The offshore drilling contractor, headquartered in Switzerland and run from Sugar Land, said net income fell to $54 million, or 21 cents a share, from $218 million, or 85 cents a share, in the April-to-June period in 2010.
OPEC’s latest figures have Venezuela as the country with the biggest proven crude oil reserves ahead of Saudi Arabia. But analysts said Wednesday it’s an increase largely on paper and unlikely to lead to changes within the organization or affect oil markets. More »
Houston-based Kinder Morgan Energy Partners and it’s parent company, Kinder Morgan Inc., had mixed results on net income for the second quarter, but their payouts to shareholders continued to grow. More »
Concerns about offshore drilling in foreign territories and oil transported in international waters close to the U.S. dominated a Senate hearing today that was designed to focus on last year’s Gulf of Mexico oil spill. Senators pressed administration officials and industry representatives about the environmental risks from tankers carrying Canadian crude and offshore drilling planned for Cuban waters this fall. More »
Exxon Mobil Corp.’s bid to ship hundreds of tons of equipment to an oil-sands project in Alberta hit another roadblock after a Montana judge said the company can’t use a scenic highway through the state. More »
A showdown is looming Thursday over a Republican plan that would give the Defense Department the freedom to power its planes and tanks with alternative fuels — even if they produce more greenhouse gas emissions than their more conventional cousins. More »
BP is seeking a court order compelling the White House to turn over emails by a former top adviser to President Barack Obama about the administration’s response to last summer’s massive Gulf oil spill. More »
Crude prices have been mired in a narrow range between about $95 a barrel and $99 a barrel this month as investors worry that the global economy will suffer if U.S. and European leaders fail to solve their debt problems. More »
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