With the governor calling for tighter purse strings, the oil-rich state of North Dakota said it had one of the strongest business environments in the country. For the fifth year in a row, the North Dakota government said it earned the No. 2 spot in a competitiveness report from Beacon ... Read More »
Whole Foods sales continue to struggle with the company reporting its forth consecutive quarter of declining sales at stores open at least a year. Just a year since the grocer was accused of price-gouging, profits have dropped 22 percent from 2015 and sales, while growing overall 2 percent, were still ... Read More »
Mirroring sentiments expressed by its peers, oilfield services company Weatherford said the market, particularly in North America, has bottomed out. Weatherford, based in Switzerland with offices in Houston, reported second quarter revenue of $1.4 billion, down by almost half from last year. In North America, the company said revenue was ... Read More »
Husky Energy said it has more than 400 people on the ground in Saskatchewan responding to an oil spill and committed itself to a transparent investigation. About 1,500 barrels of oil were released near the banks of the North Saskatchewan River after a pipeline rupture last week. Husky Energy said ... Read More »
Total crude oil production in Texas recorded nearly a 3 percent decline year-on-year for May, a state energy regulator reported. The Railroad Commission of Texas, the state’s energy regulator, said that overall crude oil production was lower than last year. “Texas preliminary May 2016 crude oil production averaged 2,359,072 barrels ... Read More »
– Lower crude oil prices continue to present problems for the industry and Shell is now focused on retooling efforts, the chief executive officer said. “We are making significant and lasting changes to Shell’s working practices and cost structure,” CEO Ben van Buerden said in a statement. Shell, moving through ... Read More »
All things considered, a 10 percent decline in revenue for the second quarter is encouraging, the top executive at oilfield services company Baker Hughes said. Baker Hughes, one of the leading companies servicing the exploration and production side of the industry, reported second quarter revenue at $2.4 billion, down 10 ... Read More »
Crude oil prices searched for momentum in early Thursday trading amid uncertainty about the prospects for major energy market recovery. Goldman Sachs in a research note Thursday said there were tit-for-tat forces ranging from a slowdown in North American oil to higher production in Iran that made for an uncertain ... Read More »
North American energy giant ConocoPhillips said second quarter production was lower in part because of the impact of wildfires this year in Canada. Conoco said it recorded a net loss of $1.1 billion for the second quarter, compared with a loss of just $179 million one year ago. It’s the ... Read More »
The Chinese government issued nationwide ride-hailing regulations that will allow companies that include Uber and its Chinese counterpart Didi Chuxing to legally operate in the country. The new rules, which will take effect Nov. 1, require that companies and their drivers apply for and receive licenses through the government. The ... Read More »
Software and tech giant Oracle has reached an agreement to purchase cloud computing firm NetSuite for more than $9 billion, the companies said Thursday. The deal for NetSuite, one of the first U.S. cloud computing firms, was valued at $109 per share and $9.3 billion. “Oracle and NetSuite cloud applications ... Read More »
Across the U.S., Western Europe, and even in parts of Asia, coal is in secular decline. There will be very few coal power plants built in many western countries in the coming years if environmentalists have their way, and the superior economics of natural gas are piling on even more ... Read More »
