Oil

For The First Time Since The Great Depression, Exxon Mobil Loses ‘AAA’ Rating

Tuesday, April 26, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/26/2016 Exxon Mobil has been rate AAA by S&P since 1930 according to Bloomberg. Today that ended as the global crude explorer with sales that dwarf the economies of most nations was cut to AA+ (Outlook stable). Having been put on notice in February (negative watch), citing concern that credit... »

Oil Crash Creates Glut Of Petroleum Engineers – More Layoffs Coming

Tuesday, April 26, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/26/2016 For many students who went to school and took on student loans under the expectation of getting a six figure petroleum engineering job, a rude awakening is likely ahead. Petroleum engineering became a much more attractive field thanks to the shale boom, which meant that these engineers were no... »

No Energy Recovery In Sight: Freeport Fires 25% Of Its Oil And Gas Workers

Tuesday, April 26, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/26/2016 FCX is taking immediate steps to reduce oil and gas costs further. In April 2016, FCX announced a new management structure and is instituting an approximate 25 percent oil and gas workforce reduction. The newly structured oil and gas management team is actively engaged in managing costs and developing... »

“We Haven’t Seen This Is In Our Lifetimes” – CEO Says “Alberta Is In A Depression”

Tuesday, April 26, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/25/2016 “Well, if you’re involved in the oil patch directly, drilling activity or anything like that I think we’ve gone beyond recession and it’s more a depression. The facts are that this latest round of commodity price collapse that happened the first part of this year I think really put... »

Dohaha, Slippery Oil Laughs at Nearly Everyone — Myself Included

Sunday, April 24, 2016
By Paul Martin

By David Haggith TheGreatRecession.info April 23, 2016 As predicted relentlessly here, the scuttled meeting in Doha to limit oil production broke up with no agreement at all. The meeting foundered like a tanker snagged in the dessert sands because of the singular obvious factor that should have sunken all hope weeks ago but did... »

Oil is the Most Likely Candidate to Rattle the US Economy

Sunday, April 24, 2016
By Paul Martin

SputnikNews.com 24.04.2016 An acceptable oil price for the US is within the $40–$60 range, this is what its market seems to be expecting; however the chances are that prices could spike by more than this, dealing a blow to the US economy, according to Forbes contributor Brad McMillan. A large part of the current... »

OIL CEO: The oil industry is facing ‘a full-scale’ crisis

Saturday, April 23, 2016
By Paul Martin

Bob Bryan BusinessInsider.com Apr. 23, 2016 Stop me if you’ve heard this one before: The oil industry is in some serious trouble. Prices have plummeted because of a global oversupply, and many companies are facing mountains of debt, loads of expenses, and cratering profits. If you’re looking for some good news on the industry,... »

Halliburton Fires One Third Of Global Staff: “What We Are Experiencing Today Is Unsustainable”

Friday, April 22, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/22/2016 In a brutally frank and painfully honest first quarter operational update, Halliburton president Jeff Miller poured freezing cold water all over the “oil is stabilizing, and everything is going to be awesome” narrative. After explaining that the firm has laid off one-third of its global employees, and pointing to... »

Oil is heading toward another crash…”oil will re-visit the US$20 level”

Friday, April 22, 2016
By Paul Martin

Akin Oyedele BusinessInsider.com Apr. 22, 2016 Some analysts are betting that the recent jump in oil prices will be short-lived. A big meeting of producers in Doha, Qatar last Sunday ended without an agreement to cap output. Christopher Wood, author of CLSA’s weekly GREED & fear letter, said Thursday that this proves oil will... »

It’s A “Full-Scale Cash Crisis” In Oil Schlumberger CEO Admits

Friday, April 22, 2016
By Paul Martin

by Tyler Durden ZeroHedge.com 04/22/2016 “The decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. This environment is expected to continue deteriorating over the coming quarter given the magnitude and erratic nature of the disruptions in activity.”... »

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