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Occidental Petroleum will be in a better position to invest in its core oil and gas business after divesting a chemicals unit and will be able to replace the lost cash flow from the division in about two and a half years, CEO Vicki Hollub told Reuters in an interview on Thursday. After announcing earlier …
Occidental CEO Says Chemical Divestiture Will Improve Core Oil, Gas Business Read More »
Exxon Mobil will lay off 2,000 workers globally as part of the company’s long-term restructuring plan, Bloomberg News reported on Tuesday, citing a memo. The U.S. energy major did not immediately respond to a Reuters request for comment. The reductions represent about 3% to 4% of Exxon’s global workforce, the report said. (Reporting by Vallari …
Exxon Mobil to Cut 2,000 Jobs, Bloomberg News Reports Read More »
Plains All American’s crude oil pipelines linking the Permian shale basin to the Corpus Christi export hub are facing quality issues related to high mercaptans, or naturally-occurring sulfur compounds, according to sources familiar with the matter and a notice seen by Reuters. Plains in recent days has sent notices to shippers that it will begin …
Plains All American’s Permian Pipelines Facing Quality Issues Read More »
A U.S. court on Monday begins the final sale hearing of an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to pay creditors, following heavy competition for the seventh largest U.S. refiner. A court officer overseeing the auction in August changed his recommendation of winner to a $5.9 billion offer by an …
Q&A – Is Venezuela about to Lose Citgo, its Most Prized Foreign Asset? Read More »
Canada’s government is in discussions with energy companies and Alberta about eliminating a federal cap on emissions from the country’s oil and gas sector if the industry and province reduce their carbon footprint in other ways, three sources with knowledge of the talks said. The sources, who were not authorized to speak publicly about the …
Canada May Drop Oil Emissions Cap as Part of New Climate Plan Read More »
ConocoPhillips CEO Ryan Lance told employees on Thursday that one of the reasons he had to cut up to 25% of the workforce was because the U.S. oil and gas producer had become less competitive as it focused on swallowing smaller rivals. Lance was speaking to employees in a town hall meeting a day after he …
Scott Sheffield, the founder and former CEO of Pioneer Natural Resources, cannot directly challenge a Biden-era order barring him from ExxonMobil’s board after its acquisition of Pioneer, the Federal Trade Commission said on Tuesday, while adding it would revisit the order regardless. While the FTC’s three Republican commissioners voted unanimously to deny Sheffield’s bid on …
Ex-Pioneer CEO Cannot Challenge Order Barring Him From Exxon board, FTC Says Read More »
The U.S. Interior Department on Monday proposed rule changes to allow energy companies to more easily combine oil and gas output from multiple leases using the same well pad, which could save the industry as much as $1.8 billion per year, it said. The proposed rule change, which would mostly affect onshore oil and gas …
US Proposes Rules That Could Boost Oil, Gas Output in US West Read More »
Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group’s meeting on Saturday, the Russian government said in a statement. The group, which pumps about half of the world’s oil, has been curtailing production since 2022 to support the …
Russia Says Low Global Oil Stockpiles Prompted OPEC+ to Hike Output Read More »
The United States assesses that Iran could carry out retaliatory attacks targeting American forces in the Middle East soon, although the U.S. is still seeking a diplomatic resolution that would see Tehran forgo any attack, two U.S. officials said on Monday. One of the officials, who spoke to Reuters on condition of anonymity, said Iran’s …
Iranian Retaliation Against U.S. Forces Could Come Soon, U.S. Officials Say Read More »
