Warren Buffett lets go of Exxon shares, and buys refiner Phillips stake because of the fluctuating oil prices. Bloomberg reports that the billionaire investor announced Wednesday that his Berkshire Hathaway Inc. sold some $4 billion Exxon Mobil Corp. shares due to the dreary outlook of crude oil prices, buying instead a $4.48 billion stake from refiner Phillips 66.
The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.
ConocoPhillips Inc (COP.N) is weighing sale of some of its North Sea assets in Norway which may fetch as much as $1 billion, Bloomberg reported, citing sources familiar with the matter.
Lifting a 40-year-old U.S. ban on crude exports would create a wide range of jobs in the oil drilling supply chain and broader economy even in states that produce little or no oil, according to a report released on Tuesday.
Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.
U.S. stocks dipped on Monday, after soft data in China and Japan raised global growth concerns, while a further drop in oil prices weighed on energy shares.
U.S. stocks ended slightly lower on Thursday after European Central Bank President Mario Draghi brushed off pressure for more immediate monetary policy action but said the issue would be addressed early next year.
U.S. stocks fell on Friday as energy shares extended their recent slide, while rising bond yields drove down high-dividend paying shares. Major indexes finished lower after five straight weeks of gains.
Nigeria-based energy firm Oando Plc said it closed $1.63 billion to purchase the assets of US-based firm ConocoPhillips in the country, in a bid to become the top producer for the biggest oil exporter of Africa.
Oil and gas companies in the West, like that of Scotland-based Weir Group, are heading to China to bet on the birth of the country's shale gas industry, the Financial Times reported.
Top 10 US IPOs, Iincluding General Motors (GM), Hospital Corporation of America (HCA), Travelers Companies (TRV), Blackstone Group (BX)
ConocoPhillips sold various oil assets located in Northern America, Asia and Africa.
ConocoPhillips's request of exploratory drilling is approved by Canada's NEB
ConocoPhillips submitted its application for permits to drill a production well in a new field in the Alaska national reserve.
ConocoPhillips said it will be selling its leasehold in the Clyden oil sands for USD 720 million to Imperial Oil Ltd and ExxonMobil Corp's Canadian unit.
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