Petroleum industry
Major US petroleum companies, including Exxon, Mobil, Amoco, Texaco, and Atlantic Richfield, reported significant declines in second-quarter 1994 earnings due to lower crude petroleum prices and weak margins in their refining operations. While Mobil's earnings were only 1% lower than the same period in 1993, special charges resulted
Petroleum
The rapidly declining US dollar against the yen is causing US oil companies in Japan to reevaluate their budgets, with several major companies adjusting their financial forecasts to account for the weakening currency. A major oil company executive noted that the dollar was valued at 115 yen in August 1993,
Petroleum
The price of crude and refined oil futures increased significantly following a Nigerian labor strike and the temporary closure of the Novorossisk port in Russia. West Texas Intermediate (WTI) crude oil futures rose by 25 cents to $20.43 per barrel, nearing last month's one-year high. The strike
Petroleum
Washington officials say Yemen's oil production has been quickly restored to nearly pre-war levels following the north's apparent victory in a two-month civil war. However, industry sources believe oil investment is likely to suffer for years to come due to ongoing unsettled conditions in the country.
Petroleum
Canadian oil and natural gas companies are poised to experience a significant surge in financial performance this year, thanks to a combination of favorable factors. The latest quarterly forecast from Peters & Co. Ltd. projects higher U.S. oil prices, a weaker Canadian dollar, reduced U.S. discounts on oil,
Petroleum
Enterprise Oil plc has bowed out of its hostile bid for Lasmo plc after failing to secure sufficient acceptance from the target company's shareholders. The bid, which was launched in April, had been marred by controversy and difficulties in convincing Lasmo's investors to accept the offer.
Petroleum
Bolivia, Latin America's poorest country, is taking a bold step in attracting private investment to its state-owned enterprises. The country's president, Gonzalo Sanchez de Lozada, has introduced a program called "capitalization," which aims to transfer up to 50% equity control and management to private
Petroleum
WASHINGTON -- The prices of petroleum products jumped on June 23, 1994, as refining margins improved dramatically due to increased domestic crude oil costs. Gasoline and distillate fuels gained on domestic crude oil costs, while natural gas prices dropped below $2/MMBtu on the expiring July futures contract. Key Takeaways:
Petroleum
Investment funds took their profits on West Texas Intermediate (WTI) crude oil futures, causing prices to plummet as the contract for July delivery expired. WTI crude oil futures for July delivery expired at $20/bbl, while August contracts may be bid up by investors from their present mark of $19.
Petroleum
As crude oil prices have surged from $14 per barrel to almost $20 per barrel in June 1994, prospects for tax and royalty relief in the US petroleum industry have dimmed. When over 100 industry leaders requested a meeting with President Clinton in March 1994, they hoped to discuss relief
Petroleum
In a bid to boost its global reputation, Russia's ambassador to Canada, Alexander Belonogov, has promised to address the grievances of Western companies working in the country's oil industry. Belonogov acknowledged that Russia is perceived as a high-risk destination for business, but stressed that the country
Petroleum
The three-month rally in oil prices shows signs of weakening, while wholesale refined product prices continue to surge driven by strong demand for gasoline. West Texas Intermediate (WTI) crude oil futures for July delivery declined slightly, while refining margins fell significantly in May, according to the International Energy Agency. Meanwhile,
