oil industry

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2 of Our 'Most Recognizable Energy Companies' to Combine

ConocoPhillips to acquire Marathon Oil in a deal worth $22.5B, including debt

(Newser) - ConocoPhillips is buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion as energy prices rise and big oil companies reap massive profits. The Wall Street Journal calls it a deal "that would combine two of America's most recognizable energy companies." The AP notes...

Trump Makes a Giant Request of Big Oil

'Washington Post': He wants $1B for his campaign, vows to undo Biden environmental rules

(Newser) - Two new stories explore how the oil industry is factoring into the 2024 election, with a clear push for Donald Trump to win a second term:
  • A challenge: The Washington Post reports that Trump met with top oil industry executives at Mar-a-Lago last month and asked them to raise $1

EPA Sets Fees to Cut Oil, Gas Industry Methane Emissions

The gas is responsible for one-third of global warming

(Newser) - With US gas and oil production at record highs, the Biden administration on Friday announced moves to counter the resulting release of methane gas. For the first time, oil and gas companies would have to pay a fee to the Environmental Protection Agency for emitting methane during production, the New ...

At Climate Summit, a Record Number of Fossil Fuel Reps

Experts fear their influence at COP28 could block vital action on climate change

(Newser) - A record number of fossil fuel representatives are attending the ongoing United Nations climate summit, something experts fear could translate to a lack of progress toward curbing climate change. The Kick Big Polluters Out Coalition, comprising more than 450 groups working in environmental and climate action, analyzed a provisional attendance...

Aramco Rides Higher Oil Prices to Nearly $88B in 2022 Earnings
Saudi Oil Profits Jump 90%

Saudi Oil Profits Jump 90%

Big quarter means government is more flush with cash

(Newser) - Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay...

Biden to Unveil Another Big Reversal of Trump

President will order a halt to new oil and gas leasing on federal territory

(Newser) - President Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on US lands, as his administration moves to reverse Trump administration policies on energy and the environment, per the AP . The moratorium, expected to be announced on Wednesday, follows a 60-day suspension of new drilling...

US Oil Execs Lured to Venezuela Found Guilty

6 Americans sentenced to prison

(Newser) - Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, defense lawyers said, dashing hopes of a quick release that would send them home to their families in the United States. Some relatives had been...

As Storage Space Runs Out, Oil Prices Could Go Negative

Russia-Saudi Arabia price war contributes to the problem

(Newser) - Global demand for oil has disappeared during the pandemic, even as the supply side seems to ignore that reality and keep rolling along. There's still a price war going on between Russia and Saudi Arabia, CNN reports. Prices have plunged; a trading house bid negative 19 cents per barrel...

Trail vs. Pipeline: A Big Case Reaches Supreme Court
Big Case for Famous Trail
Hits the Supreme Court
the rundown

Big Case for Famous Trail Hits the Supreme Court

Justices to rule on whether an oil pipeline can cross the Appalachian Trail in Virginia

(Newser) - Arguments in a big environmental case were being heard at the Supreme Court on Monday, a dispute that pits builders of an oil pipeline versus supporters of the Appalachian Trail. We won't get a decision for months, but the ruling has the potential to snarl not just the construction...

BP Abandoning Alaska After 6 Decades

Company plans to sell assets to Texas firm

(Newser) - BP plans to sell its interests in Alaska's once prodigious North Slope to a company seen as having a reputation of giving new life to aging fields. The sale to Hilcorp Alaska, an affiliate of Texas-based Hilcorp Energy Co., would be worth $5.6 billion, and include interests in...

A Big First for OPEC as One Nation Pulls Out

Qatar will be leaving the oil cartel in January, the first time a Mideast nation has done so

(Newser) - The tiny Arab nation of Qatar announced Monday it will withdraw from the Organization of the Petroleum Exporting Countries, or OPEC, in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha....

US May Soon Be World's Biggest Oil Producer Again

Output on course to surpass Russia, Saudi Arabia

(Newser) - The US is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world's biggest oil producer for the first time since the 1970s. The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8...

Storm Could Pinch US Gas Supplies
Slow-Moving Harvey
Is 'Virtually Stalled'

Slow-Moving Harvey Is 'Virtually Stalled'

Harvey could pinch US gas supplies

(Newser) - The tropical storm formerly known as Hurricane Harvey is continuing to cause massive flooding in Texas , and analysts say the state's oil and gas industry has been hit very hard. Almost a third of US refining capacity is in the affected coastal areas, and experts say closures due to...

Oil Price Soars After OPEC, Russia Deal
How Russia, OPEC
May Have Just
Driven Up Gas Prices

How Russia, OPEC May Have Just Driven Up Gas Prices

Deal cuts output for first time in 15 years

(Newser) - It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price...

Strong Quake Rattles 'Pipeline Crossroads of the World'

Parts of Oklahoma city cordoned off

(Newser) - A 5.0 magnitude earthquake centered near one of the world's key oil hubs brought down building facades and shattered windows, triggering fears the temblor may have damaged key infrastructure and rendered century-old buildings unsafe in Cushing, the latest Oklahoma town rattled by increasingly strong quakes . Cushing Assistant City...

Okla.'s 'Oilfield Prayer Day' Gets a Tweak

People of all faiths, not just Christians, now welcome to pray for blessings of the industry

(Newser) - Oklahoma Gov. Mary Fallin plans to revise a proclamation inviting Christians to pray for the "blessings created by the oil and natural gas industry" to be more inclusive. Fallin spokesman Michael McNutt said Monday the proclamation, issued last month, declaring Thursday "Oilfield Prayer Day" will be revised to...

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,...

Oil Exec Uses Full-Page Ad to Apologize for Wife's Rant

Forrest Lucas of Lucas Oil says Facebook diatribe over minorities was 'hurtful'

(Newser) - Some Facebook posts are costlier than others. After the wife of a co-founder of Lucas Oil posted a diatribe against "minorities," her husband took out a full-page ad in the Indianapolis Star today to apologize, reports WRTV . This is the original post by Charlotte Lucas that prompted Forrest...

North Dakota Keeps 100s of Oil Spills Secret

Officials hushed up massive spill in September, records show

(Newser) - Oil spills usually make for big news —except in North Dakota, where officials have kept mum about hundreds of leaks involving thousands of barrels of oil, Grist reports. About 750 "oil field incidents" have occurred there since January of last year, according to records obtained by the AP...

EPA to Require Cleaner Gas Despite Big Oil's Objections

New rules will call for less sulfur in gasoline

(Newser) - Big oil's lobbyists have lost a fight over cleaner gasoline: The EPA will require refiners to reduce the amount of sulfur to cut down on smog, reports the Washington Post . The cut is a sizable one, dropping the allowable limit by two-thirds from 30 parts per million to 10....

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