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US Drillers Cut Oil Rigs For Record 11th Month
2019-10-25 19:45:21| OGI
Drillers cut 17 oil rigs in the week to Oct. 25, bringing the total count down to 696, the lowest since April 2017, Baker Hughes Co. said in its closely followed report on Oct. 25.
Enis Oil Output Hits 3Q Record With More To Come
2019-10-25 15:31:58| OGI
Production jumped 6% to 1.89 million barrels of oil equivalent per day in the three months to September, the company said.
US GoM Oil Production Moves Toward Another Record
2019-10-16 21:00:00| OGI
Oil production from fields in federal waters of the U.S. Gulf of Mexico is forecast to hit an average of 1.9 million barrels per day this year.
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Facebook pays 28.5m in tax as revenues hit a record 1.65bn
2019-10-11 12:37:03| BBC News | Business | UK Edition
Tech firms have been criticised for the amount of tax they pay, but Facebook says it pays what is legally owed.
U.S. Crude Stocks Climb As Production Hits Record, Refineries Cut Output
2019-10-10 16:03:29| OGI
U.S. crude stocks rose last week as refineries cut output to the lowest level in nearly two years and production edged higher to a record of 12.6 million barrels per day (MMbbl/d), the Energy Information Administration said on Oct. 9. Crude inventories rose by 2.9 MMbbl in the last week, compared with analysts' expectations for an increase of 1.4 MMbbl. Production climbed by 200,000 bbl/d to a record of 12.6 MMbbl/d, the data showed. Refinery crude runs fell by 361,000 bbl/d, EIA data showed, while refinery utilization rates fell by 0.7 percentage point to the lowest level since October 2017, the data showed. Oil prices were little changed after briefly extending losses after the release of the data. "Total crude oil production rose which I think is probably the key point in keeping gains at bay here. Despite rig counts being lower, production is being resilient," said Tony Headrick, energy market analyst at CHS Hedging. U.S. energy firms reduced the number of oil rigs for a record 10th month in a row through September as producers follow through on plans to cut spending on new drilling this year. The drop in refining activity has helped contribute to the build in oil inventories despite the drop in net imports, said Matt Smith, director of commodity research at ClipperData. Net U.S. crude imports fell last week by 601,000 bbl/d while gross exports jumped 534,000 bbl/d to 3.4 MMbbl/d, the highest since June 21, when exports hit a record 3.8 MMbbl/d. "We are in the depths of fall maintenance but both strong exports and weak imports have helped limit the build," Smith said. Gasoline stocks fell by 1.2 MMbbl, compared with analysts' expectations in a Reuters poll for a 257,000-bbl drop. Distillate stockpiles, which include diesel and heating oil, fell by 3.9 MMbbl, versus expectations for a 2.1 MMbbl drop, the EIA data showed. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 941,000 bbl, EIA said.
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