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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 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.
Ninety-nine percent of BG Groups shareholders approved the deal.
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.
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.”
Despite the massive cutbacks, Texas in 2015 likely broke the state’s 43-year-old record for crude oil production.
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.
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 […]
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. 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.