Oil edges up as U.S. jobless claims fall near four-month low
Crude oil edged higher in New York after U.S. jobless claims dropped to the lowest level in almost four months, a signal that fuel consumption may increase as the weakness in the labor market fades. More »
Odom: Lawsuit may become ‘backdoor ban’ on Gulf drilling
A lawsuit by environmental groups over Royal Dutch Shell Plc’s oil drilling in the Gulf of Mexico may become a “backdoor moratorium” that curtails U.S. development, said Marvin Odum, the company’s U.S. president. More »
Shell profit almost doubles as surging oil price counters production drop
Royal Dutch Shell Plc, Europe’s biggest oil company, said second-quarter earnings almost doubled on higher oil prices and project startups in Qatar and Canada. More »
Conoco, Origin approve first stage of $20 billion project
ConocoPhillips, the third-largest U.S. oil company, and partner Origin Energy Ltd. approved the first stage of a $20 billion liquefied natural gas project in Australia to supply the fuel to Asia. More »
Repsol profit falls as output declines
Repsol YPF SA, Spain’s biggest oil company, said second-quarter earnings fell 7.3 percent as refining margins narrowed and output declined as a result of the civil war in Libya and strikes in Argentina. More »
BP seeks tossing of spill-linked suits against managers of retirement plan
BP Plc (BP/) employees shouldn’t be allowed to sue the company’s retirement savings plan managers for investing too heavily in BP stock, because the workers chose to invest in those shares, company lawyers said. More »
Shell, Chevron to expand Malampaya gas project in Philippines
Royal Dutch Shell Plc and Chevron Corp. are examining plans to expand the Malampaya natural-gas project in the Philippines. More »
Consol Energy misses analyst estimates as natural gas prices decline
Consol Energy, an Appalachian coal and natural gas producer from shale deposits, reported second-quarter net income below analyst estimates as gas prices declined. More »
EPA proposes pollution limits for gas fracturing, oil production
The Environmental Protection Agency, which is scheduled to propose new pollution limits for U.S. oil and gas production, should delay adopting a final rule by six months, an American Petroleum Institute official said. More »
Hess, Petroceltic to explore two Iraqi fields in Kurdistan
Hess Corp. (HES), the New York-based oil company, and Petroceltic International Plc (PCI) agreed to explore two fields in the Kurdistan region of northern Iraq. More »
FTC preparing subpoenas for oil, refinery companies over high gas prices
Subpoenas to oil companies and refiners are being prepared by the U.S. Federal Trade Commission as it probes rising gasoline prices, a person familiar with the matter said. More »
White House said to propose 54.5 MPG fuel-economy target to automakers
President Barack Obama’s administration altered its proposal for a 2025 U.S. fuel-economy average to 54.5 miles per gallon to make allowances for light trucks, people familiar with the negotiations said. More »
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