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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 13, 2016
Page
5
The article notes a boom in U S oil output and higher global supplies as major producers resist cuts. Iran eyes increased exports while demand slows, with U S inventories at historic highs and prices projected to dip before a potential rebound.
BP cuts 4000 workers and Chevron and Shell announce thousands more layoffs as oil price drops to the lowest in 12 years. Analysts warn of prolonged pain with potential project delays in North Sea and global energy spending. OPEC members resist cuts amid demand weakness and currency shifts. US energy outlook projects 2016 prices around 38.54 dollars per barrel. Some independents warned could go bankrupt before stabilization.
Ford Motor announces a record 2015 pretax profit before items and a $1 billion supplemental cash dividend. Shareholders will receive 16 cents per share first-quarter dividend plus 26 cents supplemental for a 40 percent boost, payable March 1. The gain follows a restatement to 2011 levels after adopting a new accounting approach for pension costs.
California Air Resources Board rejected Volkswagen's recall plan for 2.0 liter diesel models including Beetle Jetta Golf and Passat citing inadequate vehicle identification insufficient owner data and unclear emission impact. The move prolongs consumer limbo and preserves possible buyback options while signaling potential penalties as the probe continues.
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