Petroleum Development Corp. late Monday reported its profit rose 2.5 percent in the fourth quarter as production grew sharply.
Net income for the three months through December increased to $8.2 million, or 55 cents per share, from $8 million, or 54 cents per share, a year earlier.
Analysts surveyed by Thomson Financial had expected the company to […]
Asia faces the threat of higher inflation, slower growth and tougher times for exporters after oil prices hit new highs and the dollar plunged last week.
Farmers, miners and oil companies could benefit from high commodity prices. But most of Asia is dependent on imported energy and raw materials, and even some oil-exporting countries such as […]
Oil prices have plunged Monday at least temporarily retreat to record levels, investors were concerned that the financial crisis that forced the sale of Bear Stearns is a sign of deep economic difficulties.
Oil slump - falling $ US4.53 to settle at $ US105.68 barrel on the New York Mercantile Exchange - came hours after futures […]
The price of Russian gas for European customers could rise as high as 400 dollars (257 euros) per 1,000 cubic metres by the end of 2008, the head of state-run Gazprom was quoted as saying on Friday.
Russian news agencies quoted Gazprom chief executive Alexei Miller as saying the falling dollar and rising demand for gas […]
Anglo-Dutch oil giant Shell is to cut its reserve figures for 2007, taking about 1.3 billion barrels off its books or the equivalent of nearly one year’s production, The Observer said Sunday.
The weekly newspaper said the company would announce the writedown of at least 200 million barrels off the estimates for its operations in […]
Skyrocketing oil prices are likely to curtail demand, a refining industry veteran said Wednesday.
“I think the price is going to mitigate consumption,” Tom O’Malley, chairman of Swiss refiner Petroplus A.G., told an industry conference here.
Price is the biggest single lever moving the market, he said.
A recession, which O’Malley said has already begun in the U.S., […]
The high price of crude is giving oil majors an incentive to further invest in exploration and production, which will also benefit companies providing services and equipment to the oil and gas (O&G) industry.
Crude oil has been trading above US$100 a barrel for the past two weeks as a fall in the US dollar […]
Oil prices hit a record 111.00 dollars per barrel Thursday amid an accelerating price rally which traders say has been fueled by a sharp fall in the value of the US dollar and supply concerns.
Saudi Foreign Minister Prince Saud al-Faisal said speculators were largely responsible for the price peaks as some analysts cautioned that the […]
Ninety-four pages of proposed rules for uranium mining companies that need to obtain state groundwater permits were too much Wednesday for the South Dakota Water Management Board.
The panel had planned to make a decision on the rules but decided to delay it until a special meeting April 2-3 in Rapid City.
Board members want to know […]
Gold briefly pushed past the psychologically important $1,000 mark Thursday, as investors poured money into the metal to hedge against a tumbling dollar, soaring crude prices and a shaky U.S. economy.
Gold’s rally lifted other commodities, with silver, platinum and soybean futures all trading higher. Crude oil hit a trading record of $111 but fluctuated between […]