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U.S. pipeline operator Energy Transfer warns of coming job cuts

Reuters
FILE PHOTO: Construction work continues on Sunoco’s Mariner East II natural gas pipeline near Morgantown in Chester County, Pennsylvania, August 1, 2017. REUTERS/Charles Mostoller/File Photo (Reuters) – U.S. pipeline operator Energy Transfer LP (ET.N) will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak......
Reuters - Business

Oil prices rise on higher U.S. gasoline demand, refinery runs

Reuters
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo NEW YORK (Reuters) – Oil futures rose on Thursday, erasing earlier losses, on signs U.S. gasoline demand is rising despite a big surprise build in crude inventories......
Reuters - Business

Oil prices little changed as U.S. crude, diesel stocks swell

Reuters
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo NEW YORK (Reuters) – Oil futures dipped and then bounced to trade around even on Thursday after U.S. crude and distillate inventories rose much more than expected,......
Reuters - Business

Oil prices steady, awaiting confirmation of surprise U.S. inventory build

Reuters
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo LONDON (Reuters) – Oil futures steadied on Thursday as the market awaited confirmation of industry data that showed a surprise increase in U.S. crude stocks, which offset......
Reuters - Business

U.S. shale bust slams rural economies as oil checks shrivel

Reuters
DeWITT COUNTY, Texas (Reuters) – Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight......
Reuters - Business

Exclusive: Schlumberger names new top executives to oversee corporate overhaul

Reuters
(Reuters) – Schlumberger, the world’s largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year’s historic decline in the oil industry, according to a memo to employees. FILE PHOTO – The exterior of a Schlumberger Corporation building is pictured in West Houston......
Reuters - Business

A month after negative oil prices, U.S. crude contract expiry looms

Reuters
NEW YORK (Reuters) – A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic......
Reuters - Business

Occidental offering voluntary job buyouts, citing need for spending cuts: document

Reuters
(Reuters) – Occidental Petroleum Corp (OXY.N) is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, citing the sharp decline in oil prices and the coronavirus pandemic for “severe dislocations” in its business. FILE PHOTO: The logo of Occidental Petroleum......
Reuters - Business

Debt-stricken Chesapeake Energy to advance incentive executive pay

Reuters
NEW YORK (Reuters) – Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile. FILE PHOTO: A Chesapeake Energy......
Reuters - Business

Exxon, Chevron slam brakes on shale as oil demand tumbles

Reuters
HOUSTON (Reuters) – Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments......
Reuters - Business

ConocoPhillips reports 58% fall in quarterly profit

Reuters
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid (Reuters) – U.S. oil and gas company ConocoPhillips reported a 58% plunge in adjusted quarterly profit on Thursday, weighed down......
Reuters - Business

Coming U.S. shale results will test extent of oil hedges, output cuts

Reuters
(Reuters) – As low crude oil prices leave U.S. producers struggling to eke out profits, investors will focus on production hedges and cost-cuts to determine winners from losers as first quarter earnings roll out in coming days. FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13,......

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