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UPDATE 1-Whiting loss beats forecast; $835 mln charge on Colorado acreage

Feb 21- U.S. shale oil producer Whiting Petroleum Corp posted a quarterly loss on Wednesday that was less than Wall Street expected, with cost cuts and rising crude prices helping to boost results. Whiting, the largest oil producer in North Dakota's Bakken shale formation, took an $835 million charge to write down the value of its Colorado assets, an...

Published on 21 February 2018 | 10:52 pm


UPDATE 1-Continental profit beats Street as production surges

Continental easily exceeded that mark during the quarter, with executives vowing to continue to boost production not only in its core North Dakota acreage but in shale formations in Oklahoma. "We expect even stronger performance in 2018 with both significant production growth and robust free cash flow," founder and Chief Executive Harold Hamm said in a...

Published on 21 February 2018 | 10:33 pm


INSIGHT-Refiner goes belly-up after big payouts to Carlyle Group

NEW YORK, Feb 20- Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload. Under a deal Philadelphia Energy Solutions signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP- even if little crude arrived.

Published on 20 February 2018 | 6:00 am


US rig count remains unchanged at 975

Among major oil- and gas-producing states, Oklahoma increased by five rigs, Alaska gained four and Pennsylvania increased by three. New Mexico decreased by three rigs; Louisiana, Ohio and West Virginia each lost two; and Colorado and North Dakota each decreased by one. Arkansas, California, Kansas, Texas, Utah and Wyoming were unchanged.

Published on 16 February 2018 | 6:40 pm


U.S. spending bill expands carbon tax credit, boosting oil producers

HOUSTON, Feb 15- A little-noticed addition to the U.S. budget deal approved last week will help Occidental Petroleum Corp and other oil producers by more than tripling a tax credit for injecting carbon dioxide back into the earth to increase crude output. The tax-credit expansion, although supported by environmentalists and energy producers, had failed to...

Published on 15 February 2018 | 8:49 pm


UPDATE 1-Marathon Oil profit beats forecasts on rising crude, cost cuts

HOUSTON, Feb 14- U.S. oil producer Marathon Oil Corp posted a better-than-expected adjusted quarterly profit on Wednesday, helped by rising crude prices and cost cuts, sending its shares up more than 2 percent in extended trading. For the fourth quarter, Marathon posted a net loss of $28 million, or 3 cents per share, compared to a net loss of $1.38 billion, or $1.62 per...

Published on 14 February 2018 | 10:35 pm


UPDATE 1-Charlie Munger urges regulators to ease off Wells Fargo, blasts bitcoin

Feb 14- Charlie Munger, the longtime business partner of fellow billionaire Warren Buffett, said on Wednesday it is time for regulators to "let up" on Wells Fargo& Co, which will end up "better off" as it corrects a series of mistakes in how it treated banking customers. He spoke less than two weeks after the Federal Reserve took the unprecedented step of curbing the San...

Published on 14 February 2018 | 9:15 pm


Berkshire's Munger urges regulators to ease up on Wells Fargo

Feb 14- Charlie Munger, the longtime business partner of fellow billionaire Warren Buffett, said on Wednesday it is time for regulators to "let up" on Wells Fargo& Co, which was barred this month from asset growth until it addresses a series of problems. Munger spoke at the annual meeting of Daily Journal Corp, the Los Angeles- based newspaper publisher he chairs.

Published on 14 February 2018 | 7:58 pm


Activist facing riot trial seeks judge's help with evidence

BISMARCK, N.D.— An American Indian activist accused of inciting a riot during protests in North Dakota against the Dakota Access oil pipeline wants a judge to force prosecutors to obtain and turn over evidence from private security firms. Iron Eyes and 73 others were arrested Feb. 1, 2017, after erecting teepees on land in southern North Dakota that authorities...

Published on 14 February 2018 | 5:42 pm


UPDATE 2-Trying to calm investors, Wells Fargo CEO stresses on stability

Feb 13- Wells Fargo& Co Chief Executive Tim Sloan tried to deliver a message of consistency and stability at an investor event on Tuesday, less than two weeks after it disclosed a regulatory sanction related to a long-running sales scandal. Wells Fargo's problems took root more than a decade ago, when the bank started pushing employees to sell as many products as...

Published on 13 February 2018 | 7:00 pm


UPDATE 1-Trying to calm investors, Wells Fargo CEO emphasizes stability, jokes about Olympics

Feb 13- Wells Fargo& Co Chief Executive Tim Sloan tried to deliver a message of consistency and stability at an investor event on Tuesday, less than two weeks after the third-largest U.S. bank disclosed another regulatory sanction related to a long-running sales scandal. Wells Fargo's problems took root more than a decade ago, when the bank started pushing...

Published on 13 February 2018 | 5:18 pm


Markets Right Now: After wobbling, stocks post another gain

NEW YORK— The latest on developments in financial markets:. Under Armour jumped 17 percent after reporting a strong quarter. Cardinal Health lost 3.4 percent.

Published on 13 February 2018 | 2:44 pm


Farmers trained on using herbicide blamed for crop damage

MINNEAPOLIS— Tens of thousands of soybean and cotton farmers across the country are taking free but mandatory training in how to properly use a weed killer blamed for drifting and damaging crops in neighboring fields. The U.S. Environmental Protection Agency required the training and other restrictions last fall in a deal with three major agribusiness...

Published on 12 February 2018 | 9:12 pm


Venerable B-52 may outlive snazzier, younger bombers

An Air Force spokeswoman, Ann Stefanek, said the B-1 and B-2 are likely to keep flying into the early 2030 s. "If the force structure we have proposed is supported by the Congress, bases that have bombers now will have bombers in the future," Wilson said. Officially nicknamed the Stratofortress and informally known as the Big Ugly Fat Fellow, the B-52 gained lasting...

Published on 12 February 2018 | 8:19 pm


Wells Fargo sends 38,000 erroneous letters in auto flub

NEW YORK— Wells Fargo has made missteps in its efforts to make amends to customers who were forced to buy unneeded auto insurance. The mistake was first reported Sunday by the Wall Street Journal, which detailed a series of struggles in Wells Fargo's attempts to make things right with customers affected by past sales and lending misconduct.

Published on 11 February 2018 | 8:12 pm


Burying carbon emissions gets boost in U.S. budget deal

WASHINGTON, Feb 9- Oil drillers that use a method to store carbon dioxide emissions underground to boost crude production, a technique that coal miners and some environmentalists support, got a boost in the budget agreement President Donald Trump signed on Friday. Kurt Waltzer, managing director of Clean Air Task Force, a nonprofit environmental group, said the...

Published on 9 February 2018 | 8:57 pm


Texas adds 14 rigs as US rig count jumps to 975

HOUSTON— The number of rigs exploring for oil and natural gas in the U.S. increased by 29 this week to 975.. Among major oil- and gas-producing states, Texas increased by 14 rigs, North Dakota and Wyoming each gained four, Louisiana and New Mexico each increased by three and Kansas and Oklahoma each gained one. Alaska, Arkansas, California, Ohio, Pennsylvania, Utah and...

Published on 9 February 2018 | 6:43 pm


RPT-ANALYSIS-Texas flood: U.S. oil exports pour into markets worldwide

*United States taking share from OPEC nations in Asia, Europe. NEW YORK/ LONDON/ SINGAPORE, Feb 8- In the two years since Washington lifted a 40- year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. U.S. producers are making new customers out of some of the world's...

Published on 8 February 2018 | 12:00 pm


ANALYSIS-Texas flood: U.S. oil exports pour into markets worldwide

*United States taking share from OPEC nations in Asia, Europe. NEW YORK/ LONDON/ SINGAPORE, Feb 8- In the two years since Washington lifted a 40- year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. U.S. producers are making new customers out of some of the world's...

Published on 8 February 2018 | 6:00 am


UPDATE 3-Fed's Dudley eyes risks of betting on volatility

NEW YORK, Feb 7- Financial products that bet on swings in equities and cryptocurrencies should be monitored to understand their risk to market stability, Federal Reserve Bank of New York President William Dudley said on Wednesday. Dudley said when asked about volatility-linked products and bitcoin futures at an event on banking culture co-sponsored by...

Published on 7 February 2018 | 9:39 pm


UPDATE 2-Fed's Dudley eyes risks of betting on volatility

NEW YORK, Feb 7- Financial products that bet on swings in equities and cryptocurrencies should be monitored to understand their risk to market stability, Federal Reserve Bank of New York President William Dudley said on Wednesday. Dudley said when asked about volatility-linked products and bitcoin futures at an event on banking culture co-sponsored by...

Published on 7 February 2018 | 9:22 pm


UPDATE 1-S&P cuts Wells Fargo's credit ratings on regulatory risks

Wells Fargo's long-term issuer credit rating was downgraded to "A-" from "A" and short-term issuer credit rating to "A-2" from "A-1." Wells Fargo said it was disappointed with the S&P rating. As part of the Fed's restrictions, the lender is not allowed to grow beyond the $1.95 trillion in assets it had at the end of 2017 "until it sufficiently improves its governance and...

Published on 7 February 2018 | 9:06 pm


UPDATE 1-Fed's Dudley eyes risks of betting on volatility

NEW YORK, Feb 7- Financial products that bet on swings in equities and cryptocurrencies should be monitored to understand their risk to market stability, Federal Reserve Bank of New York President William Dudley said on Wednesday. Investors using exchange-traded products to bet on the VIX, Wall Street's so-called fear gauge which measures expectations for...

Published on 7 February 2018 | 6:42 pm


ADM weighs options to counter U.S. tax rule, hopes for quick action

CHICAGO, Feb 6- Archer Daniels Midland Co is developing plans to offset a provision in the new U.S. tax law that incentivizes farmers to sell crops to rival cooperatives, the grain merchant's chief said on Tuesday, highlighting the threat the law poses to privately held elevators and processors. Members of Congress have assured ADM the provision will be "fixed...

Published on 6 February 2018 | 11:09 pm


RPT-Wall Street casts weary eye at Wells Fargo's latest woes

BOSTON, Feb 6- As Wells Fargo& Co enters the latest chapter in its long-running sales practices saga, Wall Street is trying to figure out how to make sense of new developments that do not affect profits very much but can send the bank's stock price careening. Those were tied to a $190 million settlement over Wells Fargo employees creating millions of phony customer...

Published on 6 February 2018 | 12:00 pm


Wall Street casts weary eye at Wells Fargo's latest woes

BOSTON, Feb 6- As Wells Fargo& Co enters the latest chapter in its long-running sales practices saga, Wall Street is trying to figure out how to make sense of new developments that do not affect profits very much but can send the bank's stock price careening. Those were tied to a $190 million settlement over Wells Fargo employees creating millions of phony customer...

Published on 6 February 2018 | 6:00 am


US STOCKS-Wall Street lower as losses in energy, bank stocks weigh

Feb 5- U.S. stocks were trading lower in early afternoon on Monday as bond yields continued to hover near multi-year highs and losses in energy and financial stocks weighed. Wells Fargo fell 8.1 percent after the Federal Reserve imposed new regulatory restrictions over compliance issues. Wall Street has been under pressure from rising bond yields, which led to...

Published on 5 February 2018 | 5:55 pm


UPDATE 3-Hess posts 13th straight quarterly loss; shares dive

The results, which widely missed Wall Street estimates, are likely to embolden activist hedge fund investor Elliott Management Corp, the fourth largest Hess shareholder, which has blasted Chief Executive Officer John Hess and other managers for what it called the company's "continuing underperformance." Elliott has pushed for the company to consider...

Published on 5 February 2018 | 5:25 pm


REFILE-US STOCKS-Wall St selloff ebbs as rise in bond yields pauses, tech stocks gain

Feb 5- U.S. stocks pared losses to trade little changed in late morning trading on Monday as a rise in bond yields paused and technology stocks gained. Wall Street's three major indexes logged their biggest weekly losses in two years on Friday after a strong payrolls report. The S&P 500 and the Dow saw their worst weeks since early January 2016 while the Nasdaq...

Published on 5 February 2018 | 4:14 pm


US STOCKS-Wall St selloff ebbs as rise in bond yields pause, tech stocks gain

Feb 5- U.S. stocks pared losses to trade little changed in late morning trading on Monday as a rise in bond yields paused and technology stocks gained. Wall Street's three major indexes logged their biggest weekly losses in two years on Friday after a strong payrolls report. The S&P 500 and the Dow saw their worst weeks since early January 2016 while the Nasdaq...

Published on 5 February 2018 | 4:12 pm








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