Statoil profits down, sales up in first quarter

Norwegian oil company Statoil ASA on Tuesday said net profit dropped 4 percent in the first quarter, though the decline had much to do with the sale of a stake in a Canadian oil sands project that boosted the same quarter a year ago.  More »

Oil price drops to lowest point of 2012

The price declined after voters in France and Greece rejected incumbent leaders who supported austerity measures to fix the region’s struggling economy.  More »

Buffett backs TransCanada’s proposed oil pipeline

Billionaire Warren Buffett supports building the Keystone XL pipeline that TransCanada wants to build to carry Canadian oil south across the Great Plains to connect to Gulf Coast refineries.  More »

Leftist economist behind Argentina’s YPF takeover

Miguel Galuccio sat quietly with a nervous smile as Argentina’s president suddenly thrust the youthful oil executive from obscurity into one of the nation’s most high-pressure jobs: leading the newly state-controlled energy company.  More »

Interest in SD oil and gas leases continues

Similarities in underlying rock formations continue to fuel speculation that South Dakota might have petroleum reserves like those now fueling the oil boom in North Dakota.  More »

Pa. gas drilling brought $3.5 billion in 2011

Marcellus shale gas wells in Pennsylvania generated about $3.5 billion in gross revenues for drillers in 2011, along with about $1.2 billion in West Virginia, according to an analysis by The Associated Press.  More »

US eyes more cuts in Indian imports of Iranian oil

Hoping to wean India from Iranian oil imports, U.S. Secretary of State Hillary Rodham Clinton is urging Indian leaders to explore alternative suppliers as she opens a three-day visit to the energy-starved South Asian giant that will also focus on regional security and easing trade restrictions.  More »

Oil drops below $100 first time since February

Oil fell $4.05 to $98.49, after a weak U.S. jobs report offered the latest evidence that the global economy is weakening.  More »

Shell shuts down major pipeline Nigeria over theft

Royal Dutch Shell PLC says it has shut down a major pipeline running through Nigeria’s oil-rich southern delta because it had been repeatedly targeted by thieves.  More »

SEC begins inquiry into Chesapeake Energy

The Securities and Exchange Commission is reviewing a compensation program at Chesapeake Energy Corp. that created potential conflicts of interest for its CEO.  More »

State geologist: SD oil potential vast, unexplored

South Dakota has significant potential for oil development, but that potential has largely been unexplored, the state geologist said at the Black Hills Bakken Conference.  More »

Wyo. got EPA to delay frack finding

Wyoming’s governor persuaded the head of the U.S. Environmental Protection Agency to postpone an announcement linking hydraulic fracturing to groundwater contamination, giving state officials — whom the EPA had privately briefed on the study — time to attempt to debunk the finding before it rocked the oil and gas industry more than a month later, an investigation by The Associated Press has found.  More »