CVR Refining raises $600M in IPO
CVR Refining LP, the U.S. oil refiner controlled by billionaire investor Carl Icahn, raised $600 million in its initial public offering after pricing an increased number of units at the midpoint of the price range. More »
OPEC cuts oil output to 14-month low amid economic uncertainty
OPEC reduced its production to the lowest level in 14 months as budget wrangles in the U.S., uncertain impact of stimulus measures in Japan and Europe’s struggle to boost growth cloud outlook for fuel demand. More »
Icahn’s stake put new pressure on Transocean
Carl Icahn’s new stake in Transocean Ltd. (RIG) may raise pressure on the world’s largest offshore driller to put some of its rigs into a tax-advantaged partnership as the billionaire seeks to boost his investment’s value. More »
Lawyer: ExxonMobil knew chemical would contaminate ground
ExxonMobil Corp. (XOM) knew that incidents of groundwater contamination would triple if it added a chemical to gasoline that makes the fuel burn more cleanly, a lawyer for New Hampshire said at the opening of an $816 million trial. More »
Congress denies $1.5 billion with favor to pipelines
For more than 60 years, the Tennessee Gas Pipeline has linked natural-gas wells in Texas to customers in the north. Until last year, it paid federal corporate income taxes on its earnings, setting aside $107 million in 2011 alone. More »
Gas exports from U.S. surge as sanctions undermine Iran
At a time when sanctions are causing a slump in Iranian cargoes of liquefied petroleum gas, the U.S. is exporting more fuel than ever, driving up tanker rates for BW Group Ltd. and other ship owners. More »
IGas to raise up to $37 million for U.K. shale exploration
IGas Energy Plc (IGAS), a U.K. developer of shale gas fields, said it will raise as much as 23 million pounds ($37 million) in a share placing to help develop its resources before finding an investment partner. More »
Oil price jumps as Seaway pipeline launches
The Seaway expansion now carries the glut of oil at the Cushing, Okla. hub to Gulf Coast refineres, helping to lift prices of West Texas Intermediate crude. Forecasts of cold weather in the Northeast also are boosting crude. More »
Encana to rally as CEO shift signals oil focus
Encana Corp. (ECA) investors say the resignation of Chief Executive Officer Randall Eresman will revive one of Canada’s worst performing energy stocks by speeding a shift away from natural gas production to more- profitable oil. More »
Transocean says Icahn acquired 1.6% of shares, seeks more
Transocean Ltd. (RIG), the world’s largest offshore rig contractor, said billionaire investor Carl Icahn and his affiliates have acquired a 1.56 percent stake in the company and are seeking to expand that to more than 3 percent. More »
ExxonMobil cites U.S. pollution rules in N.H. MTBE fight
ExxonMobil Corp. (XOM) and Citgo Petroleum Corp. are the last holdouts in an $800 million lawsuit by New Hampshire alleging that oil companies knew a chemical added to gasoline would contaminate residents’ groundwater. More »
Oil industry beats Buffett in railroad investments surge
North American energy companies are starting to invest more in railroad terminals than the railroads themselves. More »
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