Energy giant BP has said that net profits dipped in 2006, reflecting a decline in production and refining margins, despite record peaks for crude oil prices in the middle of the year.
Fourth-quarter profits meanwhile slid following recent oil price losses, combined with higher safety costs following the deadly Texas City refinery blast in 2005.
BP also [...]
Toronto stocks were poised to open lower on Wednesday, as weakening crude oil and natural gas prices drag down shares of energy companies, while investors digest quarterly results from aluminum giant Alcan Inc. and Nova Chemicals Corp..
Alcan said it swung back to profit in its fourth quarter, driven by higher aluminum prices and as the [...]
Oil prices rebounded Friday amid cold weather in the United States, a major consumer of heating oil, and as traders watched for signs that OPEC members were cutting output.
Concerns were also stoked by a threat from the two main Nigerian oil workers’ unions to strike next week in protest of rising violence in the country’s [...]
Global equities have risen 12% since lows in June, boosted by sharp declines in crude oil prices and bond yields, as well as a resurgence in mining stocks, and the rally could further broaden out, according to the Bank Credit Analyst (BCA).
The rally, which followed a sharp correction in global markets that set in on [...]
The oil ministry on Monday offered oil companies a record 48 exploration licenses for 85 offshore blocks, most near existing fields that Norway hopes will stimulate future production.
Norway, the world’s third largest oil exporter after Saudi Arabia and Russia, began offering unexplored blocks near existing, or mature, finds in 2003 in what it calls Awards [...]
While oil companies reaped gargantuan profits in 2006 amid high prices, U.S. demand for petroleum dipped for the second year in a row, a trade group said Friday.
Total petroleum deliveries, a measure of demand, fell by roughly 1 percent to 20.6 million barrels per day, down from 20.8 million in 2005, which was below the [...]
A compromise by Florida that led to the opening of a large chunk of the Gulf of Mexico to oil and gas drilling draws keen interest from Big Oil, but criticism from other sectors.
Under a new law that opens 8.3 million acres in the Gulf of Mexico to offshore drilling, four coastal states — Louisiana, [...]
A Malaysian company is building what it says is the world’s first plant to commercially produce ethanol from nipah palm trees, with the product aimed mainly for export to countries looking for alternatives to gasoline, its chairman said Saturday.
Pioneer Bio Industries Corp. Sdn. Bhd. said it is building the plant in northern Perak state to [...]
Shares of China Petroleum & Chemical Corp (ticker: CHU), Asia’s largest oil refiner, rose as much as 7% on Wednesday after it won a one-time 5 billion yuan government subsidy to compensate for the cost of higher crude oil prices.
The compensation has been given by the Chinese government to help cover losses at the company’s [...]
Compton Expects 2007 Production Growth of 11% to 14% on $375 Million Capital Investment Program
2007 Program Highlights:
• $375 million capital investment program
• 330 well drilling program
• Expected average production of 37,000 to 38,000 boe/d
• Projected operating cash flow of $310 to $320 million
• Emphasis on organic growth and disciplined capital spending
Building on Success
During 2006, Compton [...]
