In the last three decades, up to three-quarters of all upstream companies have “destroyed shareholder value,” yet Wall Street investors prize some wonky metrics over the inevitable: Oil-producing assets, especially in shale plays, decline quickly and are often costly to replace, a private equity investor said Wednesday.
BAYTOWN — Chevron Phillips Chemical Co. broke ground — ceremonially, at least — on the first component of a $6 billion expansion Wednesday that executives say could be transformational for the company.
In the past two years, souped-up rigs have spun wells into U.S. soil faster than ever, but limited water supplies and other looming challenges threaten to constrain future drilling investments, industry observers said Wednesday.
A simple tweak by the Commerce Department would allow the U.S. to begin selling ultra-light hydrocarbons overseas, a significant first step in easing the 39-year-old ban on crude exports, a new report says.
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