PARIS (AP) — French oil company Total said Friday that its net profit fell 58 percent in the first quarter after it took a heavy loss to pull out of a Canadian project it said was no longer worth the investment.
Christophe de Margerie, chief executive of Total, and Charles Pasqua, former French interior minister, appeared in court today for corruption charges stemming from the United Nations oil-for-food program in Iraq, Reuters reports.
Iraq has asked French oil giant Total S.A. to choose between working with the self-ruled northern Kurdish region or to quit developing one of the major oil fields in southern Iraq.
Last month, Total said it signed a deal with the Kurds to search for oil in two areas, defying Baghdad. Iraq's central government insists the country's energy resources should be managed on a national level.
The Obama administration may be backing away from its insistence that future coal-burning power plants use carbon capture technology, settling instead on a requirement for ultra-supercritical technology in the Environmental Protection Agency's Clean Power Plan, E&E reports.
The U.S. Army Corps of Engineers argued that the Environmental Protection Agency's Clean Water Rule lacks a sound scientific basis in memos made public by the House Oversight and Government Reform Committee Thursday, The Hill reports.
The Department of Energy has agreed to rework its proposed efficiency standards for walk-in freezers and coolers, according to the Air-Conditioning, Heating and Refrigeration Institute, which says it has reached a settlement with the DOE over the issue, The Hill reports.
Sen. Martin Heinrich, D-N.M. says some other Democrats may be willing to go along with him and Sen. Angus King, I-Me., in a willingness to support legislation lifting the ban on U.S. crude exports if it also backs renewable energy such as wind and solar, E&E reports.
Despite data from the Energy Information Administration showing that U.S. crude production peaked at almost 9.7 million barrels a day in March, news of an increase in oil rig count this week piled more pressure on prices. U.S. benchmark crude slumped $1.40, or 2.9 percent, to settle at $47.12 a barrel on the Nymex, while in London, Brent dropped $1.10 to $52.26, its lowest settlement since January, The Wall Street Journal reports.
Chevron is getting nearly a third more oil and gas from its wells in the Permian Basin, and is paying less for oilfield services as well—but even so, its second quarter profits dove 90 percent on lower crude prices, FuelFix reports.
Hess has increased its production forecast for its Bakken Shale operations to up to 110,000 barrels of oil equivalent per day, despite the company dropping the number of rigs it’s operating in the play, Platts reports.
Many witnesses testifying at the first Interior Department hearing on the future of the federal coal program—which was attended by Secretary Sally Jewell—said they wanted to see higher royalty rates to raise more money for U.S. taxpayers, High Country News reports.
Senior creditors for Alpha Natural Resources Inc. will loan money to the beleaguered Virginia-based coal company to help it get through bankruptcy, a filing for which could come as early as Monday, Bloomberg reports.
Although Thursday’s peak demand of 67,624 megawatts didn’t break the all-time record as the Electric Reliability Council of Texas had feared, it's been a huge week for demand, and the grid operator expects high usage throughout the summer, FuelFix reports.