This morning, we got see two of the "biggest of the big" in the Big Oil complex report earnings. You are seeing much more conservative earnings from Exxon Mobil Corp. (NYSE: XOM)…
ConcocoPhillips Corporation (NYSE:COP) confirmed today its week-ago operations update that the company would take a $34 billion non-cash impairment charge in the fourth quarter of 2008. Adjusted earnings, after the charge, were…
When China’s CNOOC Ltd. (NYSE:CEO) lost out to Chevron Corporation (NYSE:CVX) in a bid for Unocal, it found other places to invest. Like Nigeria and Indonesia. Those investments are expected to start…
Douglas A. McIntyre Yesterday’s story about Venezuela opening the bidding for its oil resources raised an interesting question. What are the chances that Exxon Mobil Corporation (NYSE:XOM), with nearly $40 billion in cash at the…
Judged by the country’s performance in extracting hydrocarbons, Venezuela under President Hugo Chavez has not been a smashing success. Ten years ago, when Chavez first came to power, the country produced about…
Chevron Corporation (NYSE:CVX) already gave its severe earnings warning and we have already seen layoffs coming out of Schlumberger Limited (NYSE: SLB). and its dragging down share prices for the other oil…
According to Reuters, the world is waiting on US jobs data to measure recession. Reuters reports that a Congressional panel is upping criticism of the Treasury. Reuters reports that corporate fraud scandals…
Chevron Corp. (NYSE: CVX) has just laid the second ground-breaking path in the oil sector today. It lowered guidance "significantly." We already noted pending layoffs at Schlumberger Limited (NYSE: LTD), but this…
If you have somehow managed to be out since last summer when the oil boom was still in full-speed, there is one issue you would not have guessed was coming this quick:…
Flying J Oil, Inc., a privately-held oil company headquartered in Ogden, Utah, filed for bankruptcy protection under Chapter 11 on December 22nd. The company owns and operates more than 250 retail outlets…
It’s no longer news when an oil E&P company cuts its capex budget. As oil prices fall, profits are squeezed and companies rein in discretionary spending, of which capex is a principle…
When Chevron (NYSE:CVX) swallowed Texaco a few years back, one of the morsels it ingested was a claim for environmental damage to several Texaco drilling sites in Ecuador. Unlike Chevron’s recent exoneration…
Douglas A. McIntyre According to Reuters, US car sales are expected to be down sharply for November. Reuters reports that the global recession is hurting Asian factories. Reuters reports that the GM (GM) board is…
About two and a half years ago when crude oil prices were heading up at a pace never before seen, the Saudi Arabian oil minister claimed that there was plenty of oil,…
Before the market opened this morning, Devon Energy (NYSE:DVN) reported third quarter net income of $2.6 billion (EPS of $5.92) on revenue of $5.99 billion. After backing out a non-cash gain from…
