Mississauga, ON -- (SBWIRE) -- 03/09/2015 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Questions Raised About Potential Management Turmoil As Arcan Director Abruptly Resigns."
Companies mentioned in this article include Exxon Mobil Corporation (NYSE:XOM), Whiting Petroleum Corp. (NYSE:WLL) and Arcan Resources Ltd. (TSX-Venture:ARN).
Although oil prices rebounded sharply last month, the outlook for the oil & gas industry remains gloomy. In fact, just last week, Rex Tillerson, CEO of the world's largest listed energy company, Exxon Mobil Corporation (NYSE:XOM), said that oil prices will remain low for quite a while.
Tillerson noted that the U.S. shale production, the chief reason for the supply glut in the global oil market, has been more resilient than expectations. As a result, prices will remain weak.
Exxon itself has prepared itself for a low price environment by slashing its capital spending by 12% for 2015. And Exxon is not the only company that has announced production cuts. Many shale oil & gas producers have announced a cut to their capital spending this year in order to adjust to the new price environment.
The crash in oil prices and subsequently oil stocks has also increased the likelihood of M&A activity in the sector. While the short-to medium-term outlook for oil prices remains weak, longer-term prices will see a rebound due to robust demand from countries such as China and India. The key though will be to survive during the period of low price environment, and consolidation would be one way to do so.
One Bakken shale oil player, Whiting Petroleum Corp. (NYSE:WLL) has appointed bankers to seek potential buyers. It is likely that many other shale producers will look at a potential sale in the future.
The pressure has also been felt by Canadian oil & gas companies such as Arcan Resources Ltd. (TSX-Venture:ARN). Based in Calgary, ARN is engaged in the exploration, development and production of petroleum and natural gas in Western Canada.
The full version of this article can be found at:
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