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Tag Archives: low oil prices

Oil prices edge up amid ongoing commodity downturn

SINGAPORE – Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the ...

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Alaska predicts sharp oil tax decline amid low prices

Alaska administration didn't pursue gas-to-liquids pitch

JUNEAU, Alaska — The state of Alaska is projecting revenue from oil and gas production taxes at $172 million this year, a dramatic drop from two years ago when production taxes totaled $2.6 billion. Continued low oil prices contributed to the decline. “Nobody’s making any money on oil,” deputy Revenue Commissioner Jerry Burnett said. In a report released Tuesday, the ...

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Cuba says to drill in deep water despite low prices

CAMARIOCA, Cuba – Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly said. Cuba-Petroleo (Cupet) will drill exploratory wells as deep as 7,000 meters (223,000 ft) in waters of up to 3,000 meters in production sharing contracts ...

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Saudi state claws back unspent money as finances tighten

RIYADH/KHOBAR, Saudi Arabia – Saudi Arabia’s finance ministry, seeking to cut waste as state revenues shrink because of low oil prices, is telling government bodies to return unspent money which they were allocated in this year’s budget, sources familiar with the policy told Reuters. Over the past several years of sky-high oil, government bodies in the world’s top oil exporting ...

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Low oil prices good news for North Dakota road budgets

BISMARCK, N.D. (AP) — The same slumping oil prices that forced North Dakota’s Legislature to trim some state spending are stretching road construction dollars further, officials say. The reason: Prices for petroleum-based asphalt are down as much as 20 percent than what had been estimated for road building this summer, transportation department spokeswoman Jane Berger said. “It’s tied to oil ...

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PetroChina profit down 82 percent on low oil price

BEIJING — State-owned PetroChina Ltd., Asia’s biggest oil and gas producer, says its quarterly profit declined 82 percent from a year earlier due to a sharp decline in oil prices. The Beijing-based company said it earned 6.2 billion yuan ($989 million), or 0.03 yuan (0.5 cents) per share in the three months ended March 31. Total revenue fell 22 percent ...

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Kinder Morgan is on an acquisition binge

Kinder Morgan CEO Richard Kinder and other company executives shared with analysts that the company won’t be slowing down when it comes to acquisitions. Kinder Morgan, which is the U.S.’s largest midstream company, has so far completed two acquisitions just this year.  The company purchased Bakken pipelines for $3.1 million from Harold Hamm’s Hiland Partners and spent another $158 million ...

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IHS CERAWeek arrives at an uncertain point in O&G history

Could the debris from an abysmal year for the oil and gas industry be close to settling? Not likely, CNBC reports. With soaring highs in U.S. oil production partnered with OPEC and Saudi Arabian reluctance to curtail production, IHS Inc. vice chairman Daniel Yergin forecast continued price volatility: “This is a market that’s far from settled down, and it’s a ...

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