Category: Crude oil

Exxon second quarter earnings rise 41 percent *updated

Exxon says higher oil prices and refining margins boosted its second-quarter profits 41 percent.  More »

Shell profit almost doubles as surging oil price counters production drop

Royal Dutch Shell Plc, Europe’s biggest oil company, said second-quarter earnings almost doubled on higher oil prices and project startups in Qatar and Canada.  More »

Repsol profit falls as output declines

Repsol YPF SA, Spain’s biggest oil company, said second-quarter earnings fell 7.3 percent as refining margins narrowed and output declined as a result of the civil war in Libya and strikes in Argentina.  More »

BP seeks tossing of spill-linked suits against managers of retirement plan

BP Plc (BP/) employees shouldn’t be allowed to sue the company’s retirement savings plan managers for investing too heavily in BP stock, because the workers chose to invest in those shares, company lawyers said.  More »

Shell, Chevron to expand Malampaya gas project in Philippines

Royal Dutch Shell Plc and Chevron Corp. are examining plans to expand the Malampaya natural-gas project in the Philippines.  More »

Statoil sees record profit in second quarter

Higher oil and gas prices and the sale of a stake in a Brazilian oil field helped Norwegian oil company Statoil ASA post record profits in the second quarter of the year, the company said this morning.  More »

State council to look at pipeline failure risk

An oil pipeline safety council created by Governor Brian Schweitzer after a major Exxon Mobil Corp. pipeline spill into the Yellowstone River holds its first meeting in Helena Monday.  More »

Hess, Petroceltic to explore two Iraqi fields in Kurdistan

Hess Corp. (HES), the New York-based oil company, and Petroceltic International Plc (PCI) agreed to explore two fields in the Kurdistan region of northern Iraq.  More »

ConocoPhillips profit falls 18 percent after year-earlier gain on asset sales

Houston-based ConocoPhillips, the U.S. oil company that plans to spin off its refining business in 2012, said second-quarter profit declined from a year earlier, when asset sales boosted earnings.  More »

Loren Steffy: Top-paid execs draw deeply from oil profit well

Oh, to be an oil company CEO in a time of rising energy prices. They can almost feel their wallets filling up. The Chronicle’s annual survey of executive pay was dominated by oil company executives such as James Hackett, the head of Anadarko, who got a…  More »

FTC preparing subpoenas for oil, refinery companies over high gas prices

Subpoenas to oil companies and refiners are being prepared by the U.S. Federal Trade Commission as it probes rising gasoline prices, a person familiar with the matter said.  More »

BG says fewer Brazil wells needed to reach plateau output

BG Group Plc, which plans to invest $30 billion in Brazil in the next decade, said it needs fewer wells than first estimated to reach plateau production at offshore fields.  More »

Mont. oil spill covers about 60 percent of shoreline

Montana’s chief environmental regulator says teams tallying damage from an Exxon Mobil Corp. oil spill into the Yellowstone River have found contamination along roughly 60 percent of shoreline downstream from the pipeline break.  More »

Recusal policy reveals oil industry still has close ties with government

Documents obtained by the Associated Press show that ties between the offshore oil industry and government regulators persist — even after the Obama administration instituted a new ethics policy to deter cozy relationships.  More »

House debates bill to force decision on Keystone XL pipeline

The Obama administration says it is on track to make a final decision about the proposed Keystone XL pipeline by the end of the year. Environmentalists say the State Department is rushing the job, but oil industry advocates say the process is crawling. The House of Representatives weighs in today.  More »