Basic Materials

White House Backs Part of Keystone XL Pipeline
February 27 2012 4:28 PM

White House officials Monday welcomed TransCanada's plans to reapply for the Keystone XL pipeline and showed their support for the company's aims to build the southern portion of the controversial pipeline as a standalone project.
Repsol Crews Battling Alaskan Well Blowout After Two Weeks
February 27 2012 3:10 PM

Spanish oil company Repsol, which started deep-water oil exploration off Cuba this month, is still battling a well blowout that took place almost two weeks ago in Alaska's North Slope.
Keystone XL Pipeline: TransCanada Poised to Reapply for Permit
February 27 2012 1:27 PM

TransCanada officials announced Monday they have sent the U.S. Department of State a letter announcing they will soon reapply for a permit allowing the construction of the Keystone XL pipeline.
Oil Consortium Makes Large Oil Find in Brazil
February 27 2012 1:16 PM

Spanish oil officials on Monday announced they discovered an offshore pocket of oil that could carry as much as 250 million barrels of oil off the coast of Brazil.
ExxonMobil Confirms Kurdistan Exploration Deal in Iraq
February 27 2012 11:34 AM

After months of silence, ExxonMobil executives confirmed the company's exploration deal with the semi-autonomous Kurdish Government in Northern Iraq.
BP Negotiating $14 Billion Settlement for Gulf Oil Spill
February 27 2012 11:23 AM

BP, Britain's No. 1 oil company is said to be negotiating a $14 billion settlement for the Deepwater Horizon explosion that killed 11 workers and fouled the Gulf of Mexico for months in 2010.
BP Spill Trial Delayed One Week
February 26 2012 4:24 PM

The start of the liability trial for the BP 2010 Deepwater Horizon explosion that killed 11 workers and fouled the Gulf of Mexico for months, has been delayed for a week allowing more time for embattled BP and fellow defendants to broker a settlement with U.S. prosecutors.
BP's Gulf Disaster Goes to Court; Anadarko, Transocean Also Could Pay Billions in Damages
February 24 2012 4:52 PM

BP's 2010 Deepwater Horizon explosion that killed 11 and fouled the Gulf of Mexico for months is finally headed for court. On Monday, a federal judge in New Orleans is scheduled to gavel the case to order.
EPA Administrator Says Fracking Can be Safe
February 23 2012 11:27 AM

U.S. Environmental Protection Agency Administrator Lisa Jackson said she believes hydraulic fracturing can be done safely. That may be a slight shift in her previous cautious view.
Newmont Mining Expects Strong 4Q
February 22 2012 4:56 PM

As one of the world's top gold producers, Newmont Mining Corp (NYSE:NEM) seems to have a lot of advantages on its side. But uncertainty about peripheral items, including the effect of recent acquisitions and political developments that could hurt its bottom line, are keeping Wall Street analysts skeptical on the company.
New York Town Gets Court OK to Ban Hydraulic Fracturing
February 22 2012 2:27 PM

A branch of the New York State Supreme Court ruled Tuesday that the Town of Dryden can prohibit the gas drilling hydraulic fracturing within its borders. The decision could embolden other New York municipalities to impose similar bans, potentially upending the primacy of state law over the oil and gas industries.
Iran vs. Israel: Besides A-bomb Fear, Could Israel's Huge Gas Find Trigger Hostility?
February 22 2012 12:51 PM

A large pocket of offshore natural gas could shift Eastern Mediterranean geopolitics on its head. As the threat of war looms between Israel and Iran, the newly found gas could add extra friction between the two countries.
ADM to Cut 20% More Jobs Than Previously Announced
February 21 2012 4:28 PM

Agricultural processor Archer Daniels Midland Co on Tuesday said it will eliminate 20 percent more jobs than previously expected to reduce costs.
Pain at the Pump: Are U.S. Gas Prices Headed for $5 a Gallon by June?
February 21 2012 1:31 PM

The good news for U.S. drivers is that unless a world-wide catastrophic event, like war breaking out between Iran and Israel, takes place soon, the $5 figure will not be hit in the near future, according to AAA.
Hecla Mining Swings to Profit in Q4 on Higher Metals Prices
February 21 2012 10:35 AM

Hecla Mining Company (NYES:HL) turns to profit in the fourth-quarter supported by lower costs and higher metals prices. Hecla's shares jumped 7 percent in early Tuesday morning trading before trending down slightly.
Ecuador Court Rejects Arbitration Panel Injunction on Chevron Claims
February 20 2012 5:09 PM

An Ecuadorean court Monday defied an international arbitration panel's request that the country prevent plaintiffs from collecting on billions of dollars in environmental damages from Chevron Corp.
Cars Without Drivers to be New Normal For Australian Ore Miner
February 20 2012 4:06 PM

Rio Tinto PLC, the world's second largest iron ore miner, is set to spend more than half a billion dollars automating cars, trains and trucks at one of its Western Australia mines so that they can be operated remotely.
Venezuela's Caribbean Find Is Changing Natural Gas Prospecting
February 20 2012 3:45 PM

A large natural gas find off the northern coast of Venezuela is changing the way gas in the Caribbean Basin is being sought.
Transocean Drills Relief Well in Nigeria
February 20 2012 10:50 AM

Transocean crews over the weekend began drilling a relief well off the coast of Nigeria to allow for the proper abandonment of a Chevron Corp. natural gas well that exploded, killed two contractors, sank, and has remained on fire for more than one month.
Mitsui MOEX To Pay $90 Million for BP Gulf Oil Spill
February 17 2012 2:49 PM

Japanese conglomerate Mitsui MOEX Offshore will pay $90 million for the BP Gulf Oil Spill of 2010 in what is the first settlement ahead of the liabilities trial expected to start in 10 days.

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