EXXON WARNS ON RESERVES AS IT POSTS LOWER PROFIT
Exxon Mobil said that it may be forced to recognize that billions of barrels of its reserves are no longer profitable to produce. The disclosure came as the oil producer reported a 38% decline in quarterly profit.
OIL PRICES SAG ON CONCERNS ABOUT OPEC DEAL ON OUTPUT CUT
Oil prices settled lower amid fresh worries about OPEC's ability to coordinate a production cut, and a broader selloff amid news of an FBI investigation into Democratic presidential candidate Hillary Clinton's email case.
OPEC DEADLOCKS OVER IRAN, IRAQ OIL PRODUCTION
A meeting of OPEC national delegates on Friday ended in a deadlock as Iraq and Iran disputed the data being used to allocate production cuts, officials said.
GE, BAKER HUGHES COULD REACH DEAL AS EARLY AS NEXT WEEK
Merger discussions between General Electric Co. and Baker Hughes Inc. are advancing and could result in a transaction as early as next week, people familiar with the matter said.
CHEVRON RETURNS TO PROFIT, BUT REVENUE SLIDES
Chevron said its quarterly profit plunged 35% from a year earlier and revenue slid more than expected amid low oil prices, though the company returned to the black after three straight quarters of losses.
U.S. OIL-RIG COUNT FALLS BY 2
The number of rigs drilling for oil in the U.S. fell by two in the past week to 441, bucking a recent trend of increases, according to oil-field services company Baker Hughes Inc.
SUNEDISON'S CANADIAN UNIT FILES FOR BANKRUPTCY PROTECTION
Renewable energy giant SunEdison Inc. has placed its Canadian arm into bankruptcy while the parent company seeks more time under court protection in the U.S. to sell off assets and work out a repayment strategy.
SANDRIDGE DEFENDS BID FOR ATINUM'S DRILLING PORTFOLIO
SandRidge defended its move to purchase Atinum Midcon's drilling investments, urging a judge to disregard Wells Fargo officials who said the bank's proposal to forgive $75 million is a better offer.
COAL-MINING COMPANY RAMACO PREPARING TO FILE FOR AN IPO
Appalachian coal-mining company Ramaco, which has yet to produce any coal, is preparing the industry's first initial public offering in more than a year, coming at a time when coal prices have been rebounding sharply.
PHILLIPS 66 POSTS REVENUE AND PROFIT DECLINE
Phillips 66 said profit and revenue dropped as low commodity prices continued to hurt results, and it lowered its forecast for annual capital expenditures to about $3 billion.
TOTAL'S PROFIT JUMPS AS COST-CUTTING BEARS FRUIT
French oil giant Total said third-quarter net profit nearly doubled from the same period a year earlier, as deep cost cuts and rising output helped it to ride a modest oil price rally driven by OPEC.
SAUDI ARAMCO SAYS EMPLOYEE TOOK BRIBE FROM EMBRAER
The Saudi Arabian Oil Co. has confirmed that it has evidence of corruption involving one its employees and Brazilian aircraft maker Embraer SA involving the purchase of three aircraft from the company.
======== DOW JONES NEWSWIRES ANALYSIS AND COMMENTARY ========
Heard on the Street
AS OIL SLUMP CONTINUES, BAKER-HUGHES NEEDS A DEAL
Baker-Hughes has seen its shares outperform larger peers but has good reason to talk to General Electric.
CHINA'S OIL GIANTS SHRINK THEIR SPENDING
As the commodities slump stretches into its third year, earnings reports this week by China's three big state-owned oil and gas companies had something in common: capital expenditures far below budgeted levels.
(END) Dow Jones Newswires
October 28, 2016 19:30 ET (23:30GMT)
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