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What’s next for the oil market as it reaches a critical point?
2016 has proven to be a stressful time for oil traders and producers alike. With prices hitting a 13-year low in February, this year proved to be the breaking point for many businesses in the industry. As the months wore on, however,... More of this article »
West Virginia Gives Tax Break to Natural Gas and Coal
Photo Credit: fungann via Compfight cc West Virginia Governor Earl Ray Tomblin recently approved a tax break bill on February 29. On Monday, the Democratic governor signed the bill that drops 56 cents/ton of severance surtaxes for... More of this article »
BP Shuts Down Production In North Sea As Precaution (NYSE:BP)
BP has ordered more than 230 staff to leave the Valhall field in Norwegian waters and has shut down production in the area as a precaution. At the nearby Ekofisk field, ConocoPhillips halted output and evacuated workers by helicopter.... More of this article »
Duke Energy Renewables Business Taking Off (NYSE: DUK)
Duke Energy’s Renewables business produces renewable energy for sale primarily to other utilities and commercial customers. The business began as a start-up in 2009 and has grown into one of the country’s biggest players... More of this article »
How Natural Disasters Effect Economics
Lightning can strike even in the safest place. Whether you live near a volcano, along a river that floods or in a tornado alley, there’s always a possibility of natural disaster. Once it happened, economy suffers. It might take few... More of this article »
Chevron Agrees to Pay Fine, Give Natural Gas Buses and Clean Up Emissions
Chevron agreed to settle with the US Environmental Protection Agency for pollution violation at its Salt Lake City refinery. Under the deal, the company will pay $284,000 in fines and purchase four new compressed natural gas school... More of this article »
Earnings for Caterpillar Drop as Mining Orders Shrink
Caterpillar, Inc. the largest maker of construction and mining equipment in the world reported its sales and earnings for the first quarter on Monday. The company’s results fell short of estimates by Wall Street, as orders slowed... More of this article »
GE Stocks Fall after CEO Cites Weakness in Europe
General Electric fell Friday morning even if its earnings and revenue were equal to Wall Street’s expectations. The drop was attributed to the concerns about Europe. Chairman and CEO Jeff Immelt said that GE planned for a challenging... More of this article »
Profits increase at GE for 2013 First Quarter
General Electric, the largest industrial conglomerate by market capitalization in the U.S. announced its profits had increased by 14% during the first quarter of 2013. That increase was obtained even though the company’s results... More of this article »
Nevada Wind Farm Under Investigation for Death of Eagle
The US Fish and Wildlife Service is conducting a probe on the death of a golden eagle at the Spring Valley Wind Farm, which is near the Utah border. Pattern Energy owns the 152 megawatt wind energy facility that sells power to Las... More of this article »
Weekly Price of Crude dropping for first time since October
Oil is on track to fall this week for the first weekly drop since mid October, as a forecast for economic growth in Germany was lowered and an earthquake in Japan created worry that consumption of crude might be lowered. Bundesbank,... More of this article »
China Suspends Construction at Petrochemical Complex after Protests
Officials in eastern China have stopped the construction at a petrochemical complex after it was met by protests by residents who claimed that it would pollute the region. Municipal officials in Ningbo city said that the planned expansion... More of this article »
Wednesday’s Top NYSE Energy Gainers, Losers (SM, CZZ, PTEN, YZC, DK, BP)
SM Energy Co. (NYSE:SM) blew up Wednesday trading with a daily percentage gain of 8.11% and closed at $51.56 per share. SM Energy announced today that their Eagle Ford shale program averaged 230 MMCFE/d in July 2012 and that for... More of this article »
Shell’s Subsidiary SPDC Sells OML 40 Interest to Elcrest and Production Nigeria
Royal Dutch Shell plc (NYSE:RDS.A)(NYSE:RDS.B) announced today that their subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed its sale of their 30% interest in Nigerian Oil Mining Lease (OML) 40... More of this article »
Natural Resoure Partners Completes Fifth Coal Reserve Acquisition
Natural Resource Partners L.P. (NYSE:NRP) has completed its fifth coal reserve acquisition at Deer Run mine near Hillsboro, Illinois, according to a company statement released earlier today. The new acquisition comes at the expense... More of this article »
Penn Virginia Resource Partners (PVR) Gains Pipeline Easement Option
Penn Virginia Resource Partners, L.P. (NYSE: PVR) has announced that they have acquired an option to purchase a pipeline easement in Susquehanna County which puts them closer to serving producers in the region. The easement involves... More of this article »
Chevron (CVX) Details 2012 Exploratory Budget
Chevron (NYSE:CVX) announced today the amount of cash it would use for 2012 exploration – $32.7 billion dollars. The forecast $32.7 billion dollar figure for 2012 exploration is slightly down from 2011’s estimated number,... More of this article »
Shell (RDSA) Signs Oil Contract with PETRONAS
Royal Dutch Shell plc (LON:RDSA) announced today that they have signed a Heads of Agreement (HOA) contract with PETRONAS. The deal is a pair of 30-year production sharing contracts (PSC’s) for enhanced oil recovery (EOR) projects... More of this article »
Caterpillar (CAT) Finalizes Acquisition of MWM Holding GmbH
Caterpillar (NYSE:CAT) announced today that they have formally completed the acquisition of MWM Holding GmbH. On October 19th, 2011, the European Commission paved the way for Caterpillar to acquire MWM, which they have officially... More of this article »
General Electric (GE) Provides Components to ProWater Systems
General Electric Company (NYSE:GE) announced today that they will be providing components to ProWater for their Centerline modular saltwater disposal (SWD) and deep injection well (DIW) systems, which the company indicates that it... More of this article »
Chevron (CVX) Shares Reach New High Pre-Earnings
Chevron Corporation (NYSE:CVX) reaches new 52-week high leading up to tomorrow’s earnings report, details are below. The company will host its quarterly conference call tomorrow at 11:00 A.M., Eastern. Chevron has said that... More of this article »
BP Makes Strides on Devenick Gas Project
BP (NYSE:BP) announced today that they have made strides on their Devenick gas project in the central North Sea. First discovered in 1983, the Devenick field is located 35 kilometers north of Marathon Oil’s East Brae platform. BP... More of this article »
Chevron Augments Oil Production with Solar Thermal Power
Chevron has approached oil production with a novel use of solar power. Today, the company announced they demonstrated what thermal solar power can do with some mirrors in conjunction with oil production. “Solar thermal”... More of this article »
ExxonMobil Affiliate Plans Twin Liberty Class Crude Carriers
ExxonMobil announced today that their affiliate, SeaRiver Maritime, Inc. has signed an agreement with Aker Philadelphia Shipyard for the construction of two Liberty-class crude carriers. ExxonMobil said that the ships are double-hulled... More of this article »
Chevron Begins Australian Wheatstone Project
Chevron announced today that they will begin their Australian whetstone project that they have been mulling over. Whetstone Project Details: It is a processing platform down about 240 feet in the water off the coast of western Australia. ... More of this article »
GE Signs Service Agreement with Iraq’s Mass Global
GE announced today that they have signed a service agreement with Iaq’s Mass Global. Mass Global delivers electricity to northern Iraq. The agreement will provide Mass Global with a 12-year contract for parts and repair of... More of this article »
Chevron Discovers Oil in United States Gulf of Mexico
Chevron has discovered oil in the Gulf of Mexico in deep-water according to a company announcement. The oil was discovered within Chevron’s Moccasin prospect at the Keathley Canyon Block 736 Well No. 1. which encountered more... More of this article »
BP Acknowledges Halliburton Lawsuit
BP announced today that they have acknowledged the lawsuit filed by Halliburton against the company. Wrote in a company statement, BP said, “BP is aware of the claims filed against the company on 1 September 2011 by Halliburton.... More of this article »
bpTT Begins Natural Gas Production at Serrette Field
BP Trinidad and Tobago (bpTT) has announced that they have begun natural gas production at the Serrette field which is offshore of Trinidad. bpTT says that the natural gas is being produced at 280 feet under water off Trinidad’s... More of this article »