Anadarko Petroleum Corp. reported that it suffered a net loss of $770 million in the fourth quarter of 2013 based on provisions for divestments and legal issues stemming from the company's disputed liability for failed titanium dioxide firm Tronox, Reuters reports.
Oilfield services giant Schlumberger pulled out of Iran last year after a $69 million loss there and after a U.S. grand jury began investigating its activities in sanctions-hit countries, according to the company's 10-K filing, FuelFix reports.
Environmentalists hope Arctic drilling gets put on ice permanently in the wake of Shell's decision to delay its plans, while drilling supporters want to see a quick resolution to the legal battle holding it up, FuelFix reports.
AMSTERDAM (AP) — Royal Dutch Shell PLC's new chief executive unveiled plans Thursday to slash capital spending and stop drilling for oil in the Arctic Circle as the company reported a sharp drop in fourth quarter earnings.
CEO Ben van Beurden said the approach, which involves reducing capital spending by $10 billion this year and selling assets, will make the company more efficient now that its future growth prospects are more secure.
Van Beurden said Shell, Europe's largest oil company, won't drill for oil off Alaska's coast in 2014 following a court ruling that put "significant obstacles" in the way of exploiting resources in the Arctic.
An oil industry task force in North Dakota has promised the state's Industrial Commission there'll be a 90 percent reduction in flared natural gas in the Bakken shale oilfields by the end of the decade, The New York Times reports.
Sluggish demand, higher North American production, an increase in gasoline inventories and a stronger dollar are pushing oil prices down, so far more than 4 percent lower on the week. U.S. benchmark crude for September delivery dropped 64 cents to $97.53 in electronic trading on the Nymex, while Brent crude was 18 cents lower in London, to $105.84, Bloomberg reports.
The U.S. response to improving its nuclear power industry in the wake of the disaster at Fukushima Dai-ichi three years ago has so far cost around $3 billion, with the most important objective to guarantee that reactors and spent fuel would stay cool even in extreme conditions, an official told the Nuclear Regulatory Commission Thursday, Platts reports.
The Environmental Protection Agency’s water office will have no official leader, now that acting Assistant Administrator Nancy Stoner is departing and nominee Ken Kopocis, who has been awaiting confirmation for more than 1,100 days, is still facing hostility from Republican senators opposed to the EPA’s rule known as Waters of the United States, or WOTUS, E&E reports.
Exelon Corp. will buy Integrys Energy Services from its parent Integrys Energy Group for $60 million, adding the unit – which has 1.2 million customers in 22 states and Washington, D.C. – to its Baltimore-based business arm Constellation, the Green Bay Press-Gazette reports.
In the wake of propane shortages caused by last winter’s bitter cold, Midwestern lawmakers from both sides of the aisle – Sen. Al Franken, D-Minn., Sen. Tammy Baldwin, D-Wisc., and Sen. Rob Portman, R-Ohio – have joined forces to introduce a bill intending to better information on propane supply and pricing, improve coordination in response to shortages and help farmers get tanks for the fuel, The Hill reports.
Continuing on with its focus on increasing its returns, Occidental Petroleum reported a gain in net income that also beat analysts’ expectations, to $1.43 billion, or $1.82 a share in the second quarter, FuelFix reports.
Lower natural gas prices and higher operating costs hurt the bottom line for Southwestern Energy in the second quarter, as the oil and gas company said its second quarter profit dropped 16 percent, falling to $207 million, or 59 cents a share, despite increased production in the Fayetteville and Marcellus Shale plays, The Wall Street Journal reports.
The system at Goldman Sachs N.Y. headquarters, where ice is frozen in tanks at night and used the next day in its air conditioning, is an example of how thermal storage can save money and use energy more efficiently, Bloomberg reports.
The Kurdistan Regional Government is loading a fifth shipment of oil at the Turkish port of Ceyhan, having sent it there through an independent pipeline, despite Iraq appearing to have successfully blocked the unloading of another tanker's cargo of Kurdish crude in Galveston through moves in the Texas courts, The Wall Street Journal reports.