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Tag Archives: Oil price

Finding the sunny side of the Bakken turn down

In a special meeting with the Dickinson City Comission, KLJ CEO Niles Hushka said the oil price slump and drilling slowdown has created a variety of innovations within the industry and positive outcomes for the region, according to the Dickinson Press. The head of the engineering solutions firm stated that the Bakken shale play “is all about optimizing production in ...

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Drop in price of oil affecting Texas jobs

WICHITA FALLS, Texas – While the price per barrel of oil continues its downward trend, the number of unemployment claims by workers in the oil and gas industry has gone up. Texas Workforce Commission data shows 6,814 oil and gas workers filed unemployment claims from Nov. 1-Feb. 19, while the total number of claims filed in the state was almost ...

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Oasis updates Bakken plans for 2015

For the coming year, Oasis Petroleum (NYSE: OAS) is changing its focus from production to business management to better weather the current oil price climate, reports The Bakken Magazine. In 2014 the company produced an average of 45,656 barrels of oil equivalent per day (boe/d) compared to 2013’s figures of 33,904 boped, a 35 percent increase. During last year’s fourth ...

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Oil and gas contractor Cal Dive files for bankruptcy

Offshore oil and gas contractor Cal Dive International Inc said the company and its U.S. subsidiaries filed for voluntary bankruptcy protection. Cal Dive’s foreign units have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings, the company said on Tuesday. Cal Dive has been hurt by the slump in crude prices as oil and gas ...

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Brent holds above $60 after Saudi price hikes

SINGAPORE – Brent held above $60 a barrel on Wednesday supported by a hike in Saudi crude prices and strikes on oil facilities in Libya. In a move widely seen as a vote of confidence by Saudi Arabia in demand recovery, the OPEC kingpin raised the official selling prices (OSPs) for its oil deliveries to Asia and the United States ...

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Iraq battles to rebuild despite war and oil slump

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BAGHDAD – On a main highway south of Baghdad, dozens of buildings rise up from the Iraqi plains, the first blocks of a multi-billion-dollar city emerging from a landscape more accustomed to conflict and crisis than glitzy new development. Bismayah New City, which aims to house half a million people within four years, dwarfs any construction project Iraq has attempted ...

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Bankers feel oil price squeeze

Odessa banker Luis Gomez said the signs of the oil and gas slowdown already show up at his Commercial State Bank in the form of lower demand for loans and less cash-flush borrowers. The roughly $560 million bank, with a 67 percent loans-to-deposits ratio, expects a pinch if the downturn proves long-lasting, as do many fellow bankers in the region. ...

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Russian economy still at risk from oil, sanctions

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MOSCOW – The Russian economy and rouble are still at risk from oil price volatility, Western sanctions and speculative behavior on the foreign exchange market, the central bank’s First Deputy Governor Ksenia Yudayeva said on Friday. “It’s premature to say that crisis trends in the economy have been overcome,” she told the Federation Council, Russia’s upper house of parliament. She ...

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