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TO GO WITH AFP STORY "CHILE-COPPER-CHINA" A couple of gigantic Komatsu 930, 330 metric-tonne lorries arrive with their load at the Chuquicamata copper mine, in the desert town of Calama, 1,000 kms north of Santiago, Chile, 25 October 2005. Chuquicamata, the world biggest opencast mine, is 4.3 kilometers long, 3 kms wide and 825 meters deep. As all the other mining enterprises in Chile, it was nationalized in 1971 by late Chilean President Salvador Allende. AFP PHOTO MARTIN BERNETTI  (Photo credit should read MARTIN BERNETTI/AFP/Getty Images)

Freeport-McCoRan launches business review to cut costs

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The Phoenix company plans to complete the review and report on revised plans during the third quarter. It will look for ways to cut capital spending and operating and administrative costs.
Man passing woman large wad of banknotes, close-up, side view

Bankrupt oil company wants payments back

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The city of Homer is filing a response to a request from an oil company seeking the return of thousands of dollars in previous payments to businesses.
gettyimages-119250527

BHP Billiton makes $2.8 billion writedown in Texas shale

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BHP’s announcement comes at a time when U.S. shale is suffering because of low prices for natural gas and oil, the latter of which is hovering near $52 a barrel.
BHP Chief Executive Officer Andrew Mackenzie speaks during a news conference in Sydney, Australia. (Ian Waldie/Bloomberg)

BHP lowers priority of Australian LNG project with Exxon

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A plunge in oil has forced companies from Royal Dutch Shell Plc to Chevron Corp. to cut or delay spending on projects that supply super-cooled gas linked to the price of crude.
The Apache-operated Varanus Island Gas hub is located in western Australia (Apache Corp.)

Apache Corp. is exiting Australia with a $2.1 billion asset sale

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The assets produced the equivalent of about 49,000 barrels of oil a day in March.
(Paul O'Driscoll/Bloomberg News)

Shell sets $70 billion deal to buy BG Group

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Shell said that bringing the two companies together would produce financial gains of about $2.5 billion a year.
(David Paul Morris/Bloomberg)

Chevron seeks over $3.6 billion for Caltex Australia stake

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The deal is the largest block trade ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion.
An LNG tanker (Tomohiro Ohsumi/Bloomberg)

Goldman sees LNG as biggest commodity after crude this year

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The U.S. will supply more LNG in the next several years, giving Asia, the biggest consuming region, more bargaining power, the analysts said.
BHP Chief Executive Officer Andrew Mackenzie speaks during a news conference in Sydney, Australia. (Ian Waldie/Bloomberg)

BHP Billiton’s profits have fallen by almost half

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BHP Billiton, the Australian energy giant with a major presence in Texas, reported that its profits were down 47 percent
(AP Photo/Dado Galdieri, File)

Global oil layoffs exceed 100,000

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While much of the focus on layoffs has centered on the U.S., where the shale fields that created the glut have seen the steepest cutbacks, workers in oil-related businesses across the globe are suffering, too