Oil

Oil

Total acts swiftly to replace CEO killed in crash

PARIS (AP) — French oil giant Total SA has named Patrick Pouyanne as chief executive to replace Christophe de Margerie, who was killed earlier this week in a plane crash in Moscow.

Barely 36 hours after de Margerie's death, Total's board chose Pouyanne, 51, at a board meeting Wednesday. The swift appointment indicates the board's desire to limit the uncertainty on one of France's biggest companies. In its statement, Total's board hailed De Margerie's "exceptional human and professional qualities."

Oil

Philippines pushes arbitration in China sea dispute

MANILA, Philippines (AP) — The Philippine president said Wednesday that the international arbitration Manila has initiated to challenge China's territorial claims in the South China Sea and a legally binding "Code of Conduct" are the only ways to settle the long-raging disputes peacefully.

The Philippines says that China has been intruding into its exclusive economic zone, including deploying two hydrographic ships in June near an offshore oil well inside Philippine waters. Philippine President Benigno Aquino III has said Manila is uncertain of the purpose of the ships' presence at the Reed Bank.

Oil

Oil firms as drop anticipated in gasoline stockpiles

Source: 
Bloomberg

Analysts were speculating on whether the bear market in oil has found its floor, as prices increased early Wednesday on expectation data would show that gasoline stockpiles dropped last week. West Texas Intermediate crude for December delivery was up 22 cents to $82.71 a barrel in electronic trading on the Nymex, while in London Brent gained 59 cents to $86.81, Bloomberg reports.

Oil

Pouyanne to replace de Margerie at Total

Source: 
The Wall Street Journal

Company veteran Patrick Pouyanne has been selected by Total SA’s board of directors to replace Christophe de Margerie at the helm, The Wall Street Journal reports.

Oil

Oil boom brings growing hydrogen sulfide problem

Source: 
E&E

The leak of hydrogen sulfide from a tank battery in Odessa, Texas, which sickened nearby residents, is a microcosm for a growing problem accompanying the nation’s oil boom, E&E reports.

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Office of Sen. Murkowski

Murkowski in no rush on oil exports

Recent studies, including one by the Government Accountability Office released this week, suggest that a repeal of the U.S. ban on crude oil exports could spur domestic oil production while pushing down gasoline prices and the trade deficit.

Yet the leading advocate in Congress for the reversal isn't drafting legislation -- for now.

A spokesman for Sen. Lisa Murkowski, R-Alaska, said Tuesday she has not decided whether, or when, to write any bill to repeal the ban. Further, she won't quickly pursue any legislation on a ban if Republicans take over the Senate and she gets the energy committee gavel.

Oil

Oil gains Tuesday on Chinese GDP numbers

Source: 
Bloomberg

A bigger-than-expected increase in Chinese quarterly gross domestic product numbers sent oil prices higher Tuesday. West Texas Intermediate crude for November delivery rose 10 cents as the contract expired, to $82.81 a barrel on the Nymex, while in London December Brent jumped 1 percent, or 82 cents, to $86.22, Bloomberg reports.

Oil

Oil price slide could dent shale boom: Analysts

Source: 
Bloomberg

If oil prices dropped to less than $80 a barrel, a third of U.S. production of shale oil would no longer be economically viable, an analyst told Bloomberg, which reports that such a major development would change the global energy picture.

Oil

Oil and gas industry shares held by retirees, study finds

Source: 
FuelFix

Nearly half of the shares in the oil and gas industry are held by pension and retirement plans, according to a study commissioned by the American Petroleum Institute, FuelFix reports.

Oil

China data helps support oil prices

Source: 
Reuters

Oil prices gained early Tuesday on news of record demand in China in September. Crude increased 55 cents, bringing the U.S. benchmark to $83.26 a barrel in electronic trading on the Nymex, while in London Brent hit $85.95, Reuters reports.

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