CNN — Here’s a look at Enron, an energy trading company that collapsed after a massive accounting fraud scheme was revealed. Its 2001 bankruptcy filing was the largest in American history at the time. Estimated losses totaled $74 billion. Enron was ranked as America’s fifth largest company by Fortune magazine in 2002, despite its 2001…
CNN — Here’s a look at the Organization of the Petroleum Exporting Countries, headquartered in Vienna, Austria. The purpose of OPEC is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a…
Shares of Exxon Mobil Corp. XOM, -0.41% rallied 1.9% in premarket trading Friday, after the oil and gas giant reported fourth-quarter profit and free cash flow that beat expectations even as revenue fell well short. Net income dropped to $7.63 billion, or $1.91 a share, from $12.75 billion, or $3.09 a share, in the year-ago…
Updated Jan. 16, 2024 4:34 pm ET Stocks opened the week lower, hinting at why some investors believe the “everything rally” of late 2023 will be hard-pressed to continue. All three major indexes are in the red for 2024 after Tuesday’s session. The S&P 500 slipped 0.4%, while the tech-heavy Nasdaq Composite dropped 0.2%. The…
CNN — Here’s a look at what you need to know about the US Strategic Petroleum Reserve. The US Strategic Petroleum Reserve (SPR) is a stockpile of crude owned by the US government. It provides a back-up supply of crude oil if the commercial oil supply is disrupted. The crude oil is stored in underground…
Updated Jan. 1, 2024 12:05 am ET A surprise surge in American oil and gas production and exports is helping to keep the world stocked, blunting the impact of widening conflict in the Middle East that has crimped key shipping lanes. When Iranian-backed Houthi militants began launching missiles and drones at ships crossing the Red…
Head of state. Commander in chief. Oil-trading whale? President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the…
Updated Dec. 29, 2023 4:23 pm ET On the fifth day of Christmas my true love sent to me: five gold rings, which turned out to be much more expensive than a year ago. The key investment question is whether they will be worth even more by the time next Christmas comes around. New York…
Updated Dec. 29, 2023 3:45 pm ET Travelers, truckers and shippers worldwide can thank the U.S. for helping keep a lid on oil and gasoline prices this year. A year ago, Wall Street analysts were predicting the international benchmark for oil prices would surge from roughly $86 a barrel to well over $100 in 2023….
Shares of oil and gas companies were broadly, but lightly, lower in premarket trading Thursday, as crude oil prices fell for a second straight session amid easing Red Sea tensions. The Energy Select Sector SPDR ETF XLE, -1.52% shed 0.4% ahead of the open, as crude oil futures CL.1, +0.21% CL00, +0.21% slid 1.4%, after…
