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Low oil prices send chills through oil patch

WILLISTON, N.D. (AP) — Marcus Jundt moved to Williston from Minnesota almost four years ago and has opened four restaurants there since. Food isn’t propelling his business, though. It’s oil. “Everything I’ve done in Williston is a derivative of oil,” he says. That oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and ...

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Low prices: Shale will suffer more than traditional oil

JEDDAH — The recent decline in oil prices casts further doubts on the shale oil hype. Last summer the Energy Information Administration (EIA, a branch of the US government) published a compilation of data on cash flow generated by major oil companies. It showed how flat oil prices had translated into a flat flow of cash coming from operation. The ...

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Drilling has not slowed, despite dropping oil prices

pump

Energy economists, oil drillers and community leaders said the recent drop in oil prices has not yet affected drilling activity in the Eagle Ford Shale. While increased oil production has made the nation more energy independent, it has also lead to a drop in oil prices. Since June, the price per barrel of oil has fallen by about $20. At ...

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The business of Halloween

Halloween is all about having fun. Whether it’s buying bags upon bags of candy for hungry trick-or-treaters, or buying your favorite costume at the party store. But have you ever thought about how Halloween affects the economy? The Denver Business Journal thought about it, and writer Caitlin Hendee looked into the numbers behind one of the most popular holidays of ...

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Exclusive: Morgan Stanley commodities staff spooked by CEO comment

NEW YORK – During Morgan Stanley’s <MS.N> public earnings call earlier this month, Chief Executive James Gorman made a remark that hit his commodities staff like a bombshell: the bank plans to further “optimize” its business of owning and trading stuff like oil, natural gas, electricity and metals. So this past Monday, when co-head of the commodities business Simon Greenshields ...

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Imperial Oil profit jumps 45 percent as income from refining surges

Oct 31 – Imperial Oil Ltd, Canada’s second largest integrated oil producer and refiner, reported a 45 percent jump in third-quarter profit as it refined more crude oil at higher margins. Weak crude prices helped boost margins at the company’s refining business, which accounts for three-quarters of its total revenue. Global oil prices have fallen by about 25 percent since ...

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Exxon, Chevron results boosted by refining as oil prices slip

Mobil sign

(Reuters) – A surge in refining profits boosted quarterly results at Exxon Mobil Corp <XOM.N> and Chevron Corp <CVX.N>, helping to offset declining oil and gas production and falling crude oil prices. Both companies reported better-than-expected third-quarter profits on Friday, with executives touting the importance of owning massive refineries alongside oil and gas wells. Refining profits tend to rise when ...

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Marathon reports 3Q profit of $672M

Marathon oil

FINDLAY — Helped by improved margins in its refined oil products, Marathon Petroleum Corp. on Thursday reported a third-quarter profit of $672 million, or $2.36 a share, a 300 percent increase over the same period a year ago. Marathon’s third-quarter results beat Zack’s Equity Research’s estimates of $2.34 a share. A year ago the Findlay oil company had a profit ...

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Brent oil price the main factor in U.S. gasoline prices -EIA

WASHINGTON, Oct 30- U.S. gasoline prices are mainly set by global oil prices, a government report said on Thursday, a conclusion that should ease concerns among some lawmakers that lifting a crude oil export ban would mean pain at the pump for American motorists. In essence the report supported the notion that easing the export restriction, imposed by Congress in ...

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