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Tag Archives: oil slump

Oklahoma oil, gas tax revenues up, but downturn continues

"Foggy Bottom Pump Jack" in Duncan, Oklahoma. (Image: duggar11 via Flickr)

OKLAHOMA CITY (AP) — Oklahoma reported modest increases in tax revenue from oil and gas production over the past two months, although those collections fell short of last year’s marks. The state is going through a continued economic downturn as gross tax receipts for June were $925.7 million, or 7.4 percent lower than the June 2015 total, Oklahoma State Treasurer ...

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CEO says Exxon ready for acquisitions, investing in business

CEO says Exxon ready for acquisitions, investing in business

DALLAS (AP) — Exxon is interested in acquisitions while oil prices are low, but CEO Rex Tillerson says sellers have unrealistic price expectations. Tillerson said Wednesday that Exxon Mobil Corp. is in financial position to pursue acquisitions or change its spending plans depending on what happens to the oil market. Earlier this week Exxon raised $12 billion from a bond ...

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5 oilfield jobs still in demand in 2016

watertruck

Extended periods of plummeting oil prices have had a noticeable effect on the oil industry, with many oil companies decommissioning multiple rigs during 2015. While the oil industry is no longer being referred to as “booming” by most media outlets, it is not going away completely, and many oilfield jobs are still in demand. As current workers retire and leave ...

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Wells Fargo says slump in oil prices could last longer

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Wells Fargo & Co’s head of corporate banking has warned of stresses in the bank’s energy portfolio and said the slump in oil prices “feels deeper and broader and could last longer”, the Financial Times reported this week. Wells Fargo has the largest exposure to oil and gas industry among the big U.S. banks, with its lending to the energy ...

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ConocoPhillips to lower spending, sell assets amid oil slump

ConocoPhillips to lower spending, sell assets amid oil slump

ConocoPhillips <COP.N>, the largest U.S. independent oil company, plans to reduce capital spending by 25 percent next year and sell more non-core assets as it looks to shore up its finances amid a prolonged slump in oil prices. The company’s shares rose as much as 3 percent on Thursday, after it said it would cut capital spending to $7.7 billion ...

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Oil slump further cuts state revenue

Image: Einar E. Kvaran via Wikimedia Commons

SANTA FE — New Mexico lawmakers could have less money available to spend next year than previously projected, as plummeting oil prices have led to the amount of “new” money estimated for the coming year to be pared back to $232 million — down more than $60 million from four months ago. As a result, the top budget official in ...

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Stocks are mixed in early trade; oil price slips

Trader Vincent Quinones works on the floor of the New York Stock Exchange, Wednesday, Dec. 2, 2015. Stocks were mixed in early trading Wednesday ahead of a European Central Bank meeting where further stimulus is expected to be announced as well as a speech by the head of the Federal Reserve. (AP Photo/Richard Drew)

NEW YORK — Stocks were in mixed in early trading Wednesday ahead of a European Central Bank meeting where further stimulus is expected to be announced as well as a speech by the head of the Federal Reserve. Energy stocks fell along with the price of oil. KEEPING SCORE: The Dow Jones industrial average lost seven points, or 0.1 percent, to ...

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No need for OPEC, non-OPEC producers summit: Kuwait

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. REUTERS/Heinz-Peter Bader

KUWAIT (Reuters) – A summit of OPEC and non-OPEC, as suggested by Venezuela, would be pointless as independent producers are not committed to cutting output, Kuwait’s oil minister said on Monday. “The problem is that there is no commitment from the countries outside OPEC on what they would offer for the stability of prices,” Ali al-Omair said. “Their request from ...

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US oil producers thirsty for cash eye wastewater unit spin-offs

Injection well used to dispose of oil field wastewater. (Image: Faces of Fracking via Flickr)

WILLISTON, N.D., Sept 11 (Reuters) – Some U.S. oil producers are trying to sell parts of their lucrative saltwater disposal businesses in a sign that cheap crude is already forcing cash-starved companies to sell assets so oil can keep flowing. Many oil companies rely on outside contractors, which tend to be small, privately-held companies, to inject the briny byproduct of ...

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Hundreds more job cuts announced in Texas

Getty Image/NewsCred

Texas can expect yet another wave of job cuts throughout the oil and gas sector as numerous firms have announced a combined 700 employee reduction in the upcoming months. Recently, ConocoPhillips announced a 10 percent reduction in its total labor force. According to a report from Fuel Fix, this equates to more than 500 positions in the Houston area, at ...

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