Phillips 66 Chairman and CEO Greg Garland.  ( James Nielsen / Houston Chronicle )

Phillips 66 profits plummet 43 percent, still meet expectations

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Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
The Shell logo sits on the side of a fuel tanker truck during a gasoline delivery at a gas station operated by Royal Dutch Shell Plc in Utrecht, Netherlands, on Tuesday, Jan. 26, 2016. Shell is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Photographer: Jasper Juinen/Bloomberg

Shell transitioning Houston truck fleet from diesel to LNG

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The use of LNG and compressed natural gas — another new CNG fueling station opened Thursday in Houston — in commercial vehicles has rapidly expanded because of the nation’s cheap and bountiful supply of natural gas.
The visor of a fire-fighter's helmet reflects a gas burn off venting pipe as he stands on the helicopter deck on the Armada gas condensate platform, operated by BG Group Plc, in the North Sea, off the coast of Aberdeen, U.K., on Thursday, Dec. 10, 2015. Royal Dutch Shell Plc got clearance from antitrust authorities in China for the takeover of BG Group Plc, removing the final regulatory hurdle for its biggest-ever deal. Photographer: Simon Dawson/Bloomberg

BG Group investors approve Shell deal

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Ninety-nine percent of BG Groups shareholders approved the deal.
(Dean Musgrove/Los Angeles Daily News via AP, Pool, File)

Air regulators sue SoCalGas over months-long well leak

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The South Coast Air Quality Management District sued the utility for creating a public nuisance. The lawsuit, filed in Los Angeles County Superior Court, further contends that “as a result of their negligence, people were injured,” said Kurt Wiese, the agency’s general counsel.
In this Monday, April 7, 2014 file photo, a flag bearing the company logo of Royal Dutch Shell flies outside the head office in The Hague, Netherlands. (AP Photo/Peter Dejong, File)

Shell investors OK acquisition of BG Group

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Shell CEO Ben van Beurden said he was pleased by “the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG.”
( Johnny Hanson / Chronicle )

Economist says Texas oil drillers may have unlocked crude supply lasting “decades into the future”

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Despite the massive cutbacks, Texas in 2015 likely broke the state’s 43-year-old record for crude oil production.
(Eddie Seal, Bloomberg News)

Keane Group buys Trican’s U.S. business for $250 million

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A relatively small and quiet oil field services company, Keane Group is more than doubling its size through the deal with the goal of additional future acquisitions, said Keane CEO and Chairman James Stewart.

Crude to lead global fuel demand for decades to come

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Sixty years to the day after Buddy Holly’s first official recording session took place, and “Blue Days, Black Nights” have become a common occurrence for the crude complex of late. Prices are bucking that trend for now, however, and we are seeing a morning in the green. Last night was certainly dark times for the […]
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(Photo by Andrew Burton/Getty Images)

EIA: Natural gas prices could rise as production finally slows

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Oil and gas drillers across the United States have struggled under collapsing commodity prices, driven in part by a boom in domestic shale drilling that has transformed the industry.
Exxon Mobil Corp. signage is displayed at a gas station in Richmond, Kentucky, U.S., on Wednesday, April 29, 2015. Exxon Mobil Corp. is scheduled to release earnings data on April 30. Photographer: Luke Sharrett/Bloomberg

Exxon Mobil sees energy demand up a quarter by 2040

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Exxon Mobil Corp. believes the world’s energy demand will grow 25 percent by 2040 and that a third of its fuel will come from oil, even as natural gas outpaces coal to become the world’s No. 2 resource.