Despite that demand for oil is expected to set a record this year, worries over a weak economy are pushing oil prices below the $80 per gallon mark, and oil companies’ share prices are falling right along with it.
When oil prices are high, the impact on companies’ bottom lines is immediate, because the cost of production is relatively stable from year to year. That means when prices fall, revenue and profits take a hit too. Consumers, however, get relief at the pump.
PetroQuest Energy and Stone Energy fell 9 and 8 percent Thursday, respectively. PetroQuest went from $6.57 to $5.99 and Stone dropped from $21.37 to $19.70. Shares in Superior Energy Services also lost 9 percent, falling from $32.74 to $29.83. All three stocks of local interest were down again in early morning trading Friday.
AP reported Thursday that it was much the same with big oil companies. Chevron fell $4.40 to $89.87, a drop of 4.6 percent. ConocoPhillips shares lost $2.22 to $62.73, a drop of 3.5 percent. BP fell $1.29, or 3.5 percent, to $35.61. ExxonMobil shares also fell more than 3 percent, dropping $2.33 to $69.64. All four were down again this morning.
Read the AP story here.
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Alleged victim is a Navy vet with brain trauma resulting from a car accident three decades ago.
Richard Buswell was sentenced Tuesday to more than 10 years in prison for his role in an investment scheme that defrauded his clients of more than $6 million.
Lafayette Regional seeking new leadership after longtime director Greg Roberts’ June resignation.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
The state labor department figures released Friday show the initial claims decreased to 2,068 from the previous week's total of 2,071. For the comparable week a year earlier, there were 2,494 claims.
The struggle for control of the regional flood authority board and its lawsuit against oil and gas companies for wetlands damage has taken an unexpected turn.
U.S. District Judge Carl Barbier agreed several weeks ago to change the compensation formula for any future payments, but he ruled Wednesday that a deal is a deal when it comes to money BP has already paid out.
IberiaBank has already retrofitted many of the Teche Federal Bank locations it acquired in a buyout earlier this year, but some residuals from the estimated $161 million deal are still playing out, namely a federal lawsuit alleging the theft of sensitive information by two former Teche executives.
Both join Russo as brand developers.
Targets of an investigation of alleged corruption within the settlement program for compensating victims of the 2010 Gulf of Mexico oil spill will be in federal court Tuesday.
Excitement over Bell Helicopter’s 505 Jet Ranger X is growing, as is the international demand for the state-of-the-art chopper, which will soon be manufactured at the company’s first-ever Louisiana assembly facility in Lafayette.
The Louisiana Hospital Association, Louisiana Nursing Home Association, Louisiana Pharmacists Association, ambulance providers and intermediate care facilities are pooling their resources and planning for a statewide media buy to promote the passage of the first two constitutional amendments on the November ballot.
New report also reveals negative results of Medicaid cuts.
The Pentagon says two Louisiana companies have Navy contracts worth a total of $26.8 million.
Newcomer to Top 50 among five companies selected for Naval contract
Both sets of figures — adjusted to cancel out seasonal changes — were released by the U.S. Labor Department.
Texas declined by five rigs, West Virginia dropped three and Louisiana was down two.
A federal appeals court in New Orleans has upheld a federal safety board's right to investigate the role of Transocean Deepwater Drilling Corp. in the 2010 Gulf of Mexico oil disaster.
A supporter of a lawsuit against the oil industry has been re-nominated to a seat on a south Louisiana flood control board despite opposition from Gov. Bobby Jindal.
The nominating committee for the Southeast Louisiana Flood Protection Authority-East was set Thursday to nominate applicants for two people on the board whose terms have expired.
Restaurant could see ‘a little facelift,’ Bobby Butcher tells Daily Report.
Attorney General Buddy Caldwell says he won't approve a Cameron Parish Police Jury resolution to hire outside attorneys for such a lawsuit until the resolution is amended. Caldwell's Sept. 15 letter says the resolution must make clear that those attorneys will represent the parish alone — not the state.
Michelle D. Lavergne, who worked for the Lafayette law office of L. Clayton Burgess for 13 years, faces up to 10 years in prison.
Sonnier, former media buyer and account exec at Sides, joins Acadian companies as marketing specialist; Maggard, who most recently worked for Potenza, joins Russo as director of media and PR.