State-owned Sinopec Corp. said Thursday it has reached a preliminary agreement with Exxon Mobil Corp. to buy 2 million tons of liquefied natural gas annually from a project under development in Papua New Guinea.

Murphy Oil Corp. says it plans to pump more oil out of the ground as a rally in crude prices helps it recover from a tough third quarter.

Exxon Mobil Chemical Co., one of the world's biggest petrochemical companies, said its affiliate TonenGeneral and Toray Industries will establish a joint venture to develop, manufacture and sell lithium ion battery separator film and introduce next generation films to the market.

UTS Energy Corp. will sell its 50 percent stake in three Alberta oil sands properties to Exxon Mobil Corp. and Imperial Oil Ltd. for C$250 million (US$231.5 million), the company said Monday.

Companies, unions and other interests spent $849 million on federal lobbying in July, August and September, more than in any quarter since lobbyists began filing quarterly reports at the beginning of last year, according to a nonpartisan group that monitors political expenditures.

Big movements in the price of oil can have significant effects in the general economy, and although the commodity is off its all-time highs, countries with the most oil within their borders are set for big profits as demand for crude continues to rise. With much of the world's existing reserves found in the Middle East, Gulf of Mexico and a few other locations around the globe, individual countries benefit incredibly from their surprisingly high concentrations of oil. With the most recent data from the Energy Information Administration, here are the countries with the biggest proven oil reserves. Click ahead for the list!

Third-quarter net profit for the second largest US oil company fell to $3.83 billion, or $1.92 per share, from $7.89 billion, or $3.85 per share, in the same quarter a year before

Chevron said Friday it pumped its way through a weak third quarter, producing more oil as prices recovered from a severe plunge earlier in the year.

By Matt Daily and Braden Reddall

Oil prices fell nearly 4 percent Friday, pressured by bearish economic data that dented confidence about a potential recovery in energy demand.

Oil companies have begun to pump more petroleum and bring in more profits as they recover from an otherwise miserable year. None of the world's biggest producers, however, see a quick return to boom times of last year.

The world's largest publicly traded oil company said Thursday that oil production is bouncing back with crude prices.

By Anna Driver

ExxonMobil on Thursday said its quarterly profit fell 68 percent, missing Wall Street estimates, as the global recession bit into fuel demand and crude oil prices fell from year-ago levels.

The world's largest publicly traded oil company said Thursday that oil production is bouncing back with crude prices.