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  • Earlier this year, Buffett's Berkshire Hathaway bought another $2 billion of Phillips 66 shares, more than doubling its stake. This month, however, shares of Phillips and others such as PBF Energy and Tesoro have tumbled from 8 to 12 percent, some from record or near-record highs, a turnaround that some dealers have linked to talk of ending the exports ban, a move...

  • UPDATE 2-U.S. on verge of lifting 40-year oil export ban Wednesday, 16 Dec 2015 | 12:38 PM ET

    WASHINGTON, Dec 16- The United States appears on the brink of ending a four-decade ban on most exports of crude oil, which would end a years-long fight brought about by a boom in domestic shale output that contributed to a supply glut and depressed prices. The measure is part of a sprawling deal wrapped up by congressional leaders late on Tuesday to keep the U.S....

  • KARLSRUHE, Germany, Dec 16- With a rousing speech in defence of her refugee policies, Angela Merkel fended off a challenge from conservative critics this week, reasserting control over her party and bolstering her case for a fourth term as German chancellor in 2017.. But the meeting of her Christian Democratic Union in the southern city of Karlsruhe may also be...

  • Dec 14- Wells Fargo& Co's head of corporate banking has warned of stresses in the bank's energy portfolio and said the slump in oil prices "feels deeper and broader and could last longer," the Financial Times reported on Monday. Wells Fargo has the largest exposure to oil and gas industry among the big U.S. banks, with its lending to the energy industry, accounting for...

  • KARLSRUHE, Germany, Dec 14- Europe has not yet overcome the euro zone crisis and mistakes made by the founders of the currency project still need to be addressed, German Chancellor Angela Merkel said on Monday.

  • WASHINGTON, Dec 11- Congressional negotiators edged closer to a historic deal to lift a 40- year-old ban on most U.S. crude oil exports as part of a massive government spending bill, but the talks were far from conclusion, congressional aides said late on Friday. The Wall Street Journal quoted Senator Heidi Heitkamp, a Democrat from North Dakota, a major new oil...

  • Drillers removed 21 oil rigs in the week ended Dec. 11, bringing the total rig count down to 524, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report. U.S. crude futures fell as low as $35.35 a barrel on Friday, its lowest level since February 2009, after the International Energy agency warned global oversupply could...

  • Big oil to slash spending — but not production Friday, 11 Dec 2015 | 10:59 AM ET
    A floorhand operates a Chevron oil drilling rig near Taft, California.

    The projected declines in 2016 non-OPEC crude production will come from shale drillers, not oil majors, analysts tell CNBC.

  • Dec 10- ConocoPhillips, the largest U.S. independent oil company, plans to reduce capital spending by 25 percent next year and sell more non-core assets as it looks to shore up its finances amid a prolonged slump in oil prices. ConocoPhillips expects to spend a bulk of next year's budget on U.S. shale fields in Texas and North Dakota, and on drilling operations in...

  • LONDON, Dec 10- The first response of commodity producers to a drop in prices is normally to increase production- ensuring price falls become deeper and more prolonged. Russia, Saudi Arabia and Iraq have all increased production in 2015. Iran hopes to follow in 2016 once sanctions are lifted. Output from U.S. waters in the Gulf of Mexico was almost 19 percent higher...

  • WILLISTON, N.D., Dec 9- North Dakota's oil regulator on Wednesday identified Lime Rock Resources as the buyer of Occidental Petroleum Corp's North Dakota oil operations, confirming what Oxy's executives had yet to disclose publicly. Reuters first reported in October that Oxy had agreed to sell all of its North Dakota shale oil acreage and assets to Lime Rock, a...

  • DEVILS LAKE, North Dakota, Dec 7- Two days after giving birth in the summer of 2014, Reanne Pederson left a hospital with her baby boy Avery and a prescription for 20 hydrocodone pills to treat pain. "I'll regret it forever," she said in an interview here, in her hometown of Devils Lake. But the police detective who investigated the baby's death also faults those who...

  • Dec 4- Shares of U.S. shale oil producers tumbled on Friday after OPEC failed to agree on a unified output cap, effectively letting its 13 members pump at will in a step likely to further depress prices and advance the group's aim of squeezing out U.S. rivals. OPEC ministers ended their policy meeting in Vienna on a discordant note, unable to decide as a group how much...

  • On Friday, OPEC decided to keep production near record highs despite depressed prices, as a way to boost market share by forcing rivals to reduce output. Drillers removed 10 oil rigs in the week ended Dec. 4, bringing the total rig count down to 545, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report.

  • WILMINGTON, Del, Dec 1- When Samson Resources Corp filed this year's biggest energy-related bankruptcy in September, the oil and gas company said it had a deal to emerge from Chapter 11 protection by year-end. In the past 16 months, the price of oil has sunk to around $40 per barrel from about $100, ending years of elevated crude prices that fueled oil companies'...

  • One foot of snow forecast for parts of Midwest Monday, 30 Nov 2015 | 2:16 PM ET

    A new winter storm was plowing toward the Plains and the Great Lakes, threatening to pile as much as a foot of new snow Monday.

  • U.S. regulators probe Wells Fargo sales practices -WSJ Monday, 30 Nov 2015 | 12:12 PM ET

    Nov 30- U.S. regulators are investigating whether Wells Fargo& Co has pushed employees too hard to meet sales targets while turning a blind eye to questionable behavior, The Wall Street Journal reported on Monday. Wells Fargo has a reputation for being better than peers like Bank of America Corp and JPMorgan Chase& Co at selling multiple products to its customers,...

  • Drillers removed nine oil rigs in the week ended Nov. 25, bringing the total rig count down to 555, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report. Baker Hughes issued the report two days earlier than usual due to the U.S. U.S. crude prices gained 20 cents after Baker Hughes issued the report, briefly pushing the...

  • Williston leaders say it is time for oilfield workers to plant permanent roots or use existing hotels for extended stays and point out to abundant new permanent housing in this city with an estimated population of about 31,000.. "The man camp industry should understand we allowed them to come here on a temporary basis," said Howard Klug, Williston's mayor, who...

  • Drillers removed 10 oil rigs in the week ended Nov. 20, the biggest weekly decline since late October, bringing the total rig count down to 564, oil services company Baker Hughes Inc said in its closely followed report. U.S. crude oil futures averaged $41 a barrel so far this week, down from $43 last week, as crude inventories rose for the eighth consecutive week and...