BP CEO Bob Dudley (AP file photo/Alastair Grant)

BP to sell Texas City refinery, resume dividend

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BP’s new strategy includes selling its Texas City refinery and focusing on exploration and production, the company said. The oil giant also reported a $3.7 billion fourth quarter profit and a return of its quarterly dividend.
The Discoverer Americas (Photo: Transocean)

*Updated* Transocean, Shell, BP, other majors halt Egypt operations amid unrest

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For Egypt, home to Africa’s sixth-biggest oil reserves, crude and natural gas are the biggest source of export income, accounting for about 12 percent of gross domestic product.
Categories: Middle East, Offshore, Social
(Photo: Fotolia)

Of 91,000 Gulf oil spill claims, just 1 final payment

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BP won’t identify the business that received a $10 million payout, citing confidentiality, but acknowledges it lobbied for the settlement.
Categories: Gulf oil spill, Social
Gas tanker truck in front of Chevron filling station (AP Photo/Paul Sakuma, File)

Chevron plans $1.4 billion project at Pascagoula refinery

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The Mississippi refinery project will make Chevron the largest producer of base oil, a key ingredient in synthetic lubricants. (AP Photo/Paul Sakuma)
Categories: Chemicals, Refining, Social
Image: Fotolia

One of jailed Houston oil traders had a streak of generosity

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Clyde Meltzer’s friends and colleagues say the trader accused in an $80 million kickback scheme in a was a hard-nosed negotiator on business matters, but personally generous. They describe a doting grandfather who flew from New Jersey to Houston to attend Little League games, gave to a number of local charities and loaned money to help family friends start businesses.
Categories: Legal issues, People, Social
(Photo: Jeff Kubina/Flickr)

A bulb revolution: Lighting experts must develop innovative illumination

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Sockets are sprouting alien light forms as the incandescent bulb faces a government-mandated wattage diet in the next year. Under the Energy Independence and Security Act, incandescent bulbs must trim their energy use by 25 percent to 30 percent.
Categories: Electricity, Social
(AP file photo/Patrick Semansky)

Feds probe Deepwater Horizon blowout preventer testing flap

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The Bureau of Ocean Energy Management, Regulation and Enforcement is investigating whether a Transocean worker’s handling of a key a piece of evidence in the Gulf oil spill probe affected the integrity of the examination of the device.
Categories: Gulf oil spill, Social
The corporate logo at Apache Corp. headquarters in Houston. (AP file photo/Pat Sullivan)

Apache keeps close eye on Egypt as shares fall

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Apache Corp. says its oil and gas operations and production are far away from urban centers and remain unaffected, but investors continue to punish the stock as political unrest grows.
Categories: Middle East, Social
A Chevron flag flies over company offices in Richmond, Calif.  (AP file photo/Ben Margot)

Chevron 4Q profit jumps 72 percent as oil prices rise

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The San Ramon, Calif. company on Friday reported net income of $5.3 billion, or $2.64 per share, for the final three months of 2010. That compares with $3.1 billion, or $1.53 per share, in the same part of 2009.
Categories: Social
(AP file photo/ Mikhail Metzel)

Shell looks to Rosneft for exploration deal

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Shell and other oil giants are teaming up with government-controlled companies in oil-rich countries to gain access to resources. Rosneft, Russia’s biggest energy company, this month agreed to swap $8 billion in shares with BP and explore Russia’s Kara Sea. Exxon and Rosneft yesterday signed a $1 billion agreement to search for oil in the Black Sea.
Categories: Social