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Drilling boom in hottest U.S. play is bad news for gas bulls

A drilling surge in America’s hottest oil play may prove to be a pitfall for natural gas bulls. As explorers extract crude from the Permian shale in West Texas, they’re also producing gas. A jump in the number of rigs operating in the basin is adding to the so-called fracklog, or the number of drill ...

Valero profit rises by more than 5 percent

By Rye Druzin San Antonio Express-News San Antonio-based Valero Energy Corp. reported a 5.3 percent rise in fourth quarter profits that beat Wall Street expectations even as ethanol fuel blending costs continued to bite into the company’s bottom line. The largest U.S. refiner earned $416 million, or ...

Russia’s Rosneft buys part of Egyptian gas field for $1.6B

Rosneft PJSC agreed to buy as much as 35 percent of a natural-gas project off Egypt, joining Eni SpA and BP Plc in the largest discovery in the Mediterranean Sea. The Russian company will pay Eni $1.13 billion for an initial 30 percent stake in the Shorouk concession, which includes the Zohr find, t ...

Oil falls from 16-month high as OPEC production keeps rising

Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November. Crude dropped 1.7 percent in New York after rising 15 percent over the previous four sessions. OPEC boosted production to 34.16 million barrels a day last month, according to a Bloomberg News survey. Attention ...

Crippled Latin oil giants get no miracle cure in OPEC rally

For the three titans of Latin American oil — Pemex, PDVSA and Petrobras — last week’s OPEC-driven price rally won’t be enough to halt a slow descent from the ranks of international crude heavyweights. Even as news of the cartel’s 1.2 million-barrel-a-day output cut spurred the steepest t ...

Oil falls as U.S. supply rises, Russia resists cutting output

Oil dropped for a third day after industry data showed U.S. crude stockpiles expanded as Russia reiterated it would prefer freezing output at current levels rather than cutting. Futures declined as much as 1.6 percent in New York after closing below $50 a barrel Tuesday for the first time in more th ...

American Midstream Partners to buy JP Energy for $2 billion

American Midstream Partners will acquire JP Energy Partners to expand operations in North American basins including the Permian, Gulf of Mexico and Eagle Ford. The unit-for-unit transaction is valued at $8.63 per common unit with an estimated enterprise value of $2 billion, the Denver-based company ...

Shell among new LNG sellers for Asia hub contender Singapore

Singapore, which is vying to become a regional center for the trading of liquefied natural gas in Asia, picked Royal Dutch Shell Plc and Pavilion Gas Pte Ltd. as its next suppliers of the fuel. The companies will have exclusive rights to sell 1 million metric tons of LNG annually for up to 3 years, ...

Oil off 15-month high after Russia says it won’t cut output

Oil fell from a 15-month high amid uncertainty over whether Russia would join an OPEC deal to curb supply. Futures fell as much as 1.4 percent in New York after climbing 3.1 percent Monday. Russia’s biggest producer Rosneft PJSC said it won’t reduce output, according to Reuters, after President Vlad ...

Exxon’s accounting practices said to be reviewed by New York

New York Attorney General Eric Schneiderman’s probe into Exxon Mobil Corp. includes scrutiny of why it didn’t write down the value of oil fields during a global collapse in prices that prompted billions in write-offs by rival drillers, according to a person familiar with the matter. The avenue of in ...

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