Finance - News
Oil futures fell more than $2 a barrel on Aug. 15 after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
Australia’s Woodside Petroleum Ltd. said on Aug. 15 that its first-half net profit rose 6% and it raised its 2018 production outlook after strong performances from its Wheatstone and Pluto LNG projects.
Oil prices jumped on Aug. 14 after Saudi Arabia said it cut production, adding to concerns over global supply as U.S. sanctions against Iran curb its exports, though the prospect of a slowdown in global economic growth kept a lid on markets.
Oil prices steadied on Aug. 10 as concerns that a global trade dispute will slow economic growth and demand for fuel were balanced by U.S. sanctions against Iran that look set to tighten supply.
Brent crude futures were up 19 cents at $72.47 barrel by 8:15 CST, after having lost more than 3% on Aug. 8. U.S. crude futures rose 6 cents to $67.00 a barrel, having closed down 3.2% the day before.
Quantum Energy Partners said it has just closed Fund VII with $5.525 billion of private equity, above its original hard cap. This is Quantum’s largest fund ever, some $1.5 billion more than its last raise, which was for Fund VI that closed in March 2015. Capital from the latter is about 90% deployed.
Oil and gas company Energen Corp. (NYSE: EGN) beat quarterly profit estimates on August 7, helped by new well designs and higher oil prices, prompting it to forecast a rise in production for the rest of the year.
Canada’s top pipeline operator Enbridge Inc. (NYSE: ENB) beat analysts’ estimates for quarterly profit by reining in costs, and said it completed 40% of its Line 3 pipeline replacement work.
Gabriel Alonso has joined private equity capital provider Quantum Energy Partners as executive in residence. Alonso will work with Quantum to identify, evaluate and execute on multiple investment opportunities across the renewable and technology segments of the energy industry.
Company sells stake in Cartier wind power plants.
U.S. shale production has surged in the last two years, buoying overall U.S. oil output to a record of about 11 million barrels per day.