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Exxon drilling Russian Arctic shows oil sanctions lack bite

After more than two years’ planning Exxon and its partner OAO Rosneft, Russia’s state oil producer, will start drilling the Universitetskaya prospect tomorrow, the Kremlin said in a statement Friday.  More »

Action in Iraq sends crude prices upward

Oil for September delivery gained 42 cents to settle at $97.34 a barrel on the New York Mercantile Exchange.  More »

Gasoline futures rise, crude oil keeps declining

Refineries slowed their operations, pushing gasoline inventories down by the most in four months.  More »

Chesapeake profits down on natural gas glut

Second-quarter net income plunged by more than half compared to a year earlier even as the company cut spending and raised production.  More »

Venezuela says Citgo assets worth more than $10 billion

PDVSA is seeking to sell Citgo assets, the U.S. unit said in a July 29 bond prospectus document.  More »

Oil falls to 6-month low on refinery outlook

Oil dropped 91 cents, or 0.9 percent, to close at $97.38 a barrel on the New York Mercantile Exchange.  More »

Cobalt falls after SEC Angola case moves forward

The company said it’s cooperating with the SEC and believes its activities in Angola have complied with all laws.  More »

Parnon, Arcadia to pay $13 million in price-rigging suit

Parnon Energy, an oil logistics company, and London-based oil trader Arcadia Petroleum Ltd. agreed to pay $13 million to settle a U.S. regulator’s claims they manipulated oil futures prices.  More »

Crude rebounds from 6-month low on Middle East tension

Oil for September delivery gained 41 cents to settle at $98.29 a barrel.  More »

Mexico lower House passes final oil bills, sends them to Senate

Mexico’s Lower House early passed the last package of bills to regulate an end to Petroleos Mexicanos’s state-oil monopoly, sending the legislation to the Senate for final approval after making minor changes on pension and retirement issues.  More »

Occidental profit rises as cost-cutting continues

Occidental Petroleum Corp., the global oil producer that is pursuing a breakup to boost returns, said second-quarter profit rose as it continues to try to reduce costs.  More »

Exxon reports higher earnings, lower production

Exxon Mobil Corp., the world’s largest energy company, fell after reporting worldwide oil and natural gas production declined to the lowest level in almost five years.  More »