Oil

Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows

Friday, January 30, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 01/30/2015 For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan 2013). The total rig count is now... »

It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames “Cash Flow Squeeze”

Friday, January 30, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 01/30/2015 It was less than 24 hours after we posted that either oil will double from here allowing energy companies to grow into a normal P/E multiple, or energy stocks will have to crash by over 40% for the ridiculous 23x to return to its normal, long-term average of 13.6x.... »

Alaska’s State Budget Collapses by 50%…” 80 percent drop in oil revenues since June”

Thursday, January 29, 2015
By Paul Martin

By Andy Tully WolfStreet.com January 28, 2015 Alaska, once oil-rich, now faces tough decisions on what parts of the state’s budget can be cut, and where it can find other sources of revenue to confront deficits it has never faced before. The part-time state legislature, whose 2014 session ended in April, had passed a... »

As Europe Disintegrates, Is Full-Scale War Now On The Horizon

Thursday, January 29, 2015
By Paul Martin

KingWorldNews.com January 29, 2015 With the crude oil market hitting fresh new lows at $43, below is a key piece that warns as Europe disintegrates and the grand experiment runs into more trouble with each passing day, a full-scale war may now be on the horizon. By Art Cashin Director of Floor Operations at... »

Crude Crumbles To Fresh Lows: $43 Handle

Thursday, January 29, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 01/29/2015 Yet again this morning’s “bounce” to $45 was heralded as maybe possibly could be the stability that markets are looking for. And once again it was not as WTI makes fresh cycle lows to a $43 handle.. and once again, energy stocks plunged back to energy credit’s reality… The... »

Oil Collapse: “This Could Cause The Most Destructive Economic Situation Since the Great Depression”

Thursday, January 29, 2015
By Paul Martin

Mac Slavo January 28th, 2015 SHTFplan.com With the price of oil hovering around $44 and U.S. oil inventories at record highs the general consensus is that the economy will soon see a boost in consumer spending as Americans will take their gas savings and spend it at retail stores. But there’s a lot more... »

Crude Contagion: California’s Kern County Declares Fiscal Emergency Due To Plunging Oil Price

Wednesday, January 28, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 01/28/2015 At this point only an act of god, or a sudden Saudi change of heart to cut crude production by 50% (unclear which is more probable) can prevent a recession in Texas. However, one state that few thought would be impaired as a result of the crude plunge, is... »

Why The Damage To The Economy Caused By The Oil Crash Is Going To Get Progressively Worse

Tuesday, January 27, 2015
By Paul Martin

By Michael Snyder TheEconomicCollapseBlog.com January 27th, 2015 We are really starting to see the price of oil weigh very heavily on the economy and on the stock market. On Tuesday, the Dow was down 291 points, and the primary reason for the decline was disappointing corporate sales numbers. For example, heavy equipment manufacturer Caterpillar... »

U.S. Shale Boom May Come To Abrupt End

Tuesday, January 27, 2015
By Paul Martin

By Arthur Berman OilPrice.com Mon, 26 January 2015 U.S tight oil production from shale plays will fall more quickly than most assume. Why? High decline rates from shale reservoirs is given. The more interesting reasons are the compounding effects of pad drilling on rig count and poorer average well performance with time. Rig productivity... »

Junk-Bond Bubble Implodes Beyond Energy, Deals Scuttled, Yields Soar, Suddenly “Insufficient Demand”

Tuesday, January 27, 2015
By Paul Martin

by Wolf Richter WolfStreet.com January 27, 2015 The year 2015 has just started, and already there have been two junk-bond casualties: the first on Thursday, and the second one today. They weren’t energy companies. Energy companies don’t even try anymore. They’ve been locked out. Both deals had to be scuttled because, even at the... »

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