Oil producers prepare for second-half slump as rally sputters
Oil producers aren’t betting on the rally.
Producers
Putin calls for meeting with bosses from top Russian oil producers
Russian President Vladimir Putin has called for a meeting with top managers of Russia’s leading oil producers.
US shale producers get ready for budget cuts in 2016
US shale oil producers have reduced the fat from their 2015 budgets after a 50% drop in crude prices. Shale companies including Devon Energy Corp, Continental Resources and Marathon Oil released their preliminary 2016 plans for spending. The cuts come after between 30% and 40% reductions earlier this year. Lower costs and improved productivity would allow them to hold shale oil production largely flat.
Halliburton reports loss as producers cut work in downturn
Halliburton Co., the world’s largest fracking services provider, said it had a third-quarter loss as the volatile North American oil market continued to tumble. The company reported a loss of $54 million, or 6 cents a share, compared with net income of $1.2 billion, or $1.41, a year earlier, the Houston-based company said in a statement Monday on Businesswire. Excluding certain items, the per-share result was 4 cents more than the 27-cent average of 34 analysts’ estimates compiled by Bloomberg. Sales dropped 36 percent to $5.6 billion. "It was a challenging period," Luke Lemoine, an analyst at Capital One Southcoast in New Orleans who rates the shares the equivalent of a buy and owns none, said in a phone interview before the results were released. "Most people at the beginning of the quarter were expecting things to level off. Well, they continued to more or less crash."