Energy headlines you should know

Getty Images

Getty Images

US crude oil futures rallied on Friday to close up 6.25 percent higher at $45.22 per barrel. Additionally, as the commodity climbed, so did the rig count according to the weekly Baker Hughes report released on Friday. A good sign for a volatile market that has set records, but on the wrong side of the ledger with prices dipping to six-year lows. Here are the energy headlines you should know, a recap from last week’s activity in the industry.


Schlumberger to buy Cameron in $14.8 billion deal

The biggest headline from last week was when Schlumberger Ltd (NYSE: SLB), announced plans to purchase Cameron International Corp. (NYSE: CAM) in a deal valued at $14.8 billion. The nation’s largest oilfield service provider stated the merger will streamline supply chains and offer cost-effective services to customers who have slashed capital expenditures and budgets. (Read full article)

What West Texas producers are saying about $40 oil

EI Creative cropAccording to the Energy Information Agency (EIA), the Permian Basin is producing near-record levels of crude, to the tune of more than 2 million barrels per day. The last time the region reached these levels was back in the 1970s. Unfortunately, crude oil prices have collapsed drastically as the result of a self-inflicted supply glut and has created cutbacks in the region. West Texas players weigh in on their take about the current state of the market and where they see things going. (Read full article)

Transocean seeks to cancel dividend payments as losses deepen

Transocean Ltd. (NYSE: RIG), is attempting to cancel the third and fourth quarter dividend installments for investors this year. The struggling offshore driller has seen its stock collapse by more than 67% over the past 12 months. The company also seeks par value reductions of its shares to address more projected capital losses. (Read full article)TSRlogo1

Total sells North Sea assets for $907M

UK-based oil major Total (NYSE: TOT) announced last Thursday plans to sell some of its North Sea assets to private pipeline company North Sea Midstream Partners for $907 million. Europe’s second largest oil company announced plans earlier in the year to divest some of its assets to combat oil prices that have fallen more than 50% in the past year. (Read full article)

Berkshire Hathaway takes $4.48B stake in refiner Phillips 66

After the market had closed on Friday, Warren Buffett’s Berkshire Hathaway Inc. disclosed a $4.48 billion stake in Houston-based Phillips 66 (NYSE: PSX). This marks the second stake Berkshire has put in the oil company. Back in February of last year the firm shed nearly two-thirds stake in Phillips when it swapped $1.35 billion of shares for a chemical business in its Lubrizol unit. (Read full article)

America's Oil & Gas Network

America’s Oil & Gas Network

HT Banner



Be the first to comment on "Energy headlines you should know"

Leave a comment

Your email address will not be published.