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Chevron Reports Second Quarter Net Income of $1.5 Billion

Chevron Corporation (NYSE:CVX) today reported earnings of $1.5 billion ($0.77 per share – diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share – diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier. Sales and other operating revenues in second quarter ...

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ExxonMobil Earns $3.4 Billion in Second Quarter 2017

Exxon Mobil Corporation today announced estimated second quarter 2017 earnings of $3.4 billion, or $0.78 per diluted share, compared with $1.7 billion a year earlier, as oil and gas realizations increased and refining margins improved. “These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals,” said Darren W. Woods, chairman and chief executive officer. “Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.” During the second quarter, ...

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Oil Companies Trim Drilling Budgets in Sign of Rising Caution

Caution lights are flashing for the oil industry. Facing lower-than-expected commodity prices, drillers from ConocoPhillips to Hess Corp. to Statoil ASA have slashed their capital spending plans in recent days, as companies lay out their plans to cope with oil prices stuck below $50 a barrel. The budget cuts won’t necessarily mean less oil or natural gas on the market, with some of the companies saying they can now do more with less and expect to produce just as much oil and gas in 2017. But they speak to an ...

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Brent Crude Set for Biggest Weekly Gain This Year as Glut Eases

Oil headed for its biggest weekly increase this year in London as sliding U.S. inventories and signs of stronger demand signaled the supply glut in the world’s biggest consumer may be easing. Both Brent crude and U.S. benchmark West Texas Intermediate have added more than 7 percent this week. U.S. crude stockpiles fell to the lowest since January, while gasoline inventories were the smallest this year, the Energy Information Administration said Wednesday. The American Petroleum Institute said on Thursday that the nation’s fuel use in June surged to the highest ...

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Traders think hedge funds are missing a trick with oil

Hedge funds are still holding large bearish bets against oil and OPEC, yet out in the real world traders and refiners buying and selling actual barrels say it’s starting to look somewhat more bullish. “The market is looking a bit better,” Ian Taylor, chief executive officer of Vitol Group, the world’s largest oil trader, said in an interview. “Physical differentials are improving across the world.” Differentials are an important indicator of the state of the market. They reflect the price of each type of crude compared with a benchmark, often ...

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North Sea oil output to fall to three-year low in August

North Sea oil production is expected to fall to its lowest in nearly three years next month, driven by steep seasonal declines in the region’s four major grades of crude. Production from the dozen streams of North Sea crude tracked by Reuters will average 1.752 million barrels per day in August, down from 1.929 million bpd in July, according to Reuters calculations based on loading programmes provided by industry sources. That would be the lowest monthly output since September 2014 and down from 1.806 million bpd a year earlier. The ...

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U.S. oilfield service firms eye pricing gains despite rangebound crude

Oilfield service companies do not expect their businesses will get a major activity boost from oil prices in the second half of this year, but demand is robust enough that they will be able to raise fees, executives said. “We are well structured for the $45 to $55 a barrel range,” Andy Hendricks, chief executive of drilling and fracking services provider Patterson-UTI Energy, said in a phone interview on Thursday. “We expect the rig count for us to go up slightly throughout the year.” Patterson is upgrading seven rigs at ...

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Oil prices dip but stay near eight-week highs on U.S. stock declines

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC’s ongoing efforts to curb production. Brent crude futures <LCOc1> were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures <CLc1> were down 10 cents, or 0.2 percent, at $48.94 per barrel. Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC’s ...

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Saudi tries to strengthen OPEC/non-OPEC hand with oil export gambit

Saudi Arabia’s oil minister Khalid al-Falih did his best to restore the confidence of the oil market at the recent Joint OPEC-Non-OPEC Ministerial Monitoring Committee meeting in St. Petersburg, by promising that it will cut its exports to a six-year low next month. S&P Global Platts senior editor Eklavya Gupte reads into some of the key statements made at this meeting, including Falih’s remarks that it will look to use export data as a key metric for compliance. Saudi Arabia certainly did its best at the OPEC/ non-OPEC Joint Ministerial ...

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Oil demand could peak in 10 years, says Shell CEO, sooner than others forecast

Demand for oil could peak by the late 2020s or early 2030s in a best case scenario, the CEO of Shell told CNBC, offering a faster timeline than other closely followed oil market prognosticators. To be sure, this does not reflect Shell’s baseline scenario. For oil consumption to start declining in 10 years, policy and technology will have to develop very quickly to expedite the transition to cleaner power, Ben van Beurden, chief executive officer at Royal Dutch Shell, said on Thursday. “Even in the most aggressive scenario, where policies ...

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UK car ban will have ‘massive impact on markets’

Wood Mackenzie took a closer look at the impact of the UK government’s proposal to ban the sale of new petrol and diesel cars by 2040, as outlined by the Environment Secretary, Michael Gove, in an interview to the BBC this morning. Alan Gelder, Wood Mackenzie’s senior vice president, refining and chemicals research, said: “If auto manufacturers can deliver this, then oil demand will peak and then decline swiftly. Judging by Mr Gove’s comments, this will have a massive impact on the refining sector and the oil markets.” He added: ...

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Europe’s oil giants recover from three-year slump

Europe’s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices. Royal Dutch Shell, France’s Total and Norway’s Statoil reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Shell led the charge, more than tripling profits in the second quarter from a year ...

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S&P Global Platts Analysis of U.S. Energy Information Administration (EIA) Data

U.S. crude oil inventories fell sharply in the week that ended July 21, as robust refinery runs and strong gasoline demand combined to pull barrels out of storage, according to the U.S. Energy Information Administration (EIA) Wednesday and a commentary by John (Jack) Laursen, S&P Global Platts Oil Editor. Crude oil stocks declined by a larger-than-expected 7.208 million barrels to 483.415 million barrels and have now fallen 25.798 million barrels or 5.1% in the past four reporting weeks. Analysts surveyed by S&P Global Platts were looking for crude stocks to ...

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China’s CNPC overseas equity oil, gas output rose 11.6 pct in H1

Oil and gas production at China National Petroleum Corp’s (CNPC) overseas fields rose 11.6 percent during the first half of 2017 versus the same time a year ago, the company said in a report released on news.cnpc.com.cn on Thursday. CNPC, the parent of Asia’s top oil and gas producer PetroChina, produced 44.31 million tonnes, about 1.79 million barrels per day, of oil equivalent from fields where it holds equity during the period, it said in the report. Projects in Kazakhstan, the Middle East, Southeast Asia, and other places increased their ...

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API American Petroleum Institute welcomes Senate support for U.S. offshore energy development

API welcomed a letter sent today by 36 U.S. Senators to Interior Secretary Zinke in support of the safe and environmentally responsible development of our nation’s offshore energy resources as the administration begins developing a new five-year offshore oil and natural gas leasing program. ‘We welcome the Senate’s support for an offshore leasing plan that will fully embrace our nation’s energy potential and provide enormous benefits to American consumers and businesses,’ said API Upstream Director Erik Milito. ‘Developing our abundant offshore energy resources is a critical part of continuing the ...

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