07-29-2015, 10:32 PM
“Ending the ban on oil exports is an opportunity for our nation to become an energy superpower—to send a signal to the world that we are ready to lead on issues of energy and the environment, to empower our allies and compete against our foes, to lift up our economy and create jobs while lowering gasoline prices and increasing domestic energy production,” Murkowski said.
U.S. could be energy superpower with repeal of oil export ban, Senate committee hears
BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices. “It’s really tough times for the industry,” BP CEO Bob Dudley said Tuesday, comparing the market to 1986 when tumbling prices forced drastic cost savings.
Oil industry starts fresh round of cost cuts as oil slump persists
Total SA’s second-quarter profit almost matched year-earlier results as higher margins at Europe’s biggest refining business helped the company shrug off a 50% slump in crude prices. Net income, excluding some non-recurrent items, slid 2.1% to $3.09 billion from a year earlier, beating the $2.67 billion average of 15 estimates compiled by Bloomberg. The dividend will remain at 61 euro cents ($0.67) a share, the Courbevoie, France-based producer said Wednesday in a statement.
Total profit beats estimates as production, refining advance
To understand why U.S. oil production is so resilient, it helps to consider the maze of pipelines running out of Midland, Texas. New lines have relieved a chokepoint in America’s biggest oil-producing area. A massive supply glut had forced producers to offer discounts of more than $20/bbl below the U.S. benchmark last year. This month, prices have been at an average premium of 78 cents, the most in records going back to 1991.