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(Photographer: Patrick Semansky/Bloomberg)

Crude slump leads to big profits for refiners

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Refiners are pocketing big profits as they soak up vast supplies of cheap oil and transform it into higher priced petroleum products, a new government report finds.
Patrick Pouyanné, CEO of French oil company Total, speaks at the IHS Energy CERAWeek in Houston. (Billy Smith II / Houston Chronicle)

Europe’s biggest oil refiner joins those predicting end of boom

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The surge in European refining margins, which jumped by the most in 4 years last quarter, cannot be sustained because the region still has surplus processing capacity.
Escalating political tensions that led to across-the-board federal budget cuts are putting a drag on the benefits of the oil and gas boom, CERAWeek panelists said. (Nick de la Torre/Houston Chronicle)

CERAWeek: Europe’s natural gas network is lacking, Eni boss says

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Europe’s natural gas markets have been handicapped by a lack of infrastructure, essentially creating many separate segments instead of one united market, CEO Claudio Descalzi told CERAWeek attendees.
Panelists discuss the future of LNG amid collapsing crude prices on the third day of IHS Energy's CERAWeek conference in Houston. (Houston Chronicle)

CERAWeek: Weaker LNG projects could “lose their nerve” amid a slowdown, Parallax CEO says

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Falling oil prices are pumping the brakes on the global liquefied natural gas market, forcing a much-needed cooling-off period for a white hot market that has rapidly expanded in recent years, a panel of LNG experts said Wednesday.
(Getty)

Norway on bubble watch as anxiety over oil plunge recedes

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Threats from Norway’s hot housing market have trumped anxiety that forced Governor Oeystein Olsen, 63, to deliver a surprise rate cut in December, when oil sank to about $63.
(AP Photo/Hasan Jamali, File)

More Iran oil may flow within months of deal, officials say

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Both sides are seeking a final deal by the end of June laying out steps that Iran would have to take to limit its ability to enrich uranium and produce plutonium in exchange for phasing out economic sanctions on energy and banking that have cut crude exports, choked cash flow and halted most oil investment.
Joe Kaeser, chief executive officer of Siemens AG. (Krisztian Bocsi/Bloomberg)

Siemens drops as oil price slump hurts profitability, sales

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Siemens is in the midst of cutting 9,000 jobs to save 1 billion euros in costs by 2017.
Martin Craighead, president and CEO of Baker Hughes Incorporated, speaks at the facility located at 9110 Grogans Mill Road Monday, Feb. 3, 2014, in The Woodlands. (Melissa Phillip/Houston Chronicle)

Baker Hughes’ CEO talked with global conglomerate before Halliburton deal

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The CEO of Baker Hughes had met with a global conglomerate in Europe just weeks before his company struck a $35 billion deal to sell itself to Halliburton, new corporate disclosures show.
(Getty)

Norway has an $18 billion plan to shift away from oil

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Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.
(JEFF PACHOUD/AFP/Getty Images)

Europe refiners’ gasoline profit at 10-month high on exports

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Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.