02-03-2015, 11:57 PM
Exxon Mobil Corp. reported a steep drop in fourth-quarter profit that still handily beat expectations as the rout in oil prices ushered in an era of frugality for an industry that reaped $3.2 trillion in sales last year.
Exxon profit falls as oil industry reels from market collapse
BP has decided to hand back two exploration licenses in the Arafura Sea, offshore Indonesia, after deeming them high risk.
BP to relinquish 'risky' exploration blocks offshore Indonesia
Russian oil production remained near the post-Soviet record reached last month, as the collapse of crude prices since June has so far failed to visibly disrupt growth, and exports jumped.
Russian oil production near record as prices fail to slow momentum
These are tough times for oil companies. Crude prices have fallen 60 percent since last June, demand remains relatively weak, and the world is still producing more oil than it needs. Not to mention that with crude getting harder to find and costlier to extract, oil companies are spending more money for every barrel they produce—hardly a recipe for steady profits.
Exxon Could Be the Big Winner of the Oil Crash - Bloomberg Business
Blackstone Group LP, the biggest alternative-asset manager, is “scrambling” to invest more than $10 billion in energy companies after the price of oil plunged, the firm’s president said. “Our people are scrambling and trying to come up for air,” Tony James said on a call with reporters, discussing Blackstone’s fourth-quarter earnings. “Everything just got hammered at once. There’s clearly some very interesting values in the credit markets just buying debt at big discounts to face and getting equity-like returns.”
Blackstone ‘scrambling’ to invest in distressed oil and gas companies