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Saudi Arabia won’t cut oil output this summer

Saudi Arabia won’t reduce oil production in the coming three months even if oil prices continue to drop, Asharq al-Awsat newspaper reported, citing unidentified people aware of the country’s output plans.  More »

Coal-plant plunge threatens billions in pollution spend

The coal-fired power industry in the U.S. is facing the biggest plunge in asset values in a decade, risking billions of dollars in pollution-control spending by utilities such as Exelon Corp. (EXC) and American Electric Power Co.  More »

Porsche looks at energy to ready for post-911 role

Porsche SE, the holding company controlling a majority stake in Volkswagen AG (VOW) after a botched takeover attempt four years ago, will probably soon be investing more in energy than in sports cars.  More »

Companies begin Gulf evacuations

Energy companies began evacuating workers from offshore facilities.  More »

Gas drillers get more time to comment on U.S. fracking rules

The Obama administration gave U.S. natural-gas producers more time to comment on draft standards for disclosing chemicals used in hydraulic fracturing, rules an industry group has said are unnecessary.  More »

Opinion: End the subsidies of fossil fuel

There may be little reason to hope the Rio+20 meeting in Brazil this week will lead to major global action against climate change. World leaders have skipped it. The draft agreement the delegates from 190 countries have written is rightly criticized as weak.  More »

Fukushima plant faces typhoon summer with added tornado threat

Tokyo Electric Power Co. (9501)’s crippled Fukushima nuclear plant faces its second typhoon season since the March 11 disaster last year, raising the risk of further radiation leaks if storms thrash exposed pools of uranium fuel rods or tanks holding contaminated water.  More »

Exxon, Rosneft arctic drilling assailed by Greenpeace

Celebrities joined advocacy group Greenpeace International in seeking a ban on oil drilling and excessive fishing in Arctic waters that would scuttle plans by Exxon Mobil Corp. (XOM) and its Russian state-run rival OAO Rosneft to extract petroleum there.  More »

Exxon, Total, Melrose Vie for Black Sea drilling in Bulgaria

Exxon Mobil Corp., Total SA, and Melrose Resources Plc are competing for a permit to explore for natural gas in the deep waters of the Black Sea off the Bulgarian coast as the country seeks to boost local output to one third of consumption.  More »

Brazil government fails to benefit blocking oil firms

International oil companies looking to start exploring Brazil, home to the largest discoveries in the past decade, can’t get near the crude.  More »

Rosneft to more than double dividend on 2011 profit

OAO Rosneft, Russia’s biggest oil producer, plans to more than double planned dividends, boosting the payout to 25 percent of last year’s profit, following an order from President Vladimir Putin.  More »

Chesapeake hired lawyer with stealth record in CEO probes

The lawyer Chesapeake Energy Corp.’s (CHK) audit committee hired to investigate possible conflicts of interest in its chief executive’s loans has a record of managing probes with minimum publicity about himself or his client.  More »