oil and gas industry Archives - CFO

Exxon Posts $610M Loss Amid Oil Price Dive

Financial Performance

Exxon Posts $610M Loss Amid Oil Price Dive

“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."

By Matthew Heller | May 1, 2020

Exxon Shares Drop 3.7% on Another Profit Miss

Financial Performance

Exxon Shares Drop 3.7% on Another Profit Miss

In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.

By Matthew Heller | April 27, 2018

KPMG Settles Charges of Improper Energy Audit

KPMG Settles Charges of Improper Energy Audit

The firm’s client, Miller Energy Resources, inflated $5 million in oil and gas assets to nearly $500 million, according to the SEC.

By David Katz | August 15, 2017

Oil Prices Fall as Crude Stocks Hit New Record

Oil Prices Fall as Crude Stocks Hit New Record

The price of the benchmark crude dropped to the lowest level since OPEC countries agreed to cut output by 1.8 million bpd in the first half of 2017.

By Matthew Heller | March 23, 2017

Transocean Sells Rigs for $1.3B to Borr Drilling

Transocean Sells Rigs for $1.3B to Borr Drilling

The deal will allow Transocean to focus on deepwater exploration as it adjusts to the slump in oil prices.

By Matthew Heller | March 20, 2017

Stone Energy Files Chapter 11 to Reduce Debt

Stone Energy Files Chapter 11 to Reduce Debt

The oil-and-gas producer's restructuring plan calls for bondholders to forgive $850 million in debt in exchange for control of the reorganized company.

By Matthew Heller | December 16, 2016

Shell, BP Profits Beat Estimates in 3rd Quarter

Shell, BP Profits Beat Estimates in 3rd Quarter

The two companies' performance boosts hopes that the industry is adapting to an environment of low oil prices.

By Matthew Heller | November 1, 2016

Devon Energy to Sell $1B in Upstream Assets

Devon Energy to Sell $1B in Upstream Assets

The divestitures are part of the energy producer's program to sell from $2 billion to $3 billion in assets this year.

By Katie Kuehner-Hebert | June 6, 2016

Fed Survey Shows Wages Picking up in U.S.

Fed Survey Shows Wages Picking up in U.S.

Wage growth and signs that the oil industry may be emerging from its decline were two of the bright spots in the Fed's latest “Beige Book.”

By Matthew Heller | April 14, 2016

U.S. Sues to Block Halliburton-Baker Hughes Deal

U.S. Sues to Block Halliburton-Baker Hughes Deal

"I have never seen [a merger] that poses so many antitrust problems in so many markets," a top Justice Department official says.

By Matthew Heller | April 6, 2016

Venoco Files Chapter 11 Due to Oil Price Slump

Venoco Files Chapter 11 Due to Oil Price Slump

The Denver company says the declining price of oil and the closure of a key pipeline "continue to be serious problems."

By Katie Kuehner-Hebert | March 18, 2016

Exxon to Cut 2016 Capital Spending by 25%

Exxon to Cut 2016 Capital Spending by 25%

The cuts reflect the prolonged commodities slump but Exxon says it still has "the financial flexibility to pursue attractive opportunities."

By Katie Kuehner-Hebert | March 2, 2016

Paragon Offshore to File Bankruptcy

Paragon Offshore to File Bankruptcy

The oil services provider is the first energy-related company to seek court protection this year as low oil prices continue to hit the industry.

By Matthew Heller | February 15, 2016

Halliburton Pushing to Keep Baker-Hughes Deal Alive

Halliburton Pushing to Keep Baker-Hughes Deal Alive

The oilfield services supplier has taken another step to ease the concerns of regulators who fear the merger would be anticompetitive.

By Matthew Heller | January 25, 2016

SEC Seeks to Boost Resource Extraction Disclosure

Risk & Compliance

SEC Seeks to Boost Resource Extraction Disclosure

A proposed rule would require oil, gas, and mining companies to disclose payments made to the U.S. and foreign governments to help develop resources.

By Matthew Heller | December 15, 2015