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.
His company bankrupt and being liquidated, the Lafayette businessman’s financial troubles are mounting.
Georgia-based fried chicken chain would go up against Raising Cane’s, Chick-fil-A and others (like the Popeyes near its proposed location).
A Scott businessman has pleaded guilty to failing to report a conspiracy to award Opelousas Housing Authority construction bids to his company.
Court-appointed examiner says Lafayette businessman was “effectively on both sides” of transactions, opens door for legal action against him.
Lafayette-based insurance broker/risk management group bought by Florida firm for undisclosed sum; principals Landry and Harris continue to run local operations.
The House labor committee rejected bills Thursday that would have set the state minimum wage higher than the hourly federal rate of $7.25 and would have allowed local governments to set their own minimum wage.
Of the major oil- and gas-producing states, Louisiana gained nine rigs, Texas increased by seven, California gained three and New Mexico increased by one.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,101 from the previous week's total of 1,985. There were 2,444 initial claims during the comparable week in 2013.
Eleven Senate Democrats, including Louisiana's Mary Landrieu and five others who face contested races this year, urged President Barack Obama on Thursday to approve the Keystone XL oil pipeline by the end of May.
In a press release issued Wednesday, BancorpSouth announced a deal to acquire Knox Insurance Group of Lafayette.
Get ready for Tenacious Tuesday, ladies, ’cause it’s returning, too.
The drug companies said Tuesday they will “vigorously challenge” the decision, which was handed down by a Lafayette jury in federal court Monday.
The gap comes from a $35 million increase in enrollment growth and a $20 million “cash flow issue” which Education Superintendent John White did not explain.
Two additional tenants sign letters of intent for Phase I of lifestyle center.
The attorneys representing the Southeast Louisiana Flood Protection Authority-East in its lawsuit against 97 oil and gas companies may have just quashed the main line of criticism coming from Gov. Bobby Jindal and the Louisiana Oil and Gas Association.
It’ll be another week before Rep. Joel Robideaux’s House Bill 862 — an attempt at making it more cumbersome for parish governments to sue oil and gas companies — undergoes its first round of debate.
The civil complaint alleges that Joyce Bougere-Keyes prepares federal income tax returns for customers who report fabricated and/or inflated business income and expenses to maximize the amount of the Earned Income Tax Credit her customers claim.
Because... greedy trial lawyers?
Landrieu is chair of the U.S. Senate committee that deals with energy policy. The lawsuit puts her between two areas in which she's been a strong advocate: rebuilding Louisiana's coast and supporting the oil and gas industry.
Each facing 20 years in prison, couple are last two defendants in a 10-count indictment to plead guilty.
The Louisiana Workforce Commission said Friday that initial claims fell to 1,985 from the previous week's total of 2,131. There were 1,663 initial claims during the comparable week in 2013.
Tyrone Ben, a human resources manager for a mental health and counseling service in Chalmette, became the second of two nominees that could fill the seat now held by Tim Doody on the Southeast Louisiana Flood Protection Authority-East.
Local Latter & Blum company now second only to sister entity in New Orleans
Under a bill that received the backing of a Senate judiciary committee, a person would be limited to 10 short-term loans a year from payday lenders.
Chitimacha Louisiana Open fans enjoy garden party at sunset