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Whiting to suspend its North Dakota oil well completions
– canadianbusiness.com
BISMARCK, N.D. – North Dakota’s largest oil producer says it will cut all spending by 80 per cent in the state and suspend its well-completion operations in April due to depressed crude prices.
Denver-based Whiting Petroleum Corp. said in an earnings report this week that it will operate only two rigs in the state. Until prices rebound, wells that are drilled won’t undergo hydraulic fracturing, or fracking, a process that uses pressurized fluid and tiny particles to break open oil and gas bearing rock up to 2 miles underground.
“We believe this conservative strategy should help us to maintain our liquidity position and leave us well positioned to capitalize on a rebound in oil prices,” Whiting CEO Jim Volker said in a statement.
For the year, the company said it expects to pump 128,000 to 138,000 barrels per day, down from about 155,000 barrels it produced in the fourth quarter of 2015. At the end of 2016, the company expects to have 73 wells drilled but uncompleted, which it says “should afford Whiting a highly capital-efficient means to resume growth upon a rebound in oil prices…
Denver-based Whiting Petroleum Corp. said in an earnings report this week that it will operate only two rigs in the state. Until prices rebound, wells that are drilled won’t undergo hydraulic fracturing, or fracking, a process that uses pressurized fluid and tiny particles to break open oil and gas bearing rock up to 2 miles underground.
“We believe this conservative strategy should help us to maintain our liquidity position and leave us well positioned to capitalize on a rebound in oil prices,” Whiting CEO Jim Volker said in a statement.
For the year, the company said it expects to pump 128,000 to 138,000 barrels per day, down from about 155,000 barrels it produced in the fourth quarter of 2015. At the end of 2016, the company expects to have 73 wells drilled but uncompleted, which it says “should afford Whiting a highly capital-efficient means to resume growth upon a rebound in oil prices…
Berkshire Hathaway 4th-quarter profit up 32 per cent
– canadianbusiness.com
OMAHA, Neb. – Berkshire Hathaway reported a 32 per cent jump in fourth-quarter earnings on Saturday, as its eclectic collection of subsidiaries mostly performed well.
The conglomerate based in Omaha, Nebraska, that Warren Buffett leads earned $5.48 billion, or $3,333 per Class A share. That’s up from $4.16 billion, or $2,529 per Class A share, a year earlier.
The three analysts surveyed by FactSet expected Berkshire to report earnings per Class A share of $3,129.58 in the fourth quarter.
Berkshire’s insurance companies, which include Geico and General Reinsurance, recorded a $306 million underwriting profit, up from $191 million. The company’s BNSF railroad and utility businesses also performed well, and Berkshire’s revenue grew 7 per cent to $51.8 billion.
Berkshire also released Buffett’s annual letter to shareholders Saturday, in which he discussed the company’s overall results.
Buffett said BNSF significantly improved its service in 2015 after investing $5…
The conglomerate based in Omaha, Nebraska, that Warren Buffett leads earned $5.48 billion, or $3,333 per Class A share. That’s up from $4.16 billion, or $2,529 per Class A share, a year earlier.
The three analysts surveyed by FactSet expected Berkshire to report earnings per Class A share of $3,129.58 in the fourth quarter.
Berkshire’s insurance companies, which include Geico and General Reinsurance, recorded a $306 million underwriting profit, up from $191 million. The company’s BNSF railroad and utility businesses also performed well, and Berkshire’s revenue grew 7 per cent to $51.8 billion.
Berkshire also released Buffett’s annual letter to shareholders Saturday, in which he discussed the company’s overall results.
Buffett said BNSF significantly improved its service in 2015 after investing $5…
Warren Buffett's Berkshire Hathaway quarterly profit jumps almost one third – Reuters Canada
– news.google.ca
New York TimesWarren Buffett's Berkshire Hathaway quarterly profit jumps almost one thirdReuters Canada(Reuters) – Warren Buffett's Berkshire Hathaway Inc on Saturday said fourth-quarter profit rose 32 percent, helped by improved results in its insurance operations and higher gains from investments and derivatives. Net income rose to $5.48 billion, or …The Latest: Buffett defends Berkshire Hathaway's practicesMontreal GazetteBuffett defends Clayton Homes after critics fault its lendingReutersBerkshire Says Earnings Increased 21% in 2015Wall Street JournalCanadianBusiness.com -Morningstar.com -NDTVall 522 news articles »
