Category: Crude oil

Investors look ahead to ConocoPhillips split

Net income dropped, but analysts and investors have their eyes on ConocoPhillips’ upcoming refining/E&P split.  More »

Indian refining giant to bid for Valero, British newspaper says

An energy and manufacturing conglomerate based in India is set to make a bid for San Antonio refiner Valero Energy Corp., a British newspaper reported Wednesday.  More »

Crude closes at $90.20, down $2.97

Crude oil dropped the most in more than three weeks after a government report showed a larger-than- projected gain in U.S. stockpiles and amid concern that European debt-crisis talks are stalling.  More »

Energy Department to stress funding for carbon capture, use and storage absent climate legislation, official says

The Department of Energy will emphasize funding for carbon capture, sequestration and utilization research and projects as a way to “move the needle” on climate change in the coming decade in the absence of climate legislation, a top official said today.  More »

Oil contango’s end sparked by falling stockpiles

Oil futures closest to expiration became more expensive than those for later delivery for the first time in three years after U.S. crude stockpiles shrank to a 12-month low.  More »

Lawmakers push EPA on requiring fracturing fluid disclosure

Top House Democrats on environmental issues are suggesting the Environmental Protection Agency require oil and gas companies to report the ingredients of the fluids they use to hydraulically fracture wells after congressional investigators received inaccurate information on one ingredient.  More »

Engineers, academics accuse feds of misleading public about oil supplies

Professors, energy experts and at least one petroleum engineer today are accusing the government of wildly overestimating how much oil and gas can really be harvested from U.S. lands and waters.  More »

BP “regaining momentum” after spill

BP is about to get busy… in the Gulf of Mexico, overseas, just about everywhere it sees high value opportunities, CEO Robert Dudley said Tuesday.  More »

Lawmaker pushes oil companies to open their books

Rep. Raul Grijalva, D-Ariz., is asking BP, Shell Oil Co., ExxonMobil and 11 other companies today to open their books and provide details on the value of the crude, gas and minerals they have extracted from public lands and waters. Grijalva wants the numbers to determine if taxpayers are getting a “fair return” from energy development and hard rock mining.  More »

FMC sees profits surge on subsea sales

FMC Technologies reported third quarter net income of $121 million, or 50 cents per share,  More »

Oil rises to 12-week high as declining supplies spur bull market

Crude oil climbed to a 12-week high in New York on declining stockpiles at a U.S. storage hub, putting the contract in a so-called bull market.  More »

‘Drilling isn’t boring’ says Statoil music video (but it can be odd) *update*

Norwegian oil giant Statoil has made a few music videos singing the praises of offshore drilling. Take a look.  More »

Hess to spend $2.3 billion to develop Gulf of Mexico oil field

Hess Corp., the New York-based oil company, will develop its Tubular Bells deep-water field in the Gulf of Mexico at an estimated cost of $2.3 billion.  More »

BP “spirit coming back” as profits jump, record drilling planned for Gulf *updates*

Higher oil prices helped send BP to higher profits in the third quarter, signaling a “definite turning point,” said CEO Bob Dudley. “You can feel the spirit coming back.”  More »

Hedge funds raise bullish bets most in two months

Hedge funds increased bullish bets on commodities by the most since August on mounting optimism the global economy will avoid another recession, boosting prospects for raw-materials demand.  More »