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The Energy Report - $90 or go Bust!!!

Fri, 11 May 2012 13:20:10 EDT

Ok, I know it was just last Friday when I wrote "$100 or Go Bust" but because so many oil bulls expressed disbelief that oil could actually stay below $100 a barrel, I should now warn those people that they should stop worrying about the break below $100 a barrel and start worrying about whether $90 a barrel can hold.

Catalytic Events Move Energy Stocks: Jocelyn August

Thu, 03 May 2012 18:21:02 EDT

While high-volume stocks often seem to move on market momentum alone, small- and midcaps usually rise and fall in tandem with their own newsflow. Jocelyn August of Sagient Research Systems has found this to be true in the drug and medical device fields, on which the firm has long been focused, but it's just as applicable to the natural resources industries, including oil and gas.

BP wins delay of Gulf spill trial until 2013

Thu, 03 May 2012 17:42:02 EDT

A trial to assign blame and damages that could total tens of billions of dollars for the 2010 Gulf of Mexico oil spill has been put off until January, in a setback for the U.S. government, which wanted to try its case this summer.

BP Wins Deepwater Horizon Oil Spill Settlement Approval

Thu, 03 May 2012 12:13:39 EDT

BP Plc. (NYSE: BP) won preliminary approval of its proposed $7.8 billion settlement of claims relating to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.

BP's $7.8 billion Gulf spill pact wins initial court OK

Wed, 02 May 2012 21:21:02 EDT

BP Plc won preliminary court approval of an estimated $7.8 billion (4.82 billion pounds) settlement to resolve more than 100,000 claims by individuals and businesses stemming from the 2010 Gulf of Mexico oil spill.

U.S., Alabama urge no delay in BP oil spill trial

Tue, 01 May 2012 20:35:02 EDT

The U.S. government said a trial to assign blame and damages among BP Plc and others over the 2010 Gulf of Mexico oil spill should not be delayed until after a hearing over a $7.8 billion (4.81 billion pounds)settlement of private party claims.

Alabama urges no delay in BP oil spill trial

Tue, 01 May 2012 15:28:03 EDT

A trial to assign blame and damages among BP Plc and others over the 2010 Gulf of Mexico oil spill should not be delayed until after a hearing over a $7.8 billion (4.81 billion pounds) settlement of private party claims, the state of Alabama said on Tuesday.

Mitsui, Mitsubishi Buy Stake in Woodside's Browse LNG Project

Tue, 01 May 2012 10:36:30 EDT

Woodside Petroleum Limited (AX: WPL) sold a 14.7 percent stake in its Browse liquid natural gas (LNG) development project for $2 billion to a Japanese joint venture operated by Mitsui & Company Limited and Mitsubishi Corporation, the Australian company announced Tuesday.

BP Earnings Fall As Gulf Spill Costs Continue To Weigh

Tue, 01 May 2012 09:41:11 EDT

BP Plc (BP.L) reported a bigger-than-expected profit drop on the back of a fall in production prompted by the need to sell oil fields to pay for the Gulf of Mexico disaster, raising concerns about the oil group's turnaround plan.

BP Set to Restructure Business Portfolios, Expects High Margin Production Ahead

Mon, 30 Apr 2012 07:15:49 EDT

British Petroleum Plc expects to divest assets of $38 billion by the end of 2013 as a part of group's decision to actively manage its business portfolios around the world, focusing on core activities and future growth.

Argentine Senate backs YPF nationalization

Thu, 26 Apr 2012 02:14:01 EDT

Argentina's proposal to nationalize the country's biggest oil company sailed through the Senate by a 63-3 vote on Thursday, underscoring broad domestic support for a move that has infuriated foreign investors.

U.S. Charges Ex-BP Engineer With Obstructing Spill Probe

Tue, 24 Apr 2012 14:23:58 EDT

A former BP Plc engineer was arrested and charged on Tuesday with trying to destroy evidence related to how much oil was spilling from the company's broken well in the Gulf of Mexico in April of 2010, the U.S. Justice Department said.

Russian Oil Giant Says Spillage ‘Inherited’ After Govt Announces Lawsuit

Fri, 20 Apr 2012 13:57:37 EDT

TNK-BP, Russia's third largest oil producer, replied Friday to the government's announcement it would be sued for oil leaks that have polluted two Siberian river basins, saying most of the damage is a result of "inherited environmental problems, accumulated since 1962.

Oil spill fund audit finds underpayments of $64 million

Thu, 19 Apr 2012 17:35:02 EDT

An audit of the $20 billion (12.5 billion pounds) fund for paying victims of the 2010 Gulf of Mexico oil spill found "significant errors" that led to about 7,300 claimants who were underpaid receiving an extra $64 million, the U.S. Justice Department said on Thursday.

BP proposes Gulf spill accord terms, trial delay

Wed, 18 Apr 2012 12:56:02 EDT

BP Plc has reached settlements to resolve billions of dollars of claims from the 2010 Gulf of Mexico oil spill, and asked a U.S. judge for a long delay in any trial over remaining disputes stemming from the disaster.

Halliburton profit up, but North America pressured

Wed, 18 Apr 2012 12:28:03 EDT

Halliburton Co , the world's second-largest oilfield services company, reported a higher quarterly profit as North American sales hit a record high despite major challenges, and its shares rose more than 4 percent.

BP, Private Plaintiffs Settle Over Gulf Oil Spill

Wed, 18 Apr 2012 12:25:41 EDT

BP Plc (BP.L) said on Wednesday it reached definitive agreements with well over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.

Halliburton Q1 profits rise on strong North America sales

Wed, 18 Apr 2012 08:28:02 EDT

Halliburton Co , the world's second-largest oilfield services company, on Wednesday reported higher quarterly profits as North American sales reached a record high, lifting its shares in premarket trading.

BP: US Hiding Evidence On Size Of Gulf Oil Spill

Fri, 30 Mar 2012 15:19:42 EDT

BP Plc has accused the U.S. government of withholding evidence that may show the 2010 Gulf of Mexico oil spill was smaller than federal officials claimed, a key issue in determining the oil company's liability.

Alaska, oil companies in pipeline settlement: WSJ

Fri, 30 Mar 2012 14:42:02 EDT

Oil companies Exxon Mobil Corp , BP Plc and Conoco Phillips have reached a settlement with the state of Alaska that will allow the companies to build a pipeline from a North Slope natural gas field, the Wall Street Journal reported on Friday.

BP: U.S. hiding evidence on size of Gulf oil spill

Fri, 30 Mar 2012 12:49:02 EDT

BP - U.S. hiding evidence on size of Gulf oil spill

Fri, 30 Mar 2012 12:49:02 EDT

BP Wins First UK Deep Offshore Drill Approval Since Macondo Gulf Spill

Thu, 22 Mar 2012 12:17:01 EDT

While this is not the first post-Macondo deep water project -- the British supermajor has been working in Brazil and Angola - it is the first on home territory since the April 2010 disaster.

Royal Dutch Shell, CNPC Ink First Chinese Shale Gas Production-Sharing Deal

Wed, 21 Mar 2012 09:15:00 EDT

Royal Dutch Shell Plc (NYSE:RDS) signed Wednesday the first-ever production sharing contract with China's state-owned China National Petroleum Corp., or CNPC, as the world's second largest economy seeks to develop its untapped reserves, similar to those that gave rise to the U.S. natural gas boom, with the help of foreign technology.

BP spill claims process set up, Feinberg relieved

Thu, 08 Mar 2012 14:49:02 EST

The man who has paid out billions of dollars to victims of the massive 2010 Gulf of Mexico oil spill has been formally relieved of his duties, and a federal judge has set up a new process to let more people and businesses collect some of their money immediately.

BP’s Worries not Over Yet, Despite Deal Over Gulf of Mexico Oil Spill

Sat, 03 Mar 2012 02:32:07 EST

BP still faces several settlement cases from the affected parties in the Gulf of Mexico oil spill such as the US government, Gulf states and drilling partners.

Deal Reached in BP's Deepwater Horizon Oil-Spill Disaster Case

Sat, 03 Mar 2012 00:14:16 EST

BP PLC and plaintiffs in the largest lawsuit filed in the wake of the Deepwater Horizon oil-spill disaster in the Gulf of Mexico in 2010 have agreed on the terms of a proposed class settlement, according to an order signed late Friday by the judge handling the case.

BP Reported Considering $14B Settlement for Gulf Oil Spill

Sun, 26 Feb 2012 23:42:07 EST

British oil giant BP Plc and plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14 billion settlement that is nearing completion, Bloomberg said, citing three people familiar with the talks.

Gulf oil spill trial - Let the fingerpointing begin

Thu, 23 Feb 2012 15:07:08 EST

It could be the ultimate case for passing the buck.

Large BP Crude-Oil Refinery in Washington State Idled Following Fire

Sun, 19 Feb 2012 01:34:04 EST

BP PLC idled production at its Cherry Point refinery in Washington state on Saturday, a day after a large fire broke out near the core crude oil unit of the third-largest plant on the West Coast. The idling of the plant near Ferndale, Wash., could drive fuel prices higher next week.

Mitsui unit to pay $90 million over Gulf oil spill

Fri, 17 Feb 2012 16:14:06 EST

Mitsui & Co Ltd's MOEX Offshore agreed with the U.S. Justice Department to pay at least $90 million to settle some of its liability in the Deepwater Horizon oil spill, the first government settlement involving the BP Plc Macondo well.

Biofuels Carry Upside for Early Investors: Jim Lane

Fri, 17 Feb 2012 01:07:04 EST

The biofuel sector, already an $80 billion a year industry, is still in its infancy. In this exclusive interview with The Energy Report, Biofuels Digest Publisher Jim Lane discusses the exponential growth slated for this once-obscure energy source, and how its market resembles the traditional oil and gas industry in many ways.

Judge Lets BP Keep E-Mails out of Gulf Oil Spill Trial

Wed, 08 Feb 2012 18:18:15 EST

BP Plc won a court order Wednesday keeping several potentially damaging e-mails out of a scheduled trial to determine responsibility for the 2010 Gulf of Mexico disaster.

The Energy Report - The Wolf is at the Door

Fri, 03 Feb 2012 09:53:12 EST

The oil market is getting less rattled by the headlines surrounding Iran. Iranian threats to shut down the Straits of Hormuz or cut off supply to Europe in a preemptive strike, have been like the old story of "the Little Boy Who Cried Wolf". So is it any wonder that the market is ignoring some of the provocative headlines coming from Iran.

Schlumberger 4Q Soars 36%, Beats Wall Street View

Fri, 20 Jan 2012 07:39:58 EST

Schlumberger Ltd (SLB.N), the world's largest oilfield services company, reported a 36 percent rise in quarterly earnings, beating Wall Street forecasts, but it warned that Europe's debt crisis could hurt economic growth and trim oil demand.

Infosys Q3 Net up 33 Percent, Cuts FY12 Revenue Outlook

Thu, 12 Jan 2012 02:03:18 EST

Infosys Ltd cut its full-year revenue outlook because of the debt crisis in Europe, sending down the shares of the No.2 Indian software services exporter by as much as 7.7 percent to their lowest in more than a month.

Exclusive: Borrowers turn lenders as banks tap firms for cash

Mon, 09 Jan 2012 12:14:11 EST

Blue-chip names like Johnson & Johnson , Pfizer and Peugeot are among firms bailing out Europe's ailing banks in a reversal of the established roles of clients and lenders.

Exclusive - Banks tap firms for cash

Mon, 09 Jan 2012 10:28:10 EST

Blue-chip names like Johnson & Johnson, Pfizer and Peugeot are among firms bailing out Europe's ailing banks in a reversal of the established roles of clients and lenders.

Exclusive - Borrowers turn lenders as banks tap firms for cash

Mon, 09 Jan 2012 10:14:09 EST

Blue-chip names like Johnson & Johnson , Pfizer and Peugeot are among firms bailing out Europe's ailing banks in a reversal of the established roles of clients and lenders.

Chinese Court Accepts $78M Oil Spill-Related Lawsuit against ConocoPhillips

Tue, 03 Jan 2012 13:45:29 EST

A Chinese court is allowing a $78 million lawsuit brought against ConocoPhillips (NYSE:COP) to move forward, after having dismissed a similar lawsuit in 2011, the state-run Xinhua News Agency reported Friday. The action is being brought by local aquaculture farmers who believe their sea cucumbers were killed by the oil spill.

U.S. Stock Index Futures Rise; AT&T Eyed

Tue, 20 Dec 2011 04:31:45 EST

U.S. stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.3 percent and Nasdaq 100 futures up 0.4 percent at 0819 GMT.

BP Accuses Halliburton of Destroying Evidence Tied to Macondo Spill

Tue, 06 Dec 2011 18:54:58 EST

The British oil company has alleged that Halliburton destroyed tests results showing unreliable cement was used at the oil rig where an explosion killed 11 workers and caused the region's worst environmental disaster, reported the Houston Chronicle.

BP sells Canadian Natgas Liquids Unit for $1.67 Billion

Thu, 01 Dec 2011 09:45:22 EST

The business, which includes pipelines and processing stations that remove valuable crude-like liquids from gas, owns or has rights to about 4,000 kilometers of pipeline systems and 21 million barrels of storage capacity.

China to Embrace Fracking In an Effort to Ramp up Energy Production

Wed, 30 Nov 2011 12:45:20 EST

China is leaving no shale deposit unturned in its effort to develop indigenous energy resources. On 24 November China's Ministry of Land and Resources geological exploration department head Peng Qiming said during a press conference that China's combined oil and natural gas output, 280 mil...

U.S. Prosecutors Open BP Probation Case Over 2009 Alaskan Oil Spill

Tue, 29 Nov 2011 19:05:02 EST

After a year of delays, U.S. prosecutors offered their opening arguments Tuesday in Anchorage at a hearing demanding that BP's probation be revoked.

Corrected: Chevron Named One of the Most Toxic Energy Companies of 2011

Sat, 26 Nov 2011 14:32:28 EST

The public relations campaign at end of year 2010 is proving to be a hard one for U.S. oil giant Chevron Corporation. Faced with an oil leak, the suspension of its drilling rights and severe public backlash all in Brazil, the company has now been labeled the most toxic energy company.

Louisiana Seafood Not Contaminated by BP Oil Spill, State Says

Thu, 24 Nov 2011 15:27:35 EST

State readies a new ad campaign to reverse public opinion severely hurt by the Deepwater Horizon oil spill of 2010.

Hayward vehicle completes Iraq buy, shares flat

Mon, 21 Nov 2011 05:28:02 EST

The bid vehicle of former BP Plc Chief Executive Tony Hayward and financier Nathaniel Rothschild completed its controversial $2 billion acquisition of Kurdistan-focussed Genel Energy on Monday.

Reliance Industries, BP Set up India Gas Solutions

Fri, 18 Nov 2011 15:40:29 EST

Reliance Industries and BP Plc have formed a joint venture India Gas Solutions to source, market and transport natural gas.

BP Faces Probation Violation Hearing in Alaska Over 2009 Oil Spill

Thu, 17 Nov 2011 11:32:55 EST

U.S. government attorneys have charged BP Exploration Inc. with violating the company's probation originating from a 2009 oil spill in Alaska, the second company spill in three years.