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The Western World Running on “Eâ€
Western nations — the U.S., in particular — are now experiencing the bow wave of a profound change in the current and future availability of oil. According to recently published data, oil output from all major Western oil companies is on an ominous decline trend. Exxon Mobil, for example, announced that its average oil output has fallen by 614,000 barrels per day in 2008.
Western oil majors like Exxon are finding it harder than ever to identify new prospects and successfully complete new oil projects. This comes despite the fact that the oil industry is flush with profits from upstream operations,…
2Sep2008 | Whiskey and Gunpowder | Comments Off | ContinuedPeak Oil, Politics, and U.S. Energy Supply
Western nations – the U.S., in particular – are now experiencing the bow wave of a profound change in the current and future availability of oil. According to recently published data, oil output from all major Western oil companies is on an ominous decline trend. Exxon Mobil, for example, announced that its average oil output has fallen by 614,000 barrels per day in 2008.
Western oil majors like Exxon are finding it harder than ever to identify new prospects and successfully complete new oil projects. This comes despite the fact that the oil industry is flush with profits from upstream operations,…
29Aug2008 | Energy and Oil | Comments Off | ContinuedGlobal Investing Roundups
U.S. Bankruptcy Filings Soar; Japan’s Bankruptcy Jitters; Boeing Backs Down in Face of Strike; Quicksilver’s Ski Sale; Gustav Pushes Crude Higher; TiVo Swings to Profit; PetroChina Hurt by Subsidies; BP Ending Russian Venture
-In yet another indication of the weak economy, U.S. bankruptcy filings spiked in the second quarter, up 29% for the 12-month period ended June 30. Business filings ratcheted up more than 41% to 33,822 from 23,889 the year before. Non-business filings totaled 934,009, up 28% from the same period in the prior year, CNNMoney.com reported.
-Tokyo-based real estate developer Sohken Homes Co. Ltd. filed for bankruptcy, sparking concern over…
28Aug2008 | Money Morning | Comments Off | ContinuedOil Company Profits: BP could lose $20 billion to Gazprom
Gazprom is moving to take control of BP’s Russian oil fields.
Gazprom, Russia’s government-owned energy company, already had plans to buy a stake in British Petroleum’s Kovykta gas field. And now, with rumors circulating that BP (BP: NYSE) is being bullied out of its Russian enterprise, Gazprom (OGZPY: Pink Sheets) could be planning to buy a majority stake in TNK-BP, the joint venture between BP and four Russian billionaires.
The Russian government in general, and Gazprom in particular, has a history of forcing foreign oil and gas companies out of local fields through corporate and legal harassment and tax hikes. The government hasn’t…
9Apr2008 | Stephanie Grimmett | Comments Off | ContinuedBig Oil’s Secret Impoverishment
The headlines seem to be rolling in nonstop for Big Oil: “Chevron Posts Record $17 Billion Profit. BP Profit Up 52%, Record $4.4 Billion Quarter.†And the giant among giants, “Exxon Mobil Reported All-Time Record $39.5 Billion Profit.â€
We’ve all seen these headlines before and, sad to say, many investors bought into the hype. Both Chevron and Exxon Mobil shares have climbed more than 150% in the past five years. BP, despite constant problems with its pipelines and international operations, has scored a 50% gain in the past five years.
On the surface, it seems like a pretty safe bet, right? Big…
7Feb2008 | Anonymous | Comments Off | Continued
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