Venezuela To End All Ventures With Exxon Mobil

Venezuela's state-run oil company will terminate all ventures with Exxon Mobil (NYSE: XOM), the biggest U.S. oil company, when arbitration proceedings conclude, Oil Minister Rafael Ramirez said.

Rise and Rise of U.S. Gasoline Prices: Wall Street and Big Oil to Blame?

Everyone agrees the days of cheap gasoline are over. The pain at the pump is forcing people to cut down gasoline usage, and there has been a big drop in gasoline demand in the country. At the same time, domestic production is booming, with the number of rigs just in U.S. oil fields more than quadrupling in the past three years.

Third Company Scales Back U.S. Shale Operations

With the price of natural gas so low, BG Group has become the latest company to scale back their shale natural gas production in the United States, in what could be the start of a temporary retreat from the gas industry in the country.

ConocoPhillips Refining Dampens Company's Earnings

ConocoPhillips, the third largest energy company in the U.S., is expected to post higher fourth-quarter earnings as soaring crude oil prices offset big losses anticipated in the company's refining operations.

Republicans Fume as Keystone Oil Pipeline Rejected

The Obama Administration rejected the Keystone oil pipeline on Wednesday, a move that Republicans decried for sacrificing jobs and energy security in order to shore up the president's environmental base before elections.

Canada pension funds are stronger together, Caisse says

The head of Canada's most storied pension fund wants rivals to be partners as debt-laden governments offload assets, and says a recent bid with two other pension funds for the nation's leading stock market operator is a good start.


Bohai Bay

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

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.
Exxon wins less than expected from Venezuela dispute

Exxon wins less than expected from Venezuela dispute

An arbitration panel has awarded U.S. oil giant Exxon Mobil Corp $908 million in compensation for Venezuela's 2007 nationalization of its assets, less than 10 percent of what the company sought in a long legal battle with the OPEC nation.
Cracks Start to Show in the Asian Economic Miracle

Chinese Oil Company CNOOC to Launch a Research Fund after Oil Spill

China National Offshore Oil Corp. announced that it intends to set up an environmental protection fund of its own, months after ConocoPhillips said in September it intended to compensate local Chinese communities and pay for environmental damage following a spill at one of the company's offshore rigs in Northern China.
Heating oil

Northeast Petroleum Supplies Set To Drop: EIA Report

Refineries in the Northeast are closing their doors, and as a result, more than half of the area's petroleum refining capacity will be reduced. The reduction is likely to be problematic for ultra-low sulfur diesel, gasoline, heating oil and jet fuel supplies.