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Tag Archives: low oil prices

2015 Louisiana economy slows as government, services shrink

Louisiana

NEW ORLEANS (AP) — New figures show Louisiana’s economy slowed in 2015, but expanding refineries and chemical plants kept growth alive despite low oil prices, a shrinking private service sector and lower government activity. Gross domestic product numbers released Tuesday by the federal Bureau of Economic Analysis try to measure all the economic output of each state. Louisiana’s economy grew ...

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Energy producers weather historic oil market collapse

Energy producers weather historic oil market collapse

The oil market collapse has put more pressure on energy producers than ever before, causing an unprecedented financial crisis, according to industry officials. On average, an oil company earns only $26 for each barrel of oil sold at current oil prices, according to a report by the Houston Chronicle. In February, oil prices in the United States fell to a ...

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National Oilwell slashes dividend, expects weak revenue

National Oilwell slashes dividend, expects weak revenue

NEW YORK (AP) — National Oilwell Varco Inc. will slash its quarterly dividend and expects a revenue decline as persistently low oil prices cut into sales of drilling equipment and oil-field services. The Houston-based company’s board of directors approved slashing the dividend to 5 cents from 46 cents. The company also expects revenue of about $2.16 billion, marking a 20 ...

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Saudi races to attract investment, create jobs in overhaul

Saudi races to attract investment, create jobs in overhaul

RIYADH, Saudi Arabia — Saudi Arabia is racing to attract more investment and overhaul its economy as low oil prices expose it to urgent domestic challenges. For months, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has been working with teams of international consultants, regulators, advisers and government agencies to launch a “National Transformation Program,” or NTP, to help the ...

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Oil producer Azerbaijan in talks for international aid

Oil producer Azerbaijan in talks for international aid

BAKU, Azerbaijan — Representatives from the International Monetary Fund and World Bank arrived in Azerbaijan on Thursday to discuss financial support for the oil producing country’s ailing economy. The ex-Soviet nation in the Caucasus has been hit hard by the sharp drop in prices of its oil and gas exports over the last year. “The World Bank and the IMF ...

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Private-sector hiring accelerated in December to 257,000, ADP says

Private-sector hiring accelerated in December to 257,000, ADP says

Companies accelerated their hiring in December, adding a robust 257,000 net new jobs in a sign that the labor market finished last year strong, according to a report Wednesday from payroll firm Automatic Data Processing. The job growth figure exceeded analyst expectations. It was the most net new private-sector jobs since December 2014 and a big jump from a downwardly ...

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