Houston Chronicle Energy News

Reporting from the daily edition.

Rosneft’s profit zooms

MOSCOW — Rosneft, Russia’s largest oil company, said Friday that its profit for 2010 was almost 64 percent higher than the previous year, thanks to higher prices and production levels. Rosneft said its net income was $10.6??billion, up from 2009′…  More »
President Barack Obama and Canadian Prime Minister Stephen Harper arrive for a joint news conference at the White House on Friday, Feb. 4, 2011. (AP Photo/Pablo Martinez Monsivais)

Canadian leader urges OK for pipeline to Texas

After meeting with President Obama, Canadian Prime Minister Stephen Harper said the U.S. should approve the Keystone XL pipeline from Canada to the U.S. Gulf Coast since many other countries that supply oil are not stable, secure or friendly to U.S. interests.  More »

U.S. to oil spill claims czar: loosen purse strings

The job of the administrator of the $20 billion fund for Gulf oil spill victims is not to preserve money or return it to BP, and he should loosen the purse strings to help people still suffering from last year’s disaster, the Justice Department said Fr…  More »
A cargo ship transits the Suez Canal en route from the Mediterranean Sea to the Gulf of Suez at the city of Suez, Egypt, Wednesday, Feb. 2, 2011. (AP Photo/Emilio Morenatti)

Economists doubt Egypt unrest will stop oil traffic along Suez

As unrest in Egypt shows little sign of abating, worries about what could happen to the flow of oil and goods through the Suez Canal are putting world energy markets on edge. But economists say the jitters, while understandable, are a bit misplaced.  More »

Did you suffer a blackout? Blame it on curve

Whether you got hit by a rolling blackout when the temperature hit the 20s this week may depend on how much electricity your neighborhood uses when it’s in the 90s. CenterPoint Energy, which distributes power in the Houston area, uses a neighborhood’s…  More »
The mobile offshore drilling unit Development Driller III at the Deepwater Horizon site on May 7, 2010. (U.S. Coast Guard file photo)

Government wants answers on well blowouts

The Obama administration wants to know when offshore companies will be ready to rein in runaway wells — a major hurdle it says is holding up new deep-water drilling in the Gulf of Mexico.  More »

Pump prices likely to rise with Egypt unrest

Retail gasoline prices are likely to creep higher as anti-government protests continue in Egypt and concerns remain about the stability of the Middle East. The national average for a gallon of regular gasoline was $3.124 today, according to AAA, Wright…  More »

Bernanke calls rising oil prices ‘a kind of a tax’

WASHINGTON — Federal Reserve Chairman Ben Bernanke said Thursday rising oil prices “are a kind of a tax” that could slow the nation’s recovery from recession. During a generally upbeat address about the U.S. economy, the head of America’s central ban…  More »

Kinder Morgan expects to raise $2.2 billion in IPO

Pipeline company Kinder Morgan said Thursday its parent company, Kinder Morgan Holdco, plans to raise $2.2 billion in an initial public offering. The IPO would be the biggest for a U.S. energy company since Conoco’s debut in 1998, which raised $4.4 bil…  More »

Analysts see a chance of $110 oil by end of 2011

WASHINGTON — Growing global demand for oil and concerns about unrest in Egypt have caused crude to surge – and the price could climb higher still this year, analysts told the Senate Thursday. Although the federal Energy Information Administration pre…  More »

Shell halts plans for Arctic project this summer

WASHINGTON — Royal Dutch Shell is scrapping plans to drill an exploratory well in the Beaufort Sea near Alaska this summer, after failing to secure key permits for the project. Shell CEO Peter Voser confirmed Thursday the work will now be postponed u…  More »
A vehicle drives past frozen plants along South Blue Bell Road Wednesday, Feb. 2, 2011, in Brenham, Texas. (Photo: Brett Coomer/Houston Chronicle)

Cold could still knock out power

Ice and snow storms forecast for late Thursday and into Friday morning could lead to further power plant failures, state officials caution, while local power providers warned customers that ice buildup on power lines or nearby tree branches can lead to outages.  More »