Energy and mining companies are ignoring the "existential threat" from climate change and must change the way they operate, the former head of BP warns, the FT reports.» Read More
What’s the energy trade ahead of Friday earnings from Exxon Mobil and Chevron?
Oil giant Royal Dutch Shell posted record European company earnings of $27.6 billion in 2007, but fourth-quarter profit missed forecasts as a fall in production dampened the benefit of high oil prices.
Royal Dutch Shell execs have been talking about the impact of high oil prices on future energy projects--but the company continues to press on with plans despite headwinds facing the sector. “Increasing supply is best way to affect the price,” says Shell Oil President John Hofmeister.
Royal Dutch Shell's oil sands upgrading plant near Edmonton, Alberta, caught fire late on Monday and the company said it was taking units off line after crews extinguished the blaze.
Royal Dutch Shell reported an 8 percent drop in third-quarter profit as oil and gas production and refining margins fell, but the underlying result beat all forecasts.
Kazakh lawmakers passed a bill Wednesday allowing the government to unilaterally break contracts with foreign companies, potentially threatening an Italian-led consortium developing a giant oilfield.
Kuwait wants to drop Royal Dutch Shell as a partner and is instead considering BP in a project to build a $5 billion oil refinery in Guangdong in China, Kuwait's state news agency KUNA reported on Tuesday.
Royal Dutch Shell will go ahead with a 325,000 barrel-per-day capacity expansion of its Motiva refinery in Port Arthur, Texas, that will make the plant one of the biggest in the world.
Oil eased from its record high on Friday as a hurricane subsided in the Gulf of Mexico and as fresh evidence of credit troubles in the banking sector hit financial markets.
Shares in HSBC Holdings were untroubled on Friday after a surprise late-night assault from activist investor Knight Vinke, as analysts said Europe's biggest bank was already working to address shareholder worries.
French oil major Total has trimmed its average annual hydrocarbon output growth target for 2006-2010, blaming the impact of rising oil prices on some of its production-sharing agreements and project delays.
Kazakhstan wants "more than $10 billion" from an Eni-led consortium in compensation for delays in developing the Kashagan oilfield in the Caspian Sea, a senior government official told Reuters on Tuesday.
Regulators should slap a moratorium on pipelines in Canada's North because governments and oil companies have not planned for long-term environmental impacts, a green-group representative said Thursday.
Royal Dutch Shell Plc and Dow Chemical are in talks with the Iraqi government to renovate and expand a chemical plant in southern Iraq at a cost of up to $2.1 billion, the Iraqi industry minister said.
Oil finished above $71 a barrel on Friday, buoyed partly by strong gains in gasoline futures in New York.
Oil prices hovered near eight-week lows Thursday as traders tried to decide if the risk of an economic slump dampening demand is bigger than potential threats to supplies.
Woodside Petroleum, Australia's largest independent oil and gas producer, reported a 10.6% rise in first-half net profit on Wednesday, due to higher output, and reaffirmed its 2007 production forecast.
Exxon Mobil has delayed work on the 71,600 barrel per day gasoline-making fluid catalytic cracking unit at its 188,160 barrel per day refinery in Chalmette, La., trade sources said on Tuesday.
Kazakhstan threatened on Tuesday to revoke an Eni-led consortium's permit to exploit the giant offshore Kashagan oilfield due to environmental law violations.
Gulf of Mexico oil and natural gas producers were evacuating offshore workers and shutting small amounts of production over the weekend as they watched powerful Hurricane Dean storm across the Caribbean Sea toward an entry into the Gulf next week.