Exxon Mobil Corp. took to its blog titled "Perspectives" to attack divestment, an effort by environmental activists to urge schools, churches and pension funds to break financial ties with oil and coal companies, calling the movement "out of step with reality," National Journal reports.
General Electric announced intentions to acquire an Irish helicopter leasing firm for $1.78 billion, with plans to use the fleet of 168 to transport crews to offshore oil and gas platforms and mining sites, FuelFix reports.
The International Energy Agency slashed its 2014 forecasts for oil demand growth to 700,000 barrels a day, a cut of 200,000 barrels a day, making it the weakest projection in five years, The Wall Street Journal reports.
West Texas Intermediate continued its decline from a 22-month low close of $85.74 per barrel yesterday, falling as low as $84.64 in electronic trading in response to International Energy Agency forecasts suggesting slower oil demand growth, Bloomberg reports.
Kuwait indicated it would follow Saudi Arabia's lead on not immediately cutting oil production amid plunging prices, further indicating that Venezuela's call for an emergency meeting won't be answered, Bloomberg reports.
For those hoping the Energy Information Administration will make a definitive case for or against the U.S. oil exports ban, this weekend was a letdown.
EIA's study for the Obama administration on the tie between oil exports and gasoline prices is almost done, and the preliminary numbers don't show a strong link, Administrator Adam Sieminski said Sunday on the Platts Energy Week program.
That's not the news either side of the debate wants to hear. They alternatively contend that lifting the ban would drive gasoline prices down or up. But a finding of little impact takes some of the sting out of both arguments, in a fight that may not be resolved anytime soon.
The recent decline in crude oil prices is putting pressure on some oil producers working the Bakken shale to curb their drilling plans for 2015, as the extraction process requires prices between $70 and $80 per barrel to make target returns, Bloomberg reports.
Though CSX wasn't initially responsive to a merger proposed by Canadian Pacific Railway, people familiar with talks tell The Wall Street Journal that a deal is still possible as Canadian Pacific Chief Executive Hunter Harrison makes the case that the move would streamline rail transport.
HOUSTON (AP) — Targa Resources is buying Atlas Pipeline Partners and Atlas Energy in a deal valued at close to $6 billion, creating a huge energy transportation and storage company.
Targa Resources Partners LP, based in Houston, will pay $4 billion and assume $1.8 billion in debt for Atlas Pipeline. Each Atlas Pipeline unitholder will receive 0.5846 units of Targa Resources Partners and a one-time cash payment of $1.26 per Atlas Pipeline unit for total consideration of $38.66 per Atlas Pipeline unit.
U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.
The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.
Oil dropped again early Friday, retreating from previous gains, as traders decided news of a drop in Saudi supplies didn't signal a cut in OPEC production. West Texas Intermediate crude for December delivery fell 74 cents to $81.35 a barrel in electronic trading on the Nymex, while in London Brent slid 1.2 percent, trading $1.02 lower to $85.81, Bloomberg reports.
A microbe that eats carbon and releases methane in its place – Methanoflorens stordalenmirensis – is multiplying in the Arctic melt and accelerating the global warming process, according to scientists writing in the journal Nature this week, The Washington Post reports.
Californians for Energy Independence, a political action committee backed by the oil industry, has raised $7.6 million to fight Measure P in Santa Barbara County and Measure J in San Benito County, which prohibit hydraulic fracturing, FuelFix reports.
Despite a negative assessment from an administrative law judge, the Illinois Commerce Commission has approved Commonwealth Edison’s plan to build the Grand Prairie Gateway transmission line, which could bring 1,000 more megawatts of power to the north of the state and grid operator PJM Interconnection when it’s completed in 2017, Platts reports.
Southern Co. subsidiary Southern Power has bought the Solar Gen 2 plant in California from First Solar Inc., and will sell the electricity from it on to San Diego Gas & Electric, The Atlanta Journal-Constitution reports.
Scientists in New England, in a study published in the Journal of Economic Geography, have found that people were more likely to install solar panels on their roof if they live nearby someone else who had done so, The Washington Post reports.
Climate analyst Rick S. Piltz has died from cancer at age 71, he quit the George W. Bush administration after he claimed his bosses were tweaking report language to play down climate change risks, The New York Times reports.