Home » Energy & Mining

Fuel Shortage in Venezuela Growing Worse

The state oil company in Venezuela was trying desperately to fill gasoline supplies in many neighborhoods in the capital of Caracas on Thursday as cars were lined up at gas stations amidst a shortage of fuel that is growing worse. While the state run Petroleos de Venezuela SA (PDVSA) said that the situation was normalizing and placed the blame on long lines at gas station on transportation delays, the country’s opposition party says that the oil company needed to lower its costly imports of fuel as it attempts to preserve its dwindling cash on... 
 

Oil Prices Drop to Low of Three Months on Rig Count

Oil prices fell to a low of three months Monday despite efforts by OPEC to curb output of crude. The prices were pulled down in part due to U.S. drillers adding more rigs. Brent crude was off 11 cents equal to 0.21% to $51.26 a barrel in London early Monday, which was its lowest since November 30. In its previous session, oil was off 1.6%. West Texas Intermediate in the U.S. was down 19 cents equal to 0.39% to a barrel price of $48.30 which was also its lowest since November 30. Brent Crude will drop for the fifth straight day if it continues at... 
 

The 2016 oil market: a year in review

For many energy traders, 2016 has been as brutal for them as it has been for celebrities. With prices sinking to lows that have not been seen in decades, small businesses and investors have felt the pain of plunging and unpredictable prices throughout the year, as an ongoing glut in supply has made it difficult for them to make a profit. If you are trading this commodity through platforms such as Hantec Markets, it’s important that you understand the state of the oil and gas industry. By understanding what the industry has been through this... 
 

What’s next for the oil market as it reaches a critical point?

2016 has proven to be a stressful time for oil traders and producers alike. With prices hitting a 13-year low in February, this year proved to be the breaking point for many businesses in the industry. As the months wore on, however, prices improved to $50 per barrel on rumors that OPEC would soon come to an agreement on a significant production cut. After talks broke down several times, member states finally came to an agreement at the end of November, rallying West Texas Intermediate and Brent Crude to 52-week highs. If you are a trader on a platform... 
 

Exxon Issues Warning on Reserves After Posting Drop in Profit

On Friday, Exxon Mobil Corp issued a warning that it could be forced to end close to 20% of its future gas and oil prospects as it yields to the steep decline in energy prices around the world. Under an investigation by New York state and the United States Securities and Exchange Commission over accounting practices as well as the impact of future regulations for climate change on its business, Exxon disclosed that close to 4.6 billion barrels of crude in its own reserves, for the most part in Canada, might be too expensive to drill. Exxon faces... 
 

Shell Posts Disappointing Results As Profit Hit by BG Deal and Oil

Royal Dutch Shell has posted a disappointing quarterly drop in profit of more than 72%, which it blamed on costs that were related to its BG Group takeover for $54 billion and weak prices of oil. Shell missed estimates of analysts for the current cost for the second quarter of supplies, its own definition for net income, by over $1.1 billion due mainly because they expected better performance from their upstream division, which posted a loss of $1.3 billion in comparison to a loss one year ago of $469 million. CEO Ben van Beurden said that lower... 
 

DONG Energy Stock Surges After Largest European IPO in 2016

DONG Energy shares jumped by up to 10% Thursday after the utility and wind farm developer based in Denmark scored the largest initial public offering thus far in 2016. The company has built over 25% of the offshore wind farms in the world. It sold shares for 235 Danish crowns each, which was the top half price of between 200 and 235 crowns guidance and the valuing of its business at over 98 billion crowns equal to $15 billion. In early trading on Thursday, the stock was up to as high as 258.7 crowns and had touched at one time as much as 260 crowns. The... 
 

SunEdison Said to be Preparing to File Bankruptcy

Struggling SunEdison, a solar developer, is preparing to file bankruptcy in the next few weeks, reported the Wall Street Journal on Friday. The paper cited people who had been familiar with the situation. The shares of the company have dropped by 98% the last 12 months and fell even further in heavy trading after the news was released. SunEdison was at one time the fastest growing developer of renewable energy in the country but is preparing for Chapter 11 bankruptcy protection. It is negotiating with two large groups of creditors for a loan that... 
 

West Virginia Gives Tax Break to Natural Gas and Coal

Photo Credit: fungann via Compfight cc West Virginia Governor Earl Ray Tomblin recently approved a tax break bill on February 29. On Monday, the Democratic governor signed the bill that drops 56 cents/ton of severance surtaxes for coal and 4.7 cents/thousand cubic feet of natural gas. The Republican-led legislature of West Virginia passed said bill. Tomblin initially proposed that the bill be applied by July 1 or ‘earlier at his discretion.’ The money is said to help cover the state’s budget gap of $384 million for this year. In 2015, they... 
 

Gas Prices Might Reach $1 Per Gallon

In some gasoline stations across the country, the per gallon price of regular has fallen to less than $1.42. Two organizations that track the prices of gasoline say that prices of below $2 across the U.S. will be a common occurrence. As the price of oil falls, and capacity at refineries remains strong, the price of gasoline could fall to $1 per gallon in certain areas, a level not seen since 1999. Gasoline prices are determined for the most part from four factors – the price of oil, proximity to the refineries, the capacity of the refinery and... 
 

BP Shuts Down Production In North Sea As Precaution (NYSE:BP)

BP has ordered more than 230 staff to leave the Valhall field in Norwegian waters and has shut down production in the area as a precaution. At the nearby Ekofisk field, ConocoPhillips halted output and evacuated workers by helicopter. During a severe storm, a huge barge broke its moorings and threatened to crash into the platforms in the area. The decision to halt output from the fields reduced the likelihood of any explosion or spill if the barge hit any of the platforms. The barge that broke free is owned by Norway’s Eide Marine. Later in the... 
 

Duke Energy Renewables Business Taking Off (NYSE: DUK)

Duke Energy’s Renewables business produces renewable energy for sale primarily to other utilities and commercial customers. The business began as a start-up in 2009 and has grown into one of the country’s biggest players in renewable energy. Duke Energy controls wind turbines and solar panels from coast to coast. Duke Energy is currently the largest power company in the United States, supplying electricity to more than 7 million customers across the Southeast and Midwest. The entire company currently books more than $25 billion in overall... 
 

Maersk Cutting 12% of Jobs Related to Oil

A.P. Moeller-Maersk is planning to cut up to 12% of its global workforce in its oil unit amidst the lower prices of crude that have remained at lows for the past year. The job cutting move is an attempt to help Maersk Oil fulfill its goal of cutting its expense by at least 20% by 2016 year end, and brings the number of cut jobs in 2015 to 1,250, said the company in a statement emailed to the media on Monday. Jakob Thomasen the CEO at Maersk Oil said the company expects the pressure will continue into next year and the company must keep cost-focused... 
 

Alcoa Splitting Company into Two

On Monday, Alcoa Inc announced that it would split the company into two separate entities – its aluminum smelting operations that are struggling from its lightweight metals production from its faster growing automotive and aerospace business. The news brought to life shares of Alcoa, which soared 6% in trading prior to the opening bell on Monday. Dropping commodity prices along with an aluminum glut have hit Alcoa stock hard, which prior to this news had dropped by over 42% in 2015. The split is to be made to separate the cyclical commodity... 
 

Total Slashing Spending as Price of Oil Hits Hard

Total, the energy group based in France announced on Wednesday that it was slashing its capital spending, while delaying the start of several projects and upping its targets for cost cutting in a response to the dramatically lower prices of oil. In the group’s presentation of Strategy and Outlook on Wednesday, the CEO at Total Patrick Pouyanne said that the group is reducing what it spends on gas and oil projects from a $28 billion peak in 2013 to this year’s $23 billion to $24 billion and in 2016 that will lower to $20 billion to $21 billion. A... 
 

Ford and Alcoa Expand Deal for Aluminum

Ford Motor Company has reached a new deal with Alcoa that will expand its aluminum use in the F-150 pickup as well as in other vehicles. A big change for the lightweight metal as the car industry has long favored the use of steel. The agreement allows Ford to use more aluminum alloys that will be debuting this year on the top selling pickup from the company and will eventually be used on other models of Ford over a period of time. The No. 2 automaker in the U.S. received aluminum for other suppliers for the body of its F-150. However, the new aluminum... 
 

Alcoa Starts First Quarter Earnings Season

Alcoa as usual has unofficially started the earnings season for the 2015 first quarter on Wednesday with results where profit beat expectations but revenue did not, hinting that the upcoming earnings reports deluge might be a rough ride for Wall Street investors. Alcoa reported that its adjusted quarterly profit was 28 cents per share, which beat Wall Street estimates of 26 cents. It was the fifth straight quarter that Alcoa delivered a profit that was better than had been expected. Investors took a cautious eye at the results of Alcoa, not only... 
 

General Electric Profit Beats Estimates

General Electric Co surpassed earnings estimates by analysts for the fourth quarter with increased sales in its power and water segment, offsetting the impact of a drop in oil prices. The largest supplier in the world of heavy-duty jet engines and heavy-duty gas turbines ended 2014 with its eye on crude, which likely will weigh on the company’s fast-growing gas and oil business as CEO Jeffrey Immelt puts GE in a position as a provider of global industrial infrastructure. Adjusted profit in its continuing operation increased 4% from one year ago... 
 

Alcoa Ends Best Year in Past Six Years

Alcoa posted its earnings report for the fourth quarter following the closing bell on Monday, which marked the traditional start of the yearend reporting season. It was a good start as well. The largest aluminum producer in the country posted top and bottom line figures that were better than had been expected sending its stock to a gain in after hours trading and closing out its year with its best results since 2008. Alcoa on Monday reported revenue of $6.4 billion for the fourth quarter, an increase of 14% over the same period one year ago, which... 
 

Saudis See Recovery in Oil While UAE Urges Cuts by Non-OPEC

The United Arab Emirates and Saudi Arabia reiterated their pledges to maintain the same production of crude, blaming the producers who are non-OPEC for the oil glut that has driven the price down to its lowest of nearly 5 years. Suppliers that are non-members of the Organization of Petroleum Exporting Countries need to cut the irresponsible output, said Suhail Al Mazrouei the Energy Minister from the UAE yesterday in Abu Dhabi. Even if the producers who are non-OPEC were to cutback, OPEC likely would not do the same, said Ali Al-Naimi the oil minister... 
 

German Gas Deal Killed by Russian Crisis

Fallout continues to spread from the crisis in Russia with a big gas deal involving Germany being cancelled. BASF said it dropped its plans to hand complete control of its gas trading and storage business to Gazprom from Russia in exchange for a stake in two gas fields in Siberia. Gazprom, which is state controlled, is the biggest supplier to western Europe of natural gas and has looked at developing its distribution and marketing activities across the region. However, the problem in relations between Russia and Germany killed the swap of assets... 
 

Alcoa Beats Forecasts on Higher Prices for Aluminum

Alcoa Inc reported an increase in profit for the third quarter that was strong than had been expected on Wednesday as higher prices for aluminum and a reduction in costs helped drive a recovery in its unit that produces its aluminum. Klaus Kleinfeld the CEO of Alcoa said during an interview that the upstream raw material business enjoyed its best quarter since the economic slump of 2008. He added that the performance this quarter is additional proof the strategy we are using is working. The company has traditionally been the first of the S&P... 
 

Exxon Mobil Wants Ban on Exports of U.S. Crude Lifted

During a business conference last week in Houston, Rex Tillerson the CEO at ExxonMobil said that if the government of the U.S. would end the ban on export of crude oil from the U.S. that is decades old, there would be a spike in job creation. Tillerson also said it would boost the energy security via encouraging new investments that would life production. According to a news report last week, dozens of businesses have lined up to export LNG – Liquefied Natural Gas. In addition, a superlight form of crude oil called condensate. The output in the... 
 

Futures in Crude Bounce on Stockpile Use in U.S.

On Thursday, futures in crude oil were recovering some of ground that had been lost the past week on recent news that more of the U.S. stockpile is being uses than over the last few months. September delivery Brent crude was up by 0.32% at $107.51 per barrel on the ICE Futures Europe. At the same time, in New York the August delivery crude was up to $102.06 an increase of 0.85%. The increase in prices has come on news that more of the U.S. backup oil is being used than at any time over the last six months. The large draw off the inventories of crude... 
 

Alcoa to Start Earnings Season Late Tuesday

There is an expectation that the aluminum giant will beat forecasts from analysts when it reports its revenue and earnings on Tuesday after the closing bell on Wall Street. Alcoa, Inc the world’s third largest producer of aluminum has traditionally kicked off the quarterly earnings season. It will announce its results for the second quarter ending June 30, 2014. A consensus of many analysts says the company will see a drop of over 3% in quarterly revenue from the same quarter last year. They predict revenue to be $5.6 billion and the lower revenue... 
 

Close to Half of Oil and Gas Wells in Wyoming Not Inspected

Nearly half of the newly drilled gas and oil well that are considered a high risk for pollution in Wyoming were not inspected during a period of three years, according to a news agency’s review of data from the federal government. Officials at the U.S. Bureau of Land Management did not examine over 40% of the high-priority wells, which shows how the department is struggling to maintain pace with the drilling boom in America over the past 10 years. The bureau released national records that give a snapshot of the inspections between the 2009 and... 
 

Ikea Investing in Illinois Wind Farm

Home goods behemoth Ikea is doing more than designing and building furniture. The company has invested in a wind farm in Vermilion County Illinois about 150 miles to the south of Chicago. The farm will be big enough to ensure that ever store of Ikeas would never need to purchase power again. Ikea U.S. CFO Rob Olson said it was about taking care of our environment and living within one’s means. This is the first wind farm investment by Ikea in the United States. The company is amongst a growing number of businesses that have opted to take care... 
 

Alcoa Shares Increase After Earnings Beat Estimates

Alcoa Inc opened the first quarter earnings season reporting a drop in adjusted profit for the first quarter, as prices on aluminum fell. However, earnings were ahead of expectations by analysts and shares of the aluminum producer were up in afterhours trading. After-tax income was up in the solutions and engineered products segment, which is the area that sells cast metal products such as auto parts. The income was up from $173 million to $189 million. The news was better than Wall Street was expecting, with the top line slightly lower than estimates... 
 

How Natural Disasters Effect Economics

Lightning can strike even in the safest place. Whether you live near a volcano, along a river that floods or in a tornado alley, there’s always a possibility of natural disaster. Once it happened, economy suffers. It might take few years to compensate of what was taken. Besides loss of life, damage to infrastructure if by far the most common effect of catastrophes. That’s why you should take precautions on your valuables. But what’s odd is that natural disasters have negative and positive effects on the local economy as well. With careful... 
 

White House Revise Exports Limits on Crude Oil

On Saturday, the Obama administration left open the door to revisiting the crude exports limits that have been in place for close to four decades. The administration said following a Senate Energy Committee hearing on the current ban that it continues to closely monitor the implications of the surge in oil production in the U.S. Even those advocates in favor of making changes to the export ban, led by Lisa Murkowski, the ranking House Republican on the committee, do not expect the rest of Congress to wade into the volatile issue. They have urged... 
 

Alcoa Posts Loss in Fourth Quarter of $2.3 Billion

Alcoa, Inc. reported a loss in the fourth quarter of $2.3 billion Thursday as lower prices of aluminum caused the company to make a write down in the value of its acquisitions that were made more than 10 years ago. Without those huge charges, Alcoa posted a profit that was still short of Wall Street estimates. Its decline of 5% in revenue was not as severe as analysts predicted. Shares of the American company dropped 4% in afterhours trading to $10.26. Alcoa is currently struggling with a glut worldwide of aluminum that has created weaker prices. During... 
 

Exxon Mobil Stake of $3.7 Billion Purchased by Berkshire

Berkshire Hathaway has reported the purchase of a stake valued at $3.7 in Exxon Mobil Corp. The company, owned by Warren Buffett, disclosed its largest holding since 2011. The company owned as of September 30, 40.1 million Exxon shares it announced on Thursday, in one of its regulatory filings. The largest oil company in the world by market share was up 0.9% on Thursday to $94.07 in afterhours trading, following the disclosure. Berkshire has enjoyed an up year as its picks of stocks have rallied along with the market in general, affirming its strategy... 
 

Alcoa Exceeds Earnings Estimates

Alcoa, Inc the largest producer in the U.S. of aluminum reported quarterly earnings that beat forecasts after its smelting sector returned to be profitable and results were better at one of its units that makes aerospace and auto parts. Net income for the third quarter excluding costs of plant closings and other items that were one-time was 11 cents per share. Alcoa, based in New York, said its engineered products business, which supplies the aerospace industry like Airbus and Boeing, saw operating income after tax increase by 22% to end the quarter... 
 

Exxon Offering Health Care to Same-Sex Married Couples

After drawing a great deal of criticism for its policies in relation to its lesbian and gay workers, Exxon Mobil Corporation, announced on Friday that it is extending its health insurance along with other benefits for employees to its same-sex married couples, with an effective date of October 1. This move is a big about face from the company’s prior policies, which had defied human rights groups, shareholders and pension funds pressure asking it to protect lesbian and gay employees from being discriminated against in the U.S. However, the latest... 
 

Crisis in Syria Causing Oil and Gas to Increase

The usual drop in September that is expected for gas prices, might not take place this year. In the U.S. the national average for a gallon of gasoline is $3.55, which is down from last month’s average of $3.63. By the early part of the fall, many analysts expected the average to fall as low as $3.40 per gallon, as the seasonal demand begins to fall after the high driving season of summer. However, now some forecasters are predicting that a spike over the short-term of as much as 10 cents per gallon could take place. Oil prices as well as gas futures... 
 

Chevron Agrees to Pay Fine, Give Natural Gas Buses and Clean Up Emissions

Chevron agreed to settle with the US Environmental Protection Agency for pollution violation at its Salt Lake City refinery. Under the deal, the company will pay $284,000 in fines and purchase four new compressed natural gas school buses for the Jordan School District. The deal is worth a total of $384,000. Mike Gaydosh, director of EPA’s enforcement program in Denver, said it is vital that companies conduct their business responsibly and get the proper permits before implementing changes to their infrastructure that increases emissions of air... 
 

Halliburton says it Destroyed Evidence in Gulf Spill

Halliburton officials admitted that evidence was destroyed in the oil spill disaster at Deepwater Horizon in the Gulf of Mexico. The company will enter a guilty plea to criminal charges, said the Department of Justice on Thursday. In the plea agreement, which still needs the court’s approval, Halliburton, based in Houston, Texas, would also be facing three years of probation, pay a $200,000 maximum fine and continue cooperating with the Justice Department’s investigation of the fire and subsequent explosion on the drilling platform April 2010. The... 
 

GE Earnings Up, Stock Rises

General Electric Co. announced that its earnings for the second quarter has increased by 0.9%, as the huge conglomerate reported it had lower costs, but its adjusted earnings dropped as revenue fell below Wall Street estimates. Nevertheless, earnings were ahead by 1 cent of estimates from Wall Street analysts who had been polled earlier. Jeffrey Immelt, the CEO has attempted to lower GE’s reliance on the conglomerate’s financial arm over the last few years, while increasing the industrial businesses in the company, which are valued more highly... 
 

Export Permit Delays, Cost Gas Companies Millions

Rex Tillerson, the chief at Exxon Mobil said that delays in getting permits for natural gas exports approved has cost and is costing companies in the U.S. millions of dollars each day. He also said that rival foreign companies are reaping the benefits by increasing their exports. Tillerson spoke about this only hours after the new Secretary of Energy Ernest Moniz told lawmakers in Washington that he would expeditiously start to evaluate the more than dozen applications awaiting approval for the exportation of LNG or liquefied natural gas. The Exxon... 
 

Chile Fines Barrick Gold Corp Millions

The Chilean government created the Environmental Superintendency recently to make certain that its environmental laws were adhered to. At the end of 2012, the governmental entity began its operations because of the growing concern over the environment in the country. Last week, the Superintendency, in a prepared statement ordered the Barrick Gold Corp to shut down its entire construction operation as the Pascua-Lama mine project. The project extends from Chile into Argentina through the Andes Mountains. Besides shutting down the entire operation,... 
 

White House Considering Expanding Nature Gas Exports

Natural gas production in the U.S is setting new records annually. Times of surging prices because of shortages are a thing of the past and talk now is about how much of the natural resource should be exported. Just a couple of years ago, exporting would have been unthinkable as demand far exceed supply, but today the exporting of liquefied natural gas is thought of as a means for help the country’s trade lessen the influence that other producers like Iran and Russia now have. The White House is currently reviewing 20 applications for gas terminals... 
 

Oil Executive Vote Out by Shareholders

One of the Oil Industry’s highest paid executives in the U.S. was pushed out of his job this week. Occidental Petroleum Corp investors forced Ray Irani the Executive Chairman out. Company investors voted overwhelmingly to have Irani removed with more than 76% of the votes opposing re-election at the company’s annual meeting. Irani, who is 78, was forced two years ago to step aside as the Los Angeles-based company’s CEO due to what investors said was his huge pay. He recently upset shareholders who had become concerned he was playing a role... 
 

Earnings for Caterpillar Drop as Mining Orders Shrink

Caterpillar, Inc. the largest maker of construction and mining equipment in the world reported its sales and earnings for the first quarter on Monday. The company’s results fell short of estimates by Wall Street, as orders slowed down from mining companies. Caterpillar’s net income dropped to just below $880 million, which was equivalent to $1.31 per share. Last year during the same quarter, income was $1.59 billion with a per share rate of $2.37, said the Peoria, Illinois based company. Analysts had estimated that profit, excluding any one... 
 

GE Stocks Fall after CEO Cites Weakness in Europe

General Electric fell Friday morning even if its earnings and revenue were equal to Wall Street’s expectations. The drop was attributed to the concerns about Europe. Chairman and CEO Jeff Immelt said that GE planned for a challenging environment across the Atlantic but the situations proved to be weaker than expected with industrial revenues dropping by 17 percent and had a negative impact on its bottom line. GE reported revenue of $35 billion, which is the same as last year’s numbers. Operating earnings were $4.1 billion, which was up 14 percent... 
 

Profits increase at GE for 2013 First Quarter

General Electric, the largest industrial conglomerate by market capitalization in the U.S. announced its profits had increased by 14% during the first quarter of 2013. That increase was obtained even though the company’s results in Europe ended the quarter with worse numbers that originally anticipated. GE’s earnings equaled 35 cents a share, which was an increase of 17% and in line with Wall Street expectations. GE announced that the emerging economies and the U.S. demand were in line with what it had expected, but that Europe continued to... 
 

Nevada Wind Farm Under Investigation for Death of Eagle

The US Fish and Wildlife Service is conducting a probe on the death of a golden eagle at the Spring Valley Wind Farm, which is near the Utah border. Pattern Energy owns the 152 megawatt wind energy facility that sells power to Las Vegas-based NV Energy. The company turned over the eagle carcass to federal officials within 36 hours of its discovery. Critics of the newly built Nevada wind farm said that it was placed in the flight path of endangered golden eagles. The company doesn’t have a federal take permit that would allow the incidental death... 
 

Natural Gas Deposits to start Flowing in Israel

Israel has realized that its recent discovery of large natural gas reserves offshore is a mixed blessing. The flow of natural gas from one of the two fields is expected within days. Expects in natural gas believe the new discovery of natural gas is enough for domestic use for Israel for decades. Those same experts also feel that the deposits of natural gas will transform the country that is famously lacking in natural resources into an energy exporter. Nevertheless, exporting the gas overseas does not come without its problems. Israel will be risking... 
 

Weekly Price of Crude dropping for first time since October

Oil is on track to fall this week for the first weekly drop since mid October, as a forecast for economic growth in Germany was lowered and an earthquake in Japan created worry that consumption of crude might be lowered. Bundesbank, the Central Bank of Germany, lowered its economic expansion forecast for next year by a full point after the common currency region has fallen once again into a recession due to the debt crisis.   Concerns over the demand for fuel have taken an upper hand said analysts as January crude was at $86.12 per barrel and yesterday... 
 

EPA Adopts New Water Pollution Rules for Florida

The US Environmental Protection Agency is set to adopt new set of state and federal water pollution rules for the state of Florida. This resulted from the long court battle with environmental groups that wanted the federal version to be implemented in the state. This was according to the announcement made by agency officials Friday. EPA Administrator Lisa Jackson released a brief notice in federal court in Tallahassee that stated she had taken all the necessary actions required by a consent ruling that the agency entered with the environmental groups.... 
 

China Suspends Construction at Petrochemical Complex after Protests

Officials in eastern China have stopped the construction at a petrochemical complex after it was met by protests by residents who claimed that it would pollute the region. Municipal officials in Ningbo city said that the planned expansion of the complex would be temporarily placed on hold while a scientific review of its environmental impact was being conducted. The officials didn’t say when the study would be made or when it would be completed. The petrochemical complex in Ningbo’s coastal Zhenhai district is owned by a subsidiary of Sinopec,... 
 
© 2006-2017 Ticker Report. Google+.