The UAE energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. [ABC] In a meeting with external experts, NATO ministers discussed global energy developments and their security implications. [NATO Press Release]… Keep reading →
The supreme court hit the pause button on Barack Obama’s plans to cut climate pollution from power plants, injecting new uncertainty into the viability of Obama’s climate plan once he leaves office in 2017. [The Guardian] European banks appear to face greater long-term exposure to problems in the energy sector compared to U.S. banks, many… Keep reading →
Although the news is filled with stories of falling oil and gas prices and suggestions that a third of the exploration and production companies may file for bankruptcy, this most recent downturn may not produce the bankruptcy filing boom many anticipate.
Senate Democrats on Thursday blocked a comprehensive energy bill after majority Republicans rejected hundreds of millions of dollars in emergency federal aid to Flint, Michigan, to fix and replace the city’s lead-contaminated pipes. [Fox News] The US renewable energy industry installed 16 GW of clean energy in 2015, which is 68% of all new capacity… Keep reading →
Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits. [BBC News] According to new data just released in the 2016 Sustainable Energy in America Factbook — a project of Bloomberg New Energy Finance, the shift from coal to clean energy may be occurring earlier… Keep reading →
On December 31, 2014, when the price of West Texas Intermediate crude oil dropped 50% from summer prices that year to just under $55.00 per barrel, experts predicted there would be a flurry of industry restructurings.
The newest measure of the oil industry’s falling fortunes came on Tuesday in the form of a $3.3 billion fourth-quarter loss reported by BP. [The NY Times] Germany has overtaken the UK in the rate at which it is installing wind turbines at sea, industry figures show. [The Guardian] NV Energy is proposing “grandfathering” existing… Keep reading →
The United Nations urged global business leaders on Wednesday to double investment in wind and solar energy to $600bn a year by 2020. [The Guardian] Chesapeake Energy shares decreased 16% this week and closed on Monday below $3 following the company’s announcement that it was suspending dividend payments on its convertible preferred stock.[Seeking Alpha] A… Keep reading →
Precipitous commodity price declines that began in mid-2014 continued to disrupt the oil and gas industry in 2015, outlasting the expectations of many analysts.
2015 was a rough year for the oil and gas industry.
