A ‘Culture Shock’ Is Coming For Oil Drillers : Morgan Stanley

What happens to oil drillers when there’s too much supply and not enough demand? Answer: “culture shock.” In a new note, a Morgan Stanley  Team led by Ole Slorer says exploration and production spending is poised to decelerate from past-decade highs of around 16% annually to just 5%. Basically, it’s getting harder to get more cash…

Essar Oil posts Rs 200 cr profit in Q4 on higher refining margins

Higher refining margins helped India’s second largest private refiner, Essar Oil, report  net profit of Rs 200 crore in the March quarter as compared to a loss of Rs 608 crore a year ago. The company said in a statement that Essar Oil earned $9.06 on turning every barrel of crude oil into fuel during January-March quarter…