Marathon Oil announced its intention to sell 135 million of common shares through a public offering. The ongoing slump in the global oil industry has led many oil firms to undertake the cost-cutting strategy to keep hold of their cash level.
Tags: Oil market
Oil Prices Expected to Rise as Israel Responds to Iran's Missile, Drone Attack
A potential increase in oil prices is expected following the recent attack on Israel by Iran, although the extent of possibilities gains hinges on the response.
Russia's oil giant Rosneft promises to make investments amid weak oil prices
Rosneft, the Russia-based oil firm, has promised to make investments of roughly EUR 13 billion annually through 2018, which is an increase of 30% for the year 2016.
Used-car values drop adds increased pressure to auto makers
The average price for used-car dropped modestly during February 2016, compared with the previous year period. According to Manheim, the median prices for used-vehicle in February amounted to $10,345, a decrease of 2% from the previous year period.
Imperial Oil to sell Esso brand gas stations to Canadian distributors
Imperial Oil has entered into an agreement to sell its 497 Esso retail fuel stations for about C$2.8 billion. This transaction reflects the company's aim to widen its refining and oil sands businesses.
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According to Indra Nooyi, the ongoing global economic slowdown threatens economic recovery in the US. The oil market combined with political turmoil creates an economic pressure in the nation.
Premier Oil posted a widened loss in the year 2015 amid lower oil price. The firm also urged the government to promote infrastructure policies in the North Sea to lure investment.
The finance minister of Canada, Bill Morneau, is expected to disclose the principal terms of Liberal's first budget on Monday. Morneau's revised budget figures will highlight the problems facing Canada's economy.
BP enters into an agreement with Oman government to widen the license area of Block 61. The company strengthens its commitment in Oman with a view to broadening its business in the country.
With the lifting of international sanctions from Tehran, India would be able to recommence its unobstructed oil import from the Persian Gulf country. Iran is anticipated to boost its oil export of 1.1 million barrels per day by 500,000, according to the Indian Oil Cooperation.
The oil market has entered a new era with lower Chinese economic growth and booming U.S. shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday.
Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
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