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Hess quarterly profit more than doubles on asset sale gains

Hess Corp., the oil company that’s in a proxy battle with billionaire Paul Singer’s Elliott Management Corp., said first-quarter profit more than doubled on gains from asset sales.  More »

Oceaneering profits hit all-time high

Oceaneering International Inc., the world’s largest provider of underwater robots to the oilfield, climbed to an all-time high after beating profit expectations, raising earnings guidance for the year and boosting its dividend.  More »

Anadarko seeks dismissal of investor suit over Gulf spill

Anadarko Petroleum Corp., a partner in the BP Plc (BP/) well that was the source of the largest U.S. offshore spill, is set to ask a federal judge in Texas to throw out a lawsuit claiming the company misled investors over the project’s risks before and after the blowout.  More »

Iran moves away from oil to withstand sanctions, minister says

Iran’s finance minister says his country’s economy is adapting to Western sanctions by finding new markets for agriculture and mining products after oil exports plunged by almost half.  More »

Southern to take $333 million charge on coal-gas plant

Southern Co., the second-largest U.S. power company by market value, will take a $333 million charge in the first quarter because of rising costs at its Kemper County coal-gasification plant.  More »

States turn against renewable energy as natural gas price plunges

More than half the U.S. states with laws requiring utilities to buy renewable energy are considering ways to pare back those mandates after a plunge in natural gas prices brought on by technology that boosted supply.  More »

Encana profits erased on foreign-currency losses, hedging

Encana Corp. (ECA), Canada’s largest natural-gas producer, saw profit wiped out in the first quarter after booking currency losses and provisions for hedging.  More »

Keystone XL foes say 1 million comments show power of grassroots

Keystone XL critics said they amassed more than 1 million comments against the pipeline to carry oil from Canada, showing what they called grassroots opposition to the $5.3 billion project across six U.S. states.  More »

Eagle Ford oil production hits record high

Oil production in Texas’s Eagle Ford shale formation reached an all-time high in February as it climbed 74 percent compared with a year earlier.  More »

BP may delay Gulf of Mexico Mad Dog 2 field’s development

BP Plc (BP/), Europe’s second-largest oil company, said it’s reviewing plans to develop the Mad Dog 2 oil field in the Gulf of Mexico, citing market conditions and industry inflation.  More »

Somalia targets Shell, Eni for oil, gas output-sharing contracts

Somalia plans to sign 30 oil and gas production-sharing contracts this year, starting with companies that operated in the country before its government was toppled more than two decades ago, an official said.  More »

Keystone challenge rejected by Texas Supreme Court

TransCanada Corp.’s power to condemn land as a common carrier won’t be reviewed by the Texas Supreme Court in one of four state-court challenges against the Keystone XL pipeline, which will carry Canadian tar-sands oil to the Texas coast  More »