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Oil companies at the heart of the US shale oil boom are burning off enough gas to power all the homes in Chicago and Washington combined in a practice causing growing concern about the waste of resources and damage to the environment.
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HOUSTON/ SAN FRANCISCO, Feb 1- Renewed strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp and Chevron Corp, the two largest U.S. oil companies.
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Chevron Corp., the second largest U.S. oil and gas company, posted a sharp increase in earnings for the fourth quarter on higher production, better refinery performance, and a gain from an asset swap that increased the company's position in a gas field in Australia. Fourth quarter net income jumped 41 percent to $7.2 billion on revenue of $60.6 billion.
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The Ohio House passed a similar ban in 2011, but it was sidelined in the Senate last year over concerns that it might be found unconstitutional.
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WASHINGTON, Jan 31- The Obama administration's decision on the Keystone XL oil pipeline will not be made until at least June, a U.S. official said, which would delay the project for months and frustrate backers of Canada's oil sands.
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Midwest rains lift Mississippi River water level. Plains states of Kansas, Oklahoma, Texas, Colorado and Nebraska is expected to continue struggling through the worst drought in over 50 years into early February and perhaps longer, an agricultural meteorologist said on Thursday.
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*Hess' looking carefully' at breakup proposal. *4th- qtr earnings $1.66/ share vs loss $0.39 year earlier. Jan 30- Hess Corp, which is under pressure from an activist investor to break up the company, is "looking carefully" at that proposal, Chief Executive John Hess told analysts on Wednesday.
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Jan 30- The uneven impact of the shale oil boom on the U.S. refining industry was brought into stark relief this week as Midwest and Gulf Coast refiners with easy access to cheap domestic crude posted strong earnings, while weak margins spelled the death of another East Coast plant.
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*Sale of California plants not ruled out. HOUSTON, Jan 30- Phillips 66 is studying "any and all options" for its California refineries given challenges with state regulatory requirements and high costs, Chief Executive Greg Garland told analysts on Wednesday.
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Jan 30- Oil refiners Phillips 66 and Marathon Petroleum Corp reported quarterly earnings that raced past Wall Street estimates as they processed more of the cheaper crude from North American shale fields, lifting their refining margins. Phillips 66' s shares rose 5 percent to $62.75 in early trade on Wednesday, while those of Marathon were up 1 percent at $72.92.
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BISMARCK, N.D.-- New rules for taxing North Dakota oil wells would close some loopholes in exchange for lower tax rates under a bill introduced Monday by Republican lawmakers. The measure would cut the exemption for so-called stripper wells that the state Tax Department says is costing North Dakota about $50 million in revenue each year.
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Jan 29- Hedge fund Elliott Management will nominate five executives to Hess Corp's board as it pitches a plan to break up the U.S. oil and gas company to boost returns for investors. Hess has been shifting away from refining since early last year, when the HOVENSA refinery, a joint venture between Hess and Venezuela's PDVSA, was closed.
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Jan 29- Elliott Management said on Tuesday it plans to nominate five executives to U.S. oil and gas company Hess Corp's board of directors as part of its push to improve shareholder returns.
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Jan 29- Hedge fund Elliott Management will nominate five executives to Hess Corp's board as it pitches a plan to break up the U.S. oil and gas company to boost returns for investors. Hess has been shifting away from refining since early last year, when the HOVENSA refinery, a joint venture between Hess and Venezuela's PDVSA, was closed.
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NEW YORK-- Hess Corp. shares jumped more than 10 percent Tuesday on news that investment firm Elliott Management is pushing a slate of five outsiders for the oil and gas producer's board. THE BIG PICTURE: New York- based Elliott Management Corp. said two of its affiliates hold 4 percent of Hess stock.
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*Hess to shut Port Reading refinery by end of February. NEW YORK, Jan 28- Hess Corp's decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further.
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*Elliott Associates may nominate directors to Hess board. Jan 28- Hess Corp on Monday announced plans to sell its oil storage terminal network and exit the oil refining business, after activist hedge fund Elliott Associates said it was considering nominating directors to the Hess board.
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Oil companies at the heart of the US shale oil boom are burning off enough gas to power all the homes in Chicago and Washington combined in a practice causing growing concern about the waste of resources and damage to the environment.
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WASHINGTON-- Heat rising up from cities such as New York, Paris and Tokyo might be remotely warming up winters far away in some rural parts of Alaska, Canada, and Siberia, a surprising study theorizes.
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Following is a list of nominations thus far along with some Cabinet members who the White House has confirmed are staying on, and some important positions that are vacant or may soon become vacant.
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NEW YORK, Jan 24- Oil prices rose in heavy trade on Thursday, buoyed by strong economic data from China, the eurozone and the United States, with U.S. crude prices getting an extra boost from expectations that the vital Seaway pipeline could resume full capacity operation within a week.