomberg) The self-driving car was a dream deferred even before the Covid-19 outbreak brought the U.S. economy to a standstill. By early 2020, plans to launch robotaxi services had been pushed back or scaled down as excitement over driverless cars gave way to recognition of the long work and heavy expense of bringing the technology to … Read more FEATURE: Putting Autonomous Driving Back on the Road

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Five Things  to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 22, 2020 (Bloomberg)No respite for oil, Trump’s immigration measure sows uncertainty, and human vaccine trials to begin in Europe. Here are some of the things people in markets are talking about today. Down again Brent crude, the international oil benchmark, dropped to a 21-year low in London trading this morning with the June … Read more Five Things  to Know in World Business Today

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Historic Oil Rout Poised to Bust Shale, Trump’s Energy Dominance

By Kevin Crowley and Rachel Adams-Heard Apr 22, 2020 (Bloomberg) A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil and leave thousands of workers unemployed. For shale companies, … Read more Historic Oil Rout Poised to Bust Shale, Trump’s Energy Dominance

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Profire Energy Announces Loan Through Paycheck Protection Program

April 21, 2020 | Source: Profire Energy, Inc. LINDON, Utah, April 21, 2020 (GLOBE NEWSWIRE) — Profire Energy, Inc. (Nasdaq:PFIE), a technology company which creates, installs and services burner and chemical management solutions in the oil and gas industry, announced today it has obtained a $1,074,030 loan through Bank of America as part of the Paycheck … Read more Profire Energy Announces Loan Through Paycheck Protection Program

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Lilis Energy Receives Additional Extension on Final Borrowing Base Deficiency Payment and Deferral on Borrowing Base Redetermination

April 21, 2020  | Source: Lilis Energy, Inc. FORT WORTH, Texas, April 21, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that the Company’s bank lending group has agreed to amend the existing … Read more Lilis Energy Receives Additional Extension on Final Borrowing Base Deficiency Payment and Deferral on Borrowing Base Redetermination

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CW Petroleum Corp (OTCQB: CWPE) Announces 2019 Revenue of $6.5 Million vs $2.2 Million in 2018 and Reports Increased First Quarter 2020 Product Sales Despite the Effects of COVID-19 and Low Crude Oil Prices

April 22, 2020 06:00 ET | Source: CW Petroleum Corp Katy, Texas, April 22, 2020 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE), announced today that the company’s 2019 Revenue was $6.5 Million. This is more than double its reported revenue for 2018 of $2.2 Million. The company’s First Quarter 2020 deliveries of Products have almost doubled … Read more CW Petroleum Corp (OTCQB: CWPE) Announces 2019 Revenue of $6.5 Million vs $2.2 Million in 2018 and Reports Increased First Quarter 2020 Product Sales Despite the Effects of COVID-19 and Low Crude Oil Prices

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NO VACANCY: Main U.S. Oil Storage in Cushing is Spoken For

April 21, 2020 Reuters Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk – because whatever is left is spoken for by firms sending oil to the hub right now.Oil prices have crashed this year, with the … Read more NO VACANCY: Main U.S. Oil Storage in Cushing is Spoken For

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CASE STUDY: How an Airport Uses Magnetic Separation to Improve Aviation Fuel – Black Powder Solutions

  View the full case study or Download the PDF Version This study explains how The Nashville International Airport (BNA) removed black powder contamination particulates from jet fuel delivered by the Colonial Pipeline, resulting in improved product quality and reduced filter consumption. The problem Off-spec jet fuel delivered from the Colonial Pipeline required a variety … Read more CASE STUDY: How an Airport Uses Magnetic Separation to Improve Aviation Fuel – Black Powder Solutions

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Q&A: When oil prices go negative, what does that mean?

April 21, 2020 NEW YORK — The world is awash in oil, there’s little demand for it and we’re running out of places to put it. That in a nutshell explains this week’s strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal … Read more Q&A: When oil prices go negative, what does that mean?

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OPEC Ministers Rush to Hold Conference Call Amid Price Slump

By Salma El Wardany, Grant Smith and Javier Blas Apr 21, 2020 (Bloomberg) OPEC rushed to organize a conference call for oil ministers to discuss the global market as plunging demand crushes prices.Some Organization of Petroleum Exporting Countries ministers will speak on Tuesday, according to delegates who spoke on condition of anonymity. It was unclear which … Read more OPEC Ministers Rush to Hold Conference Call Amid Price Slump

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Trump Pledges Funds for Oil Industry to Avert Deeper Job Losses

Donald Trump

By Jordan Fabian and Jennifer A. Dlouhy Apr 21, 2020 (Bloomberg) President Donald Trump said his administration is working on a plan to make money available to the oil industry to prevent the loss of jobs after prices plunged below zero.“We will never let the great U.S. Oil & Gas Industry down,” Trump said in a … Read more Trump Pledges Funds for Oil Industry to Avert Deeper Job Losses

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World’s Biggest Oil Storage Firm Says Almost All Space Sold

 Apr 21, 2020 (Bloomberg) The world’s biggest independent oil storage company has all but run out of space for crude and refined products as a result of the fast-expanding glut that Covid-19 has created. “The available capacity on the oil side is almost completely sold out for our terminals,” Gerard Paulides, chief financial officer of Rotterdam-based … Read more World’s Biggest Oil Storage Firm Says Almost All Space Sold

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OPEC+ Bid to Save Oil Industry Overwhelmed by Demand Collapse

By Grant Smith Apr 21, 2020 (Bloomberg) The most ambitious bid to rescue the global oil industry ever seen has been swept aside by a brutal wave of demand destruction. Less than two weeks ago, the world’s biggest oil producers — in a deal facilitated by U.S. President Donald Trump — agreed to slash output in … Read more OPEC+ Bid to Save Oil Industry Overwhelmed by Demand Collapse

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Oil Meltdown Spreads Beyond Expiring Contracts as WTI Slumps 42%

By Alex Longley  Apr 21, 2020 (Bloomberg) The oil meltdown accelerated, with huge losses sweeping through markets as the world runs out of places to store unwanted crude and grapples with negative pricing.West Texas Intermediate plunged below zero on Monday for the first time in history with the contract for May nearing expiration, leaving traders in … Read more Oil Meltdown Spreads Beyond Expiring Contracts as WTI Slumps 42%

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 21, 2020 (Bloomberg) Oil market remains under extreme pressure, Trump tweets he’ll suspend immigration, and central banks are doing a lot of buying. Here are some of the things people in markets are talking about today. Cruel oil Yesterday’s unprecedented collapse far into negative territory of the West Texas Intermediate contract for May delivery is starting … Read more Five Things to Know in World Business Today

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The Oil Industry Shed 51,000 Jobs in March (And Things Look Set to Get Worse)

By Ari Natter Apr 20, 2020 (Bloomberg) The oil and gas industry shed nearly 51,000 drilling and refining jobs in March, a 9% reduction that is likely to get worse as futures prices fell into negative territory Monday. March’s job losses rise by 15,000 when ancillary jobs such as construction, manufacturing of drilling equipment and shipping are included, … Read more The Oil Industry Shed 51,000 Jobs in March (And Things Look Set to Get Worse)

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Oil Plunges Below Zero for First Time With May Contract Ending

By Catherine Ngai, Olivia Raimonde and Alex Longley  Apr 20, 2020 (Bloomberg) Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.In an unprecedented day of trading, the price for the May contracts wiped out … Read more Oil Plunges Below Zero for First Time With May Contract Ending

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Texas, Like OPEC, Can’t Turn Back Time for Oil: Liam Denning

By Liam Denning Apr 20, 2020 (Bloomberg Opinion) The Texas Railroad Commission has been petitioned to go back in time. The commission just held a marathon hearing on whether it ought to do something it hasn’t done in almost 50 years: organize curbs on the state’s oil output. I say “organize” because cuts are happening anyway; there’s simply no choice when … Read more Texas, Like OPEC, Can’t Turn Back Time for Oil: Liam Denning

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KLX Energy Services Announcement

April 20, 2020 | Source: KLX Energy Services LLC WELLINGTON, Fla., April 20, 2020 (GLOBE NEWSWIRE) — KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE) Amin J. Khoury, Chairman of the Board of Directors and Chief Executive Officer, announced today that he will be resigning for personal family health reasons on May 1, … Read more KLX Energy Services Announcement

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Chaparral Energy Announces Changes in Senior Management

April 20, 2020 06:45 ET | Source: Chaparral Energy Inc OKLAHOMA CITY, April 20, 2020 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP) (“Chaparral” or “the Company”) today announced changes in its senior leadership. On April 17, 2020, Scott Pittman resigned as Senior Vice President and Chief Financial Officer of Chaparral to pursue other interests.  Mr. Pittman’s departure was … Read more Chaparral Energy Announces Changes in Senior Management

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 20, 2020 (Bloomberg) Nobody wants oil right now, lawmakers move close to another stimulus deal, and earnings season continues. Here are some of the things people in markets are talking about today. Cruel crude Oil plunged anew to the lowest level since 1999, with West Texas Intermediate for May delivery dipping below $14 a … Read more Five Things to Know in World Business Today

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WEBINAR: What is Industrial Modularization (WB-100)

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This webinar will give the participants a overview of what industrial modularization is as well as the benefits of using modularization on your project. When May 6, 2020 1pm-2pm MST and 6:30pm-7:30pm MST Topics The following topics will be discussed: Industrial Modularization History Module Categories and Types Overview of Module Transportation Variations Benefits and Business Drivers … Read more WEBINAR: What is Industrial Modularization (WB-100)

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Becht Hosts on Demand Webinar Series on Alkylation & Fired Heater Unit Turndown & Shutdown Operations

Becht’s Knowledge Webinars on FCC, Crude and Coking Turndown and Shutdown Considerations hosted over 1,000 people. Becht welcomes you to becht.com/training/becht-webinars/ to tune in for future webinars on Alkylation, Fired Heaters, Hydroprocessing, Turnaround Deferment, Plant Utilities and other units in the coming weeks. The next webinar is on HF and Sulfuric Alkylation on Tuesday, April 21st … Read more Becht Hosts on Demand Webinar Series on Alkylation & Fired Heater Unit Turndown & Shutdown Operations

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Oil in New York Plunges Below $15 as Storage Sites Fill

By Elizabeth Low and Alex Longley Apr 20, 2020 (Bloomberg) Oil plunged below $15 a barrel in New York, a fresh 21-year low, as inventories soar because of the supply-demand mismatch that’s been created by the coronavirus.The most immediate West Texas Intermediate contract fell as much as 22% to $14.19 a barrel. While a major part … Read more Oil in New York Plunges Below $15 as Storage Sites Fill

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Wild Oil Market Set for Extra Volatility as Contract Expiry Near

By Dan Murtaugh Apr 19, 2020 (Bloomberg) –Oil in New York is heading for an extra dose of unpredictability over the next two days as the current contract nears expiration, adding extra volatility to a market that’s grappling with a glut and evaporating demand.The contract expiry is when white-collar financial derivatives trading intersects with the … Read more Wild Oil Market Set for Extra Volatility as Contract Expiry Near

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U.S. crude oil storage is filling rapidly

April 19, 2020 Reuters U.S. crude storage facilities are filling rapidly, albeit from a low starting level, and tank space will become a problem if the global oil market remains heavily oversupplied in June and beyond.With global lockdowns already sharply reducing demand for oil, a lack of storage would weigh further on already depressed prices, leaving … Read more U.S. crude oil storage is filling rapidly

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U.S. oil rigs drilling declines to lowest since 2010 – Baker Hughes

(Reuters) The fall in the number of U.S. rigs drilling for oil slowed last week, data showed on Friday, although the number of active rigs has fallen for a record 19 weeks in a row to the lowest level since 2010, according to Baker Hughes data going back to 1987. The slower fall may however … Read more U.S. oil rigs drilling declines to lowest since 2010 – Baker Hughes

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Canada cuts steam-driven oil projects, risking permanent damage

April 19, 2020 Canada’s steam-driven oil facilities are bearing the brunt of output cuts as the industry copes with low prices, and deeper reductions may risk permanent damage to the sites.The COVID-19 pandemic has severely cut fuel demand as the global economy slows, leading refiners to reduce purchases of crude. Canada, the world’s fourth-largest oil … Read more Canada cuts steam-driven oil projects, risking permanent damage

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Saudis Set to Sell 600,000 Barrels a Day of Oil to U.S. in April

By Javier Blas (Bloomberg) Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners. The shipments, agreed with refiners as Saudi Arabia ramped up production to a record 12.3 million … Read more Saudis Set to Sell 600,000 Barrels a Day of Oil to U.S. in April

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Texas Oil at $2 a Barrel Raises Specter of Negative Prices

By Sheela Tobben  Apr 18, 2020 (Bloomberg) Crude prices in America’s oil capital are getting dangerously close to zero.Buyers bidding for crude in Texas, the birthplace of the shale revolution, are offering as little as $2 a barrel for some oil streams, a precipitous markdown from a month ago. The slumping value of physical barrels is … Read more Texas Oil at $2 a Barrel Raises Specter of Negative Prices

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Petroleum in Real Life: N-95 masks: Vital to Protection & Human Life

This vital piece of personal protective equipment is made possible using petrochemicals derived from oil and natural gas. By Holly Quan As the COVID-19 pandemic unfolds, we often hear about the critical need for N-95 masks (also called N-95 respirators). Did you know these vital pieces of personal protective equipment are almost entirely made from petroleum-based … Read more Petroleum in Real Life: N-95 masks: Vital to Protection & Human Life

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ConocoPhillips to cut oil production in Alberta, cites weak prices, COVID-19

CALGARY — ConocoPhillips says it plans to cut production at its Surmont oilsands operation in northern Alberta due to low oil prices until market conditions improve. The Houston-based company said in a release that it expects to reduce production at Surmont by approximately 100,000 barrels of oil per day to 35,000 by May. It said given ongoing … Read more ConocoPhillips to cut oil production in Alberta, cites weak prices, COVID-19

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Global oil consumption cut by up to a third

FILE PHOTO: An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. Picture taken July 4, 2018. REUTERS/Stringer

April 16, 2020 Reuters What happens next in the oil market depends on how quickly and completely the global economy emerges from lockdown, and whether the recessionary hit lingers through the rest of this year and into 2021. The OPEC+ deal, finalised on Sunday, envisages production cuts of 9.7 million bpd in May and June, with … Read more Global oil consumption cut by up to a third

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Marathon says it will idle 166,000 barrel-per-day Martinez, California refinery

April 17, 2020 Reuters Marathon Oil Martinez, California Refinery Marathon Petroleum Corp will idle its 166,000 barrel-per-day (bpd)refinery in Martinez, California beginning April 27 in response to the coronavirus pandemic’s hit to demand for refined products, according to a company official.The company did not provide further comment on the likely duration of the idle, but said … Read more Marathon says it will idle 166,000 barrel-per-day Martinez, California refinery

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Oil Extends Slump Below $18 as Gloomy Demand Outlook Persists

By Saket Sundria and Alex Longley Apr 17, 2020 (Bloomberg) Oil fell below $18 a barrel in New York as a wave of gloomy demand forecasts and a cratering physical market outweighed an unprecedented deal to cut output.China’s economy suffered a historic slump in the first quarter as the coronavirus outbreak threatened global markets for its goods. … Read more Oil Extends Slump Below $18 as Gloomy Demand Outlook Persists

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Wind Turbine Factories Struggle to Get Parts in Virus Lockdown

Wind Turbine

By William Wilkes, Brian Parkin and Jeremy Hodges Apr 16, 2020 (Bloomberg) Wind turbine makers are finding it increasingly difficult to get the parts they need to build their machines, snarling progress on a global shift toward renewables at precisely the time scientists say it needs to speed up. Manufacturers including Vestas Wind Systems A/S and … Read more Wind Turbine Factories Struggle to Get Parts in Virus Lockdown

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 17, 2020 (Bloomberg) America takes steps towards reopening economy, early signs of success in virus treatment trial, and oil’s plunge continues. Here are some of the things people in markets are talking about today. Damage done The coronavirus shutdown in China spurred the first economic contraction in decades at minus 6.8% in the first three months … Read more Five Things to Know in World Business Today

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Saudi Arabia, Russia Hint at Further Action to Stem Oil Rout

Saudi-Deputy-Crown-Prince-Mohammed-bin-Salman_Vladimir-Putin-Russia

By Robert Tuttle and Grant Smith  Apr 17, 2020 (Bloomberg) Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral. The two nations will “continue to closely monitor the oil market and are prepared to take further … Read more Saudi Arabia, Russia Hint at Further Action to Stem Oil Rout

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Murphy USA Inc. Reports First Quarter 2020 Results

April 17, 2020  | Source: Murphy USA Inc. EL DORADO, Ark., April 17, 2020 (GLOBE NEWSWIRE) — Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three months ended March 31, 2020. Key Highlights: Net income was $89.3 million, or $2.92 per diluted share, … Read more Murphy USA Inc. Reports First Quarter 2020 Results

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U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut

By Jennifer A. Dlouhy and Sheela Tobben  Apr 15, 2020 (Bloomberg) The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers into bankruptcy.The Energy Department has drafted a plan to compensate companies for sitting on as … Read more U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut

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Oil’s Collapse Is Taking an Entire Service Industry Down With It

By David Wethe Apr 16, 2020 (Bloomberg) No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers.Take Stacy Locke, chief executive officer for Pioneer Energy Services Corp. Locke says he had no choice but to abandon drilling in the Bakken shale basin after roughly 20 years there … Read more Oil’s Collapse Is Taking an Entire Service Industry Down With It

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly  Apr 16, 2020 (Bloomberg) Trump to unveil guidelines for reopening economy, another huge jobless number expected, and Morgan Stanley reports. Here are some of the things people in markets are talking about today. Peak? President Donald Trump said that he will announce guidelines today to ease the stay-at-home rules, saying that data suggests the U.S. … Read more Five Things to Know in World Business Today

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Real Oil Market Is Sinking and OPEC+ Deal Can’t Rescue It

By Alex Longley and Andy Hoffman Apr 15, 2020 (Bloomberg) The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep … Read more Real Oil Market Is Sinking and OPEC+ Deal Can’t Rescue It

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Shell Sets Bolder Emissions Goal Even as Virus Hits Oil

Shell Gas Station

By Laura Hurst and James Herron  Apr 16, 2020 (Bloomberg) Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050. The energy giant is following in the footsteps of its peers BP Plc and Repsol SA, which have … Read more Shell Sets Bolder Emissions Goal Even as Virus Hits Oil

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Oil Holds Near 18-Year Low as Demand Shock Outweighs Output Cuts

By Saket Sundria and Alex Longley  Apr 16, 2020 (Bloomberg) Oil was anchored near $20 a barrel as concerns over virus-led demand destruction outweighed an agreement by the world’s biggest producers to curb supply.Futures rose Thursday but remained near their lowest closing level in 18 years, and there are signs that stockpiles are growing globally. U.S. … Read more Oil Holds Near 18-Year Low as Demand Shock Outweighs Output Cuts

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Transport After the Virus Will Be More Cars, Fewer Trains

By Nathaniel Bullard Apr 16, 2020 (Bloomberg) Last week, residents of the Indian state of Punjab could gaze north and see something not visible for decades: the Himalayas. India’s lockdown and the ensuing major reduction in air pollution granted people as far as 100 miles away a view of the mountain range. A few weeks before that, … Read more Transport After the Virus Will Be More Cars, Fewer Trains

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Lilis Energy Announces Actions in Response to Current Market Conditions and Director Resignations

April 15, 2020  | Source: Lilis Energy, Inc. FORT WORTH, Texas, April 15, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that the Company is taking measures to reduce costs given current market … Read more Lilis Energy Announces Actions in Response to Current Market Conditions and Director Resignations

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Keystone Pipeline Faces Delay With Critical Permit Blocked

Keystone xl pipeline

Montana Judge Blocks Keystone XL Permit for River Crossings By Tom Korosec and Kevin Orland Apr 15, 2020 TC Energy Corp.’s Keystone XL oil-sands pipeline was a dealt a setback with a judge’s ruling that the U.S. Army Corps of Engineers improperly approved a streamlined permit process without fully evaluating the impact on endangered species.In a … Read more Keystone Pipeline Faces Delay With Critical Permit Blocked

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The COVID-19 Crisis Exposes the Hollow Fantasies of Greta and Extinction Rebellion

By Tim Worstall @worstall From  CapX.co Photo: Michael Campanella / Getty Images Share   We’ve had a taste of Extinction Rebellion’s world – and no one likes it   Perhaps a more sensible approach to climate change will be one silver lining of this crisis   It turns out drastic decreases in consumption are not great for humanity – who … Read more The COVID-19 Crisis Exposes the Hollow Fantasies of Greta and Extinction Rebellion

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U.S. Says Oil Tariffs Still on the Table Even After OPEC+ Deal

A desert oil field in the Sakhir area of Bahrain. The country ranks 57th in the list of oil producers. Photograph: Hasan Jamali/AP

By Stephen Cunningham Apr 15, 2020 (Bloomberg) U.S. tariffs on oil imports haven’t been dismissed even after the latest OPEC+ supply deal, according to a senior U.S. government official. President Donald Trump previously wielded the threat of tariffs on shipments from Saudi Arabia and Russia if a deal wasn’t reached, and this option hasn’t been entirely … Read more U.S. Says Oil Tariffs Still on the Table Even After OPEC+ Deal

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Devon Energy Announces Amended Barnett Shale Asset Sale Agreement

April 14, 2020  | Source: Devon Energy Corporation OKLAHOMA CITY, April 14, 2020 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) and Banpu Kalnin Ventures (BKV) today announced an amendment to the existing terms of their Barnett Shale purchase and sale agreement. Under the amended terms, Devon has agreed to sell its Barnett Shale assets to … Read more Devon Energy Announces Amended Barnett Shale Asset Sale Agreement

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Lilis Energy Receives Additional Extension on Final Borrowing Base Deficiency Payment

April 14, 2020 | Source: Lilis Energy, Inc. FORT WORTH, Texas, April 14, 2020 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that the Company’s bank lending group has agreed to amend the existing revolving … Read more Lilis Energy Receives Additional Extension on Final Borrowing Base Deficiency Payment

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Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2019 Results, Year-end Proved Reserves and 2020 Guidance

April 14, 2020  | Source: Harvest Oil & Gas Corp. HOUSTON, April 14, 2020 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the fourth quarter and full year of 2019 and the filing of its Form 10-K with the Securities and Exchange Commission (“SEC”). In addition, … Read more Harvest Oil & Gas Corp. Announces Fourth Quarter and Full Year 2019 Results, Year-end Proved Reserves and 2020 Guidance

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Ultra Petroleum Corp. Announces Fourth Quarter and Full-Year 2019 Results, Proved Reserves as of Year-end December 31, 2019 and as of March 31, 2020, and the Issuance of a Qualified Opinion by the Company’s Independent Registered Public Accounting Firm About the Company’s Ability to Continue as a Going Concern

April 14, 2020 | Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., April 14, 2020 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra” or the “Company”) (OTCQX: UPLC) announces financial and operating results for the quarter and year ended December 31, 2019. The Company is also reporting proved reserves as of year-end December 31, 2019 and as of March … Read more Ultra Petroleum Corp. Announces Fourth Quarter and Full-Year 2019 Results, Proved Reserves as of Year-end December 31, 2019 and as of March 31, 2020, and the Issuance of a Qualified Opinion by the Company’s Independent Registered Public Accounting Firm About the Company’s Ability to Continue as a Going Concern

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PDC Energy Announces Supplementary Update to 2020 Plan Including Reduced Operating Activity and Incremental Cost Saving Initiatives

April 14, 2020 11:00 ET | Source: PDC Energy, Inc. DENVER, April 14, 2020 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today a supplemental update to its 2020 operating plan along with changes to its 2020 guidance and 2021 outlook. In order to preserve its balance sheet strength, liquidity and ability … Read more PDC Energy Announces Supplementary Update to 2020 Plan Including Reduced Operating Activity and Incremental Cost Saving Initiatives

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Shale Giants Clash Over Oil-Supply Cut to Survive Crude Rout

By Kevin Crowley, Rachel Adams-Heard and Joe Carroll  Apr 15, 2020 (Bloomberg) One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to arrest free-falling oil prices. The stark pronouncement from Diamondback Energy Inc.’s finance chief … Read more Shale Giants Clash Over Oil-Supply Cut to Survive Crude Rout

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Oil Slumps Below $20 as IEA Sees Storages Filling Despite Cuts

By James Thornhill and Alex Longley  Apr 15, 2020 (Bloomberg) Oil fell below $20 a barrel after the International Energy Agency said a historic production cut deal won’t be enough to counter a record demand slump this year. Futures fell as much as 4.5% in New York to the lowest since 2002. Oil demand will drop … Read more Oil Slumps Below $20 as IEA Sees Storages Filling Despite Cuts

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Oil Price Crash Threatens Green Transition, IEA Warns

By Jessica Shankleman Apr 15, 2020 (Bloomberg) The pain felt by Big Oil from the coronavirus-led plunge in demand may derail global efforts to cut pollution, the International Energy Agency said. The slowdown and falling prices “undermines the ability of the oil industry to develop some of the technologies needed for clean energy transitions around the world,” said … Read more Oil Price Crash Threatens Green Transition, IEA Warns

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Shale Billionaire Harold Hamm Sees Oklahoma Limiting Oil Output

By Rachel Adams-Heard Apr 15, 2020 (Bloomberg) Continental Resources Inc. founder Harold Hamm told Texas oil regulators he expects neighboring Oklahoma to adopt crude-production limits in a bid to bolster energy prices. Hamm’s comments came during a marathon hearing Tuesday of the Texas Railroad Commission on whether to enact quotas amid the worst crude-market crash on record. Oklahoma, … Read more Shale Billionaire Harold Hamm Sees Oklahoma Limiting Oil Output

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Oil Glut May Overwhelm Global Storage Tanks Within Weeks

By Grant Smith Apr 15, 2020 (Bloomberg) Just days after OPEC and its allies announced their big deal to rescue the global oil industry, it’s becoming brutally clear that all they’ve done is limit the worst of the damage.The largest coordinated production cut in history is already withering in the face of a demand collapse unlike … Read more Oil Glut May Overwhelm Global Storage Tanks Within Weeks

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly  Apr 15, 2020 (Bloomberg) Trump halts payments to WHO, Goldman earnings due, and IEA warns the world may run out of places to store oil. Here are some of the things people in markets are talking about today. Who pays? President Donald Trump has decided to temporarily halt America’s funding for the World Health Organization, … Read more Five Things to Know in World Business Today

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America’s Oil Glut Turns Canadian Pipeline Problem on Its Head

By Robert Tuttle and Catherine Ngai Apr 15, 2020 (Bloomberg) The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. … Read more America’s Oil Glut Turns Canadian Pipeline Problem on Its Head

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Trump Negotiating to Lease Oil Storage Space to Nine Companies

By Sheela Tobben and Jennifer A. Dlouhy Apr 14, 2020 (Bloomberg) The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude. The Energy Department said most … Read more Trump Negotiating to Lease Oil Storage Space to Nine Companies

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China’s Energy Imports Weaken as Virus Exacts Toll on Demand

By Bloomberg News Apr 13, 2020 (Bloomberg) China’s overseas energy purchases weakened in March as demand from the top importer took a hit from the coronavirus pandemic. Crude oil imports fell to the equivalent of about 9.72 million barrels a day, the least since July, according to customs data released Tuesday. Natural gas shipments were little … Read more China’s Energy Imports Weaken as Virus Exacts Toll on Demand

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly  Apr 14, 2020 (Bloomberg) States threaten Trump authority on reopening, bank earnings season kicks off, and markets rise. Here are some of the things people in markets are talking about today. Total authority? Even as the American toll from the coronavirus rises to more than 23,000, the policy discussion has firmly moved to when … Read more Five Things to Know in World Business Today

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Oil Declines as Demand Collapse Eclipses Planned Output Cuts

By Saket Sundria and Alex Longley Apr 14, 2020 (Bloomberg) Oil erased earlier gains as the demand destruction caused by the coronavirus pandemic outweighed planned output cuts from the world’s biggest producers.Futures fell 1.6% in New York amid persistent concerns of a massive supply glut. A key timespread on the American benchmark — a gauge of … Read more Oil Declines as Demand Collapse Eclipses Planned Output Cuts

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VAALCO Announces Successful Workover at South East Etame 2H Well and First Quarter 2020 Production of 4,944 NRI Barrels of Oil per Day

April 13, 2020 | Source: VAALCO Energy, Inc. HOUSTON, April 13, 2020 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an operational update including the successful completion of the South East Etame 2H workover and the release of the drilling rig used in its highly successful 2019/2020 drilling … Read more VAALCO Announces Successful Workover at South East Etame 2H Well and First Quarter 2020 Production of 4,944 NRI Barrels of Oil per Day

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DCP MIDSTREAM ANNOUNCES COST, WORKFORCE, AND CAPITAL REDUCTIONS

April 13, 2020  | Source: DCP Midstream LP DENVER, April 13, 2020 (GLOBE NEWSWIRE) — Today, in response to unprecedented market conditions and an uncertain economic outlook caused by the COVID-19 pandemic, DCP Midstream, LP (NYSE: DCP) announced a 15% workforce reduction across its nine-state footprint. The company is providing severance packages, subsidized health coverage, and … Read more DCP MIDSTREAM ANNOUNCES COST, WORKFORCE, AND CAPITAL REDUCTIONS

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Rosehill Resources Inc. Reports Fourth Quarter and Full Year 2019 Results

April 14, 2020  | Source: Rosehill Resources Inc. HOUSTON, April 14, 2020 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today reported financial and operational results for the fourth quarter and year ended December 31, 2019. Fourth Quarter 2019 and Current Highlights: Average net production of 22,157 barrels of oil … Read more Rosehill Resources Inc. Reports Fourth Quarter and Full Year 2019 Results

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U.S. banks prepare to seize energy assets as shale boom goes bust

David French, Imani Moise NEW YORK (Reuters) – Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters. JPMorgan Chase & Co, Wells Fargo … Read more U.S. banks prepare to seize energy assets as shale boom goes bust

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The Inside Story of How a Price War Ended

By Javier Blas Apr 13, 2020 (Bloomberg) After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.From Villahermosa, a city near Mexico’s largest crude terminal, Energy Minister Rocio Nahle raised her voice. “Your Royal Highness, Mexico has already … Read more The Inside Story of How a Price War Ended

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 13, 2020 (Bloomberg) Oil deal reached, Fauci says U.S. reopening possible in May, and an earnings season like no other. Here are some of the things people in markets are talking about today. Almost 10 million barrels The world’s top oil producers agreed to cut output by 9.7 million barrels a day … Read more Five Things to Know in World Business Today

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Putin Makes Painful Climbdown as He Sues for Peace in Oil War

Saudi-Deputy-Crown-Prince-Mohammed-bin-Salman_Vladimir-Putin-Russia

By Evgenia Pismennaya, Ilya Arkhipov and Henry Meyer Apr 13, 2020 (Bloomberg) Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to to make stinging concessions after U.S. President Donald Trump stepped … Read more Putin Makes Painful Climbdown as He Sues for Peace in Oil War

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Oil Little Changed After Historic OPEC+ Deal to Cut Production

By Verity Ratcliffe, Mahmoud Habboush, Saket Sundria and Dan Murtaugh Apr 13, 2020 (Bloomberg) Oil surrendered gains after rising in early trading as investors weighed whether an unprecedented deal by the world’s biggest producers to cut output would would be enough to steady a market pummeled by the coronavirus. Futures in London were up 0.5% after … Read more Oil Little Changed After Historic OPEC+ Deal to Cut Production

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Announcement of Management Changes and Appointment of Chief Financial Officer – Delek

  April 09, 2020 13:17 ET | Source: Delek US Holdings, Inc; Delek Logistics Partners, LP BRENTWOOD, Tenn., April 09, 2020 (GLOBE NEWSWIRE) — Delek US Holdings, Inc. (NYSE: DK) (“Delek US”) and Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) today announce the following organizational and management changes along with appointment of a new Chief Financial … Read more Announcement of Management Changes and Appointment of Chief Financial Officer – Delek

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Becht Launches Knowledge on Demand Webinar Series on Unit Turndown & Shutdown Operations

Becht’s first Knowledge Webinar on Fluid Catalytic Cracking (FCC) Turndown and Shutdown Considerations hosted over 500 people live from 38 countries. Becht welcomes you to http://webinars.becht.com/  to tune in for future webinars on Crude & Vacuum Units, Coking & Heavy Oils, Alkylation, Hydroprocessing, Fired Equipment, Plant Utilities and other units in the coming weeks. The … Read more Becht Launches Knowledge on Demand Webinar Series on Unit Turndown & Shutdown Operations

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AMLO Scores Win After Mexico Resists Pressure from Oil Titans

By Amy Stillman Apr 12, 2020 (Bloomberg) Mexican President Andres Manuel Lopez Obrador scored a political victory on Sunday by convincing oil nations to let him cut production far less than other OPEC+ members, reinforcing his nationalist project to revive state-owned producer Pemex. Mexico will only cut 100,000 barrels — just a quarter of its pro-rated … Read more AMLO Scores Win After Mexico Resists Pressure from Oil Titans

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Saudi Minister Says OPEC+ Deal to Bring Stability to Oil Markets

By Javier Blas Apr 12, 2020 (Bloomberg) Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said he was more than happy with the historic oil-output cut agreed by OPEC and other global producers on Sunday and hoped it would lead to market stability.“We have demonstrated that OPEC+ is up and alive,” Prince Abdulaziz told Bloomberg News … Read more Saudi Minister Says OPEC+ Deal to Bring Stability to Oil Markets

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Trump’s Big Oil Deal Won’t Save the Weakest of Shale Producers

Rig Worker

By Stephen Cunningham Apr 12, 2020 (Bloomberg) President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts.Days of frantic diplomatic maneuvering culminated in … Read more Trump’s Big Oil Deal Won’t Save the Weakest of Shale Producers

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U.S. oil rig count drops to lowest since Dec. 2016 -Baker Hughes

(Reuters) U.S. energy firms cut oil rigs for a fourth week in a row to the lowest since December 2016 with oil futures down over 50% since the start of the year after Saudi Arabia and Russia cut prices and boosted output in a battle for market share. That price war came at the same … Read more U.S. oil rig count drops to lowest since Dec. 2016 -Baker Hughes

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HISTORIC DEAL: Oil Price War Ends With Historic OPEC+ Deal to Cut Output

April 12, 2020  OPEC+ alliance agrees to cut production by 9.7m barrels a day  Brent crude rises 3% in volatile trading session after deal The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and … Read more HISTORIC DEAL: Oil Price War Ends With Historic OPEC+ Deal to Cut Output

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OPEC+ Ministers Meet on Easter Sunday in Race Against Market Open to Clinch Deal

By Javier Blas, Grant Smith and Salma El Wardany Apr 12, 2020 (Bloomberg) Negotiators raced to clinch a historic deal to cut oil supply and stem a devastating price rout, as the clock ticked down to a dramatic market open. OPEC+ ministers met virtually on Easter Sunday afternoon amid signs of progress. After four days … Read more OPEC+ Ministers Meet on Easter Sunday in Race Against Market Open to Clinch Deal

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REDUCE THE RISK OF “ZOOMBOMBING” – Tips to Avoid Detrimental & Embarrassing Meeting Disruptions

by Yogi Schulz Reduce the risk of Zoombombing Zoombombing has emerged as the newest word in the English language as malicious vandals have crashed Zoom videoconferences and covered the screen with graffiti or worse for all to see. Such outcomes are of course: Embarrassing to the host. Disruptive and time-wasting for the participants. Detrimental to … Read more REDUCE THE RISK OF “ZOOMBOMBING” – Tips to Avoid Detrimental & Embarrassing Meeting Disruptions

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OPEC+, G-20 Oil Cuts Won’t Blunt Covid-19 Demand Shock – Liam Denning

Crude Oil Shipments In The Persian Gulf

By Liam Denning Apr 10, 2020 (Bloomberg Opinion) The last time OPEC+ met, its members said they would be opening the taps to reassert their control of the oil market. Barely a month later, they are set to … tighten the taps … to reassert … you see the problem. Covid-19 has made a mockery of just about any … Read more OPEC+, G-20 Oil Cuts Won’t Blunt Covid-19 Demand Shock – Liam Denning

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The Unexpected Holdout to a Global Oil Production Deal

By Amy Stillman, Nacha Cattan and Eric Martin Apr 10, 2020 (Bloomberg) One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador.For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute … Read more The Unexpected Holdout to a Global Oil Production Deal

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To Understand the Wild U.S. Stock Rally, Just Forget About 2020

By Sarah Ponczek Apr 10, 2020 (Bloomberg) The stats border on the ridiculous. On the eve of an earnings season nobody has a clue about, the S&P 500 notches its best week in 46 years. About $4 trillion has been added to share prices, a few weeks after $10 trillion was sheared off. Does it make any sense? … Read more To Understand the Wild U.S. Stock Rally, Just Forget About 2020

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How the Pandemic Wiped Out Oil Demand Around the World – See How the U.S. & Others Are Affected

By Christopher Sell Apr 10, 2020 (Bloomberg) Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel.Currently, between a third and a half of the world’s population are in lockdown, meaning few people are driving, flying or doing much that would require the use … Read more How the Pandemic Wiped Out Oil Demand Around the World – See How the U.S. & Others Are Affected

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Mexico Says It Made OPEC+ Oil-Output Cuts Deal With Trump

By Amy Stillman, Javier Blas, Grant Smith and Salma El Wardany  Apr 10, 2020 (Bloomberg) Mexico said it has reached an agreement with OPEC+ for deep oil-production cuts, after an intervention from U.S. President Donald Trump resolved an overnight impasse.However, delegates from the Organization of Petroleum Exporting Countries said they were unaware of the terms of … Read more Mexico Says It Made OPEC+ Oil-Output Cuts Deal With Trump

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Even big OPEC++ Cuts Won’t Offset Oil Demand Collapse – Here’s What Analysts Had to Say

April 9, 2020 OPEC and other major oil producers on Thursday discussed potential big output cuts in the face of a huge fall in demand due to the coronavirus crisis.The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, began a meeting on Thursday, which was expected include … Read more Even big OPEC++ Cuts Won’t Offset Oil Demand Collapse – Here’s What Analysts Had to Say

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Occidental Seeking Federal Lifeline For U.S. Oil Industry

By Rachel Adams-Heard and Kevin Crowley Apr 9, 2020 (Bloomberg) Occidental Petroleum Corp. wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces. In a sign of how important the appeal is to Chief Executive Officer Vicki Hollub, employees … Read more Occidental Seeking Federal Lifeline For U.S. Oil Industry

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 9, 2020 (Bloomberg) Another mammoth jobless number expected, oil producers meet to agree on cuts, and Powell due to speak. Here are some of the things people in markets are talking about today. Claims Weekly jobless numbers, fast becoming the closest-watched economic data point of the coronavirus crisis, are expected to post another multi-million number when … Read more Five Things to Know in World Business Today

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Trump Says He Used to Hate OPEC. Now He’s Had a Change of Heart

Donald Trump

By Stephen Cunningham Apr 8, 2020 (Bloomberg) Before he became America’s president, Donald Trump wasn’t a huge fan of OPEC. In fact, he devoted a section of his 2011 book “Time to Get Tough” to assailing the cartel for unfairly fixing oil prices, and he supported legislation that would have stripped OPEC members of the sovereign … Read more Trump Says He Used to Hate OPEC. Now He’s Had a Change of Heart

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Some of America’s Oil Refineries May Be on the Brink of Shutting

By Barbara Powell  Apr 9, 2020 (Bloomberg) The next step for some U.S. refineries that have already cut way back may be a full stop. Marathon Petroleum Corp. plans to idle its Gallup, New Mexico, refinery next week, according to a person familiar with the matter. It’s the first U.S. facility to shut as the coronavirus … Read more Some of America’s Oil Refineries May Be on the Brink of Shutting

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Oil’s Belt-Tightening Is Bad News for Clean Power, Too

By Nathaniel Bullard Apr 9, 2020 (Bloomberg) On Tuesday, Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News’ Joe Carroll and Kevin Crowley. Exxon is hardly alone … Read more Oil’s Belt-Tightening Is Bad News for Clean Power, Too

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In the Big OPEC++ Output Deal, Who’s In and Who’s Out?

By Christopher Sell  Apr 8, 2020 (Bloomberg)  Oil faces a critical week as Saudi Arabia, Russia and other global producers work frantically to secure a deal aimed at stemming the crash in oil prices. The former partners-in-cuts traded barbs over the weekend over who’s to blame for crude’s crash, which led to a virtual meeting being … Read more In the Big OPEC++ Output Deal, Who’s In and Who’s Out?

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Oil Rises in Volatile Trading as Production Deal Nears

Drilling Rig pipes

By James Thornhill and Alex Longley Apr 9, 2020 (Bloomberg) Oil rose but trading was volatile as the world’s top producers inched towards a deal to curb output.Brent futures were higher on the day, but fell sharply by about $2 a barrel on concerns that any deal may not be enough to stem rising inventories. The OPEC+ meeting … Read more Oil Rises in Volatile Trading as Production Deal Nears

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KLX Energy Services Announces Additional Cost Reduction Measures in Response to Current Depressed Market Conditions

April 08, 2020 ET | Source: KLX Energy Services LLC WELLINGTON, Fla., April 08, 2020 (GLOBE NEWSWIRE) — KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE) announced today several additional cost reduction measures being taken in response to rapidly deteriorating market conditions as a result of the unprecedented demand destruction being caused by the … Read more KLX Energy Services Announces Additional Cost Reduction Measures in Response to Current Depressed Market Conditions

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DTE Energy Foundation bolsters historic COVID-19 relief campaign: 100,000 respirator masks delivered to area hospitals with two million more on order

DTE Energy Logo

Today’s hospital shipment is one component of the DTE Foundation’s expansive coronavirus relief campaign. “We’re just getting started,” DTE Energy President and CEO Jerry Norcia declares. April 08, 2020  | Source: DTE Energy photo-release DTE employee Ken Crandall delivers KN95 respirator masks to Henry Ford Health System as part of the DTE Foundation’s donation of 100,000 of … Read more DTE Energy Foundation bolsters historic COVID-19 relief campaign: 100,000 respirator masks delivered to area hospitals with two million more on order

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U.S. Well Services, Inc. and EQT Corporation Finalize Long-Term Electric Frac Contract

April 08, 2020  | Source: U.S. Well Services, Inc. HOUSTON and PITTSBURGH, April 08, 2020 (GLOBE NEWSWIRE) — U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has executed a long-term contract to provide electric hydraulic fracturing services for EQT Corporation (NYSE: EQT) using its next-generation Clean Fleet® technology.  Pursuant to the terms of the agreement, U.S. … Read more U.S. Well Services, Inc. and EQT Corporation Finalize Long-Term Electric Frac Contract

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After a Record Year, LNG Industry Heads for Slump in Deliveries

By Anna Shiryaevskaya Apr 8, 2020 (Bloomberg) Shipments of liquefied natural gas will decline from record levels as global economic growth weakens and energy consumers work through a glut, an industry group said.LNG imports surged 13% to 354.7 million tons after production surged from new plants in the U.S., Russia and Australia, the French-based group known … Read more After a Record Year, LNG Industry Heads for Slump in Deliveries

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COVID-19 plan key part of Keystone XL construction acceleration, says CEO

The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project. Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing … Read more COVID-19 plan key part of Keystone XL construction acceleration, says CEO

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Five Things to Know in World Business Today

World Business

By Lorcan Roche Kelly Apr 8, 2020 (Bloomberg) White House prepares plan to reopen the economy, EU finance chiefs fail to reach agreement, and grim coronavirus forecasts. Here are some of the things people in markets are talking about today. A plan The Trump administration is developing a plan to get the U.S. economy back on track based on more … Read more Five Things to Know in World Business Today

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Oil Moves Higher With Impact of Possible Output Cuts in Focus

By James Thornhill and Alex Longley Apr 8, 2020 (Bloomberg) Oil rose as investors weighed whether output cuts being discussed by the world’s top producers will be enough to offset the demand destruction wrought by the coronavirus. Futures in New York climbed around 3% toward $25 a barrel. Saudi Arabia and Russia are hammering out an … Read more Oil Moves Higher With Impact of Possible Output Cuts in Focus

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Shale Drillers Warming to a Once-Unthinkable Idea: a Cap on Oil

By Joe Carroll and Sheela Tobben Apr 7, 2020 (Bloomberg) Some old-guard Texas oil drillers are urging state regulators to clamp down on crude production to halt a price collapse more severe than any of them have ever lived through.The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years but a growing chorus of explorers … Read more Shale Drillers Warming to a Once-Unthinkable Idea: a Cap on Oil

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Oil Crash Spurs 92% Loss in JPMorgan Note and Clobbers Many More

By Yakob Peterseil Apr 8, 2020 (Bloomberg) The biggest oil crash in almost three decades is all but wiping out investors in a complex structured product that’s traditionally marketed to savers and retirees.As the crude market reels from both the raging price war between exporting powers and the historic collapse in demand, debt securities tied to … Read more Oil Crash Spurs 92% Loss in JPMorgan Note and Clobbers Many More

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Global Oil Deal Gains Traction With U.S. Predicting Big Drop

By Javier Blas and Grant Smith  Apr 7, 2020 (Bloomberg) The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from … Read more Global Oil Deal Gains Traction With U.S. Predicting Big Drop

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Oil Holds Below $25 on Worries an Output Cut Won’t Be Big Enough

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By James Thornhill Apr 7, 2020 (Bloomberg) Crude steadied in Asia, holding under $25 a barrel as traders weighed whether output cuts being discussed by the world’s top producers would be enough to offset an unprecedented demand loss from the coronavirus outbreak.Futures in New York rose as much as 3.5%, after sliding more than 9% on … Read more Oil Holds Below $25 on Worries an Output Cut Won’t Be Big Enough

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