Sectors News Results

  • Banks' Arctic Financing Retreat Rattles Oil Industry

    By Christopher M. Matthews and Orla McCaffrey. Defenders of the oil-and-gas industry in Washington are fighting back against big banks who want to stop financing new Arctic-drilling projects, fearing it could be a harbinger of an unbankable future for fossil-fuel companies. Five of the six largest U.S. banks-- Citigroup Inc. (C), Goldman Sachs Group Inc., JPMorgan Chase& Co., Morgan Stanley (MS) and Wells Fargo& Co.-- have pledged over the past year to end funding for new drilling and...

  • Pandemic Pain Persists for Big Oil Companies -- 2nd Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Pandemic Pain Persists for Big Oil Companies -- Update

    By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.

  • Shell to Cut Up to 9,000 Jobs--Update

    Royal Dutch Shell PLC (RDS/A) said it would cut up to 9,000 jobs in a broad restructuring, as the energy giant grapples with the continuing fallout of the coronavirus pandemic. News of the cuts came Wednesday as the company warned it would report another set of poor earnings for the third quarter. Shell flagged a weaker performance in its trading activities-- previously a bright spot in an otherwise tough second quarter-- and said its oil-and-gas production business would report a second...

  • Shell to Cut Up to 9,000 Jobs -- Update

    Royal Dutch Shell PLC (RDS/A) said Wednesday that it expects to cut between 7,000 and 9,000 jobs by the end of 2022, as the company said it expects to book charges of between $1.0 billion and $1.5 billion in the third quarter. The oil major said the job reductions include 1,500 people who have agreed to take voluntary redundancy this year. Shell employs around 83,000 people, according to FactSet.

  • Royal Dutch Shell to Cut Up to 9,000 Jobs

    Royal Dutch Shell PLC (RDS/A) said Wednesday that it expects to cut between 7,000 and 9,000 jobs by the end of 2022, as the company said it expects to book charges of between $1.0 billion and $1.5 billion in the third quarter. The oil major said the job reductions include 1,500 people who have agreed to take voluntary redundancy this year. Shell said it plans to reduce underlying operating costs by between $3.0 billion and $4.0 billion by the first quarter of 2021..

  • Cooling Demand Recovery Keeps Oil Stuck Around $40

    Gasoline demand in the U.S. has flatlined for much of the third quarter, keeping crude-oil prices near $40 a barrel and challenging the global energy industry heading into the final months of the year. Fragile fuel demand joins other indicators of economic activity-- from consumer spending to hiring-- in signaling that growth is softening after a surge from April to June. That trend has many investors skittish as fall begins, particularly with November's presidential election...

  • Tropical Storm Beta Shuts Houston Ship Channel

    The Houston Ship Channel was shut and some offshore oil production was halted as slow-moving Tropical Storm Beta churned in the Gulf of Mexico and was expected to make landfall along the central Texas coast Monday night. Tropical Storm Beta isn't a particularly powerful or large storm, with maximum sustained winds of around 50 mph, but its slow-moving nature could cause flooding up and down the Texas coast, the National Hurricane Center said. The 50- mile-long Houston Ship...

  • Phillips 66 Shuts Louisiana Refinery Ahead of Storm

    Phillips 66 said it was temporarily shutting down its Alliance refinery near New Orleans as a safety precaution due to Tropical Storm Sally, which is expected to strengthen to a hurricane and make landfall Tuesday morning along the Louisiana coast. "Phillips 66 Alliance Refinery has begun a safe and orderly shutdown of the facility," the company said in a statement Sunday night. "Current priorities include safety and environmental compliance, as the refinery positions itself...

  • Summer Fuel Demand Disappoints, Challenging Economy -- Update

    A swift recovery in fuel consumption by U.S. drivers is petering out, posing new challenges to the oil market, economy and global energy industry. After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its prepandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions.

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