MORE JOBS in JEOPARDY

Sonny Clark

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Chevron slashes spending as oil prices crash
Another day, another problem for Big Oil. Chevron (CVX) on Friday became the latest energy company to scale back its ambitions this year due to falling oil prices.
The second-largest U.S. oil company plans to spend $35 billion this year on projects to discover and pump crude. That's down 13% from 2014.
The news comes one day after Royal Dutch Shell (
RDSA) said it was scaling back its planned capital investment by $15 billion over the next three years.

More bad news for Big Oil: A string of other energy companies have already announced plans to cut investments and jobs due to the slump in oil prices.
BHP Billiton (
BBL) announced this month it was cutting its U.S. onshore rig operations by about 40% this year. Schlumberger (SLB) recently announced plans to lay off 9,000 workers.
French energy giant Total (
TOT) is also reportedly slashing capital spending by 10% this year.

Meanwhile, there are early signs that U.S. drilling activity is starting to cool down.

The number of U.S. oil rigs actively pumping oil has decreased for seven straight weeks, according to Baker Hughes. The rig count fell to 1,317 as of January 23, down 18% from the record highs of early October back when oil was still at $86 a barrel.

Chevron slashes spending as oil prices crash - Jan. 30 2015



 

Roadrunner

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Chevron slashes spending as oil prices crash
Another day, another problem for Big Oil. Chevron (CVX) on Friday became the latest energy company to scale back its ambitions this year due to falling oil prices.
The second-largest U.S. oil company plans to spend $35 billion this year on projects to discover and pump crude. That's down 13% from 2014.
The news comes one day after Royal Dutch Shell (
RDSA) said it was scaling back its planned capital investment by $15 billion over the next three years.

More bad news for Big Oil: A string of other energy companies have already announced plans to cut investments and jobs due to the slump in oil prices.
BHP Billiton (
BBL) announced this month it was cutting its U.S. onshore rig operations by about 40% this year. Schlumberger (SLB) recently announced plans to lay off 9,000 workers.
French energy giant Total (
TOT) is also reportedly slashing capital spending by 10% this year.

Meanwhile, there are early signs that U.S. drilling activity is starting to cool down.

The number of U.S. oil rigs actively pumping oil has decreased for seven straight weeks, according to Baker Hughes. The rig count fell to 1,317 as of January 23, down 18% from the record highs of early October back when oil was still at $86 a barrel.

Chevron slashes spending as oil prices crash - Jan. 30 2015


That is how the oilfield works.

Next boom will go deeper and get more.
 

HereWeGoAgain

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Nothing I havent seen before.
We'll be back too paying four bucks a gallon before you know it.
I'm curious to see how big the annual increase for summer drive time is going to be this year.
 

william the wie

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Nothing I havent seen before.
We'll be back too paying four bucks a gallon before you know it.
I'm curious to see how big the annual increase for summer drive time is going to be this year.
The Saudis, emirates and Kuwait disagree with you on future pricing. They want to keep the price of oil below the cost of fracking.

Betting against the gulf on oil is a great way to become road kill in the futures market. I am not sure what all data they are using but here's some of them:

Drilling prices are going down in real terms

Coal, shale and offshore drilling locations are getting easier to identify.

China is probably past peak usage.

India is getting there.
 

DGS49

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The money NOT spent on $3.75/gal gas is now available to spend on something else. That's a good thing, eh?

And people will start basing their choices on the cheap gas, which will later drive up the price, and so on.

Market forces are neither virtuous nor evil. They just are. Just like gravity.
 
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rdean

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Republicans want to end thousands of truck driving jobs for 35 Keystone jobs.
 

EdwardBaiamonte

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Nothing I havent seen before.
We'll be back too paying four bucks a gallon before you know it.
I'm curious to see how big the annual increase for summer drive time is going to be this year.
well if you think everyone in industry and govt is lying about the huge reserves opened up and producing record shale oil and fracking oil you should sell your house and buy all the cheap oil you can today so you can sell it when summer drive time hits.

Is a liberal stupid enough to follow his own advice?
 

william the wie

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The money NOT spent on $3.75/gal gas is now available to spend on something else. That's a good thing, eh?

And people will start basing their choices on the cheap gas, which will later drive up the price, and so on.

Market forces are neither virtuous nor evil. They just are. Just like gravity.
The wild cards are deflation and insolvent nations like the Ukraine and Greece.
 

EdwardBaiamonte

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The money NOT spent on $3.75/gal gas is now available to spend on something else. That's a good thing, eh?

And people will start basing their choices on the cheap gas, which will later drive up the price, and so on.

Market forces are neither virtuous nor evil. They just are. Just like gravity.
The wild cards are deflation and insolvent nations like the Ukraine and Greece.
deflation is probably not an issue since central banks prevent it nowadays. Insolvent nations like Greece Spain Ireland Russia and Ukraine are possibly. The solution is a Republican Balanced Budget Amendment for each nation on earth.
It would bring perpetual financial peace to the planet, but libturds oppose.
 

HereWeGoAgain

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Nothing I havent seen before.
We'll be back too paying four bucks a gallon before you know it.
I'm curious to see how big the annual increase for summer drive time is going to be this year.
well if you think everyone in industry and govt is lying about the huge reserves opened up and producing record shale oil and fracking oil you should sell your house and buy all the cheap oil you can today so you can sell it when summer drive time hits.

Is a liberal stupid enough to follow his own advice?
Liberal? Go fuck yourself.
If you think two dollar gas is here to stay you're nuts.
 

william the wie

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Nothing I havent seen before.
We'll be back too paying four bucks a gallon before you know it.
I'm curious to see how big the annual increase for summer drive time is going to be this year.
well if you think everyone in industry and govt is lying about the huge reserves opened up and producing record shale oil and fracking oil you should sell your house and buy all the cheap oil you can today so you can sell it when summer drive time hits.

Is a liberal stupid enough to follow his own advice?
Liberal? Go fuck yourself.
If you think two dollar gas is here to stay you're nuts.
Contango, buying an antiquated tanker and filling it up with oil, permits covered shorts on the futures market. Purportedly contango hedges are running out of used ships, I don't operate in the market so I don't know.
 
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rdean

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Republicans want to end thousands of truck driving jobs for 35 Keystone jobs?

Notice how the GOP ignores such a question?
 
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Sonny Clark

Sonny Clark

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Republicans want to end thousands of truck driving jobs for 35 Keystone jobs?

Notice how the GOP ignores such a question?
I could be wrong, but I believe it's the whole project and not just one or two aspects of it. Truck driving jobs aren't the only jobs affected. { I'm not a Republican nor a Democrat }
 
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Sonny Clark

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It's Obama's fault.
I don't believe Mr. Obama is a one-man show. Yes, his influence carries weight, but that weight can only press to a limited extent. In my opinion, any fault lies with the entire Washington Brotherhood collectively.
 
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Sonny Clark

Sonny Clark

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The money NOT spent on $3.75/gal gas is now available to spend on something else. That's a good thing, eh?

And people will start basing their choices on the cheap gas, which will later drive up the price, and so on.

Market forces are neither virtuous nor evil. They just are. Just like gravity.
The wild cards are deflation and insolvent nations like the Ukraine and Greece.
deflation is probably not an issue since central banks prevent it nowadays. Insolvent nations like Greece Spain Ireland Russia and Ukraine are possibly. The solution is a Republican Balanced Budget Amendment for each nation on earth.
It would bring perpetual financial peace to the planet, but libturds oppose.
FYI - There will never be peace of any kind on this planet, financial or otherwise. Greed, power, and control, will always be incentives to those never satisfied.
 

Roadrunner

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The money NOT spent on $3.75/gal gas is now available to spend on something else. That's a good thing, eh?

And people will start basing their choices on the cheap gas, which will later drive up the price, and so on.

Market forces are neither virtuous nor evil. They just are. Just like gravity.
The wild cards are deflation and insolvent nations like the Ukraine and Greece.
deflation is probably not an issue since central banks prevent it nowadays. Insolvent nations like Greece Spain Ireland Russia and Ukraine are possibly. The solution is a Republican Balanced Budget Amendment for each nation on earth.
It would bring perpetual financial peace to the planet, but libturds oppose.
FYI - There will never be peace of any kind on this planet, financial or otherwise. Greed, power, and control, will always be incentives to those never satisfied.
Envy of other people's stuff, the cause of all war.
 

HereWeGoAgain

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Republicans want to end thousands of truck driving jobs for 35 Keystone jobs?

Notice how the GOP ignores such a question?
You do understand that a truck driver can haul other things besides oil right?
And hauling by truck is the most dangerous method out there.
 

EdwardBaiamonte

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Greed, power, and control, will always be incentives to those never satisfied.
this is why conservatives from Aristotle forward wanted to institutionalize very very limited govt. They wanted to neutralize the liberal tendency in human nature. Do you have the IQ to understand?
 

EdwardBaiamonte

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It's Obama's fault.
I don't believe Mr. Obama is a one-man show. Yes, his influence carries weight, but that weight can only press to a limited extent. In my opinion, any fault lies with the entire Washington Brotherhood collectively.
too stupid cant see Republicans and Demcorats are opposite so imagines they are the same out of pure ignorance.
 

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