Marathon sells stake in Polish shale to Nexen

Fed has no plans to enter the oil business

Posted on April 27, 2011 at 5:01 pm by Loren Steffy in Crude oil, Politics/Policy, Social

Gasoline prices don’t affect inflation until they do. That was one of the key points from Federal Reserve Chairman Ben Bernanke’s historic news conference this afternoon, Loren Steffy writes. More »

Oil up slightly after Bernanke comments on economy

Posted on April 27, 2011 at 3:14 pm by Associated Press in Crude oil

Ben Bernanke said there isn’t much the Fed can do to bring down high gas prices that are “creating a financial hardship for a lot of people.” More »

BP Texas City without full power through Thursday updates

Posted on April 27, 2011 at 1:01 pm by Tom Fowler in Accidents, Electricity, Refining

Dow Chemical says local grid operator Texas New Mexico Power still isn’t providing reliable service. BP’s refinery and chemical plant, which run on an onsite power plant, also appear to be having problems. More »

BP profits up on asset sales, higher oil prices

Posted on April 27, 2011 at 11:00 am by Tom Fowler in Gulf oil spill, Oil field services

The U.K.-based oil giant said it hopes to resume Gulf of Mexico drilling in the second half of 2011 with new wells at the deep-water Thunder Horse and Atlantis fields. More »

BP posts strong earnings, but that’s not the full story

Posted on April 27, 2011 at 9:23 am by Loren Steffy in Gulf oil spill, Social

In its quarterly earnings report BP appears to have shaken off the brunt of the financial effects from last year’s Deepwater Horizon disaster, but Loren Steffy writes that net income is an incomplete picture. More »

ConocoPhillips reports 43 percent jump in 1Q earnings

Posted on April 27, 2011 at 8:38 am by Brett Clanton in General

Net income rose to $3 billion, from $2.1 billion a year ago, as higher crude oil prices and improved refining margins overshadowed a decline in oil and gas output. More »

Blast hits Egypt-Israel gas pipeline, forcing supply halt

Posted on April 27, 2011 at 6:56 am by Bloomberg in Africa, Middle East, Natural gas

Egypt suspended natural-gas exports to Israel and Jordan for the second time this year after unidentified saboteurs blew up a monitoring room in a gas-distribution facility, the Oil Ministry said. More »

FuelFix Newslinks |04.27.11|

Posted on April 27, 2011 at 6:47 am by Tom Fowler in General

BP profits up on asset sales. EPA boss a Shell product. Diesel frac clarity coming. More »

Oil majors expect best year since 2008

Posted on April 27, 2011 at 6:25 am by Associated Press in Crude oil

The swift rise in oil prices should produce a windfall for the petroleum industry. Exxon Mobil, Chevron and ConocoPhillips are expected to report this week a combined $18.2 billion in first-quarter earnings. More »

CNOOC’s first-quarter revenue up 59 percent

Posted on April 27, 2011 at 6:23 am by Associated Press in General

The Beijing-based company said its revenue for the three months that ended March 31 was about 48.5 billion yuan ($7.5 billion), up from 30.50 billion yuan a year earlier. The Chinese oil giant doesn’t release quarterly profit figures. More »

Today’s mystery: Why did Texas City plants lose power?

Posted on April 27, 2011 at 6:21 am by chron.com Energy in Accidents, Electricity, Refining

Refinery and power company officials are trying to piece together why several Texas City plants lost power, causing shelter-in-place warnings, Tuesday school closings and emissions from plant flares that lit the skies over the coastal town. More »