More Economics & Oil Market News

Oil, gas infrastructure investments essential, House panel told

Investments in oil and gas transportation and storage should move ahead because they are essential in continuing the US economic recovery and North American energy renaissance, witnesses told a US House Transportation and Infrastructure subcommittee.

MARKET WATCH: NYMEX crude oil prices reach 2015 high

Crude oil prices surged more than $3/bbl on the New York market Feb. 3, closing at the highest level so far this year, but some analysts believe the oil price rout might not be over yet. One analyst said the Feb. 4 release of the weekly US government report on oil and product inventories would prove interesting.

BG’s 2015 budget ‘significantly lower than 2014’

BG Group plans capital expenditures on a cash basis of $6-7 billion in 2015, a range it says is “significantly lower than 2014” due to “a lower oil price environment.”

BP trims capital budget by $4-6 billion

BP PLC plans an organic capital expenditure of $20 billion in 2015, down from the previous guidance $24-26 billion. Total organic capital expenditure in 2014 was $22.9 billion, lower than its initial guidance of $24-25 billion.

IHS sees second-half end of US output surge

Expectations are moderating about growth of oil production in the US this year.

Anadarko reports 2014 loss, remains upbeat about Wattenberg

Anadarko Petroleum Corp. announced a 2014 net loss of $1.75 billion, or $3.47/share diluted, including a net loss of $4.05 billion associated with the settlement of litigation involving its subsidiary, Tronox Inc., yet company executives remained upbeat about production growth.

CNOOC cuts capital budget, starts production from Jinzhou 9-3

CNOOC Ltd. is slashing its capital budget for 2015 by 26-35% to $11.25-12.86 billion compared with last year’s budget. Capital expenditures for exploration, development, and production respectively account for 21%, 67%, and 10% of the budget.

Seven Group buys into Beach Energy

Media group Seven Group Holdings, Perth, has bought 13.8% of Adelaide-based Beach Energy Ltd. through share purchases fuelling speculation of a possible takeover bid.

MARKET WATCH: NYMEX crude oil stays positive on lower rig count

Oil prices on the New York and London markets closed higher Feb. 2 on positive momentum generated by a falling US rig count, suggesting cuts in production will follow at some point.

Obama’s proposed fiscal 2016 budget recycles oil tax increases

US President Barack Obama has proposed his federal budget for fiscal 2016 that he said was designed to help a beleaguered middle class take advantage of a strong economic recovery. It also included proposals from previous years to close what the administration considers oil and gas tax loopholes and the industry regards as necessary provisions to offset ongoing business expenses.

Pessimism mounts over UK offshore industry

Pessimism about the UK offshore oil and gas industry is gaining momentum.

Syncrude sees additional $260-400 million in possible budget cuts

The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on major projects and incorporates $110 million in cost reductions.

Union strike under way at US refineries, petchem plants

The United Steelworkers Union (USW) has instituted a strike at nine US refining and petrochemical production plants following a breakdown in negotiations with oil companies over collective bargaining agreements due to expire on Jan. 31.

MARKET WATCH: NYMEX, Brent crude oil prices rebound

Crude oil prices rallied on the New York and London markets on Jan. 30. Brent crude oil prices settled at just under $53/bbl, which was its highest closing in about 3 weeks. The US light, sweet crude oil closed above $48/bbl.

Shell cuts $15 billion in spending for 2015-17

Royal Dutch Shell PLC has curtailed more than $15 billion in potential spending over the next 3 years, but is not “not overreacting to current low oil prices,” and is keeping its “best opportunities on the table,” the company says.

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