Oil

Pressures on Fuel Ethanol Production Capacity

November 18, 2009 -- Capacity to produce fuel ethanol from corn nearly tripled between January 2006 and January 2009. However, over the past 18 months, a combination of surplus production capacity, the decline of gasoline prices from their mid-2008 peak level, and high corn prices that boosted producers’ input costs have resulted in a sharp decline in ethanol margins. The combination of economic pressures on capacity led some producers to idle plants, and in some cases, file for bankruptcy.    » read more »

"Chevron's Lobbying Efforts Look Like Extortion"

November 17, 2009 -- Washington D.C. - Ways and Means member Rep. Linda Sánchez (D-CA) testified today before the Trade Subcommittee hearing on trade preference systems. Rep. Sánchez, a long time advocate for a new trade model, took the opportunity to discuss what works about U.S. trade preferences policy as well as what does not.    » read more »

36 Million Acres for Oil and Gas Development; March 17 Sale Could Produce up to 1.3 Billion Barrels of Oil

November 13, 2009 -- WASHINGTON, D.C. – Secretary of the Interior Ken Salazar today announced the Department will hold an oil and natural gas lease sale for the Central Gulf of Mexico Outer Continental Shelf that will offer nearly 36 million acres and could produce up to 1.3 billion barrels of oil and 5.4 trillion cubic feet of natural gas.    » read more »

Saudi Aramco Announces New U.S. Pricing Formula

November 12, 2009 -- The U.S. imported slightly more than 1 million barrels of crude oil per day from Saudi Arabia during the first 8 months of 2009. Despite a decline of more than 33 percent compared to the same period in 2008, Saudi Arabia was still the third largest source of U.S. crude oil imports during the first 8 months of this year, according to EIA import data.    » read more »

ExxonMobil CEO Addresses APEC CEO Summit in Singapore

November 13, 2009 -- SINGAPORE -- Affordable and reliable energy supplies necessary to rebuild the global economy require polices that encourage investment, expand international trade and promote technological innovation, Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation2 (NYSE:XOM), said today.

Speaking at the Asia-Pacific Economic Cooperation (APEC) CEO’s Summit3, Tillerson said energy is critical to economic development, and despite the current downturn, demand is expected to grow4 in the years ahead, especially in the Asia-Pacific region.    » read more »

Ceremony Marks the Full Operation of China’s First Integrated Refining and Petrochemical Complex with Foreign Participation

QUANZHOU, FUJIAN PROVINCE, China--(BUSINESS WIRE1)--ExxonMobil2 and its partners, Sinopec, Fujian Province and Saudi Aramco, today celebrated the full operation of China’s first integrated refining and petrochemical facility with foreign participation. This facility, the Fujian Integrated Refining and Ethylene Joint Venture Project, will help meet the region’s growing need for fuels and chemical products.    » read more »

11/04/2009 -- LOS ANGELES – The U.S. Environmental Protection Agency has issued a Unilateral Administrative Order to Texaco Inc. that requires the company to assess soil and groundwater contamination and evaluate additional cleanup options, for the Pacific Coast Pipeline Superfund Site (commonly known as the “Texaco site”) in Fillmore, Calif.

“With this UAO, EPA looks forward to moving the Site cleanup into its final phase, so the property can be returned to productive reuse by the community,” said Keith Takata, Director of the Superfund program in EPA’s Pacific Southwest Region. “This cooperative effort builds on prior cleanup work and will result in a protective cleanup for the community.”    » read more »

Oil Industry Voter Guide Gives Inhofe Perfect Score

WASHINGTON, DC (November 3, 2009) – The National Wildlife Federation has uncovered a little-known legislative scorecard and Voter Guide from the American Petroleum Institute, revealing Sen. Jim Inhofe (R-OK) earned a perfect score from the oil industry’s top trade association last year.    » read more »

Benefits from Higher MPG Levels Will Outweigh Modest Impact of Cap and Trade on Gas Prices; Net Gas Cost Savings For U.S. Motorists Seen Through Combined Impact Of Two Climate-Related Measures

November 3, 2009 -- Washington, D.C. -- Good news for American motorists: Despite doomsday prediction from energy-industry-funded interest groups, U.S. consumers actually will see a net reduction of $13 billion in 2020 and $46 billion in 2030 in their gasoline expenditures ($100 and $326 in average net savings per household, respectively) if Congress moves ahead to impose a cap-and-trade system, according to a new analysis from the American Council for an Energy-Efficient Economy (ACEEE).    » read more »

03 November 2009 -- BP, and China National Petroleum Corporation (CNPC), announced today that they have signed a technical service contract with Iraq's state-owned South Oil Company (SOC) to expand production from the Rumaila oilfield, near Basra in southern Iraq

The signing follows BP's successful bid for the contract with CNPC in Baghdad in June.

The consortium led by BP (38 per cent) with partners CNPC (37 per cent) and the Iraq government's representative State Oil Marketing Organisation (SOMO - 25 per cent), has agreed to nearly triple the Rumaila field's output to almost 3 million barrels of oil a day (b/d), which would make it the world's second largest producing oilfield.    » read more »

October 28, 2009 -- WASHINGTON -- Bill J. Allen and Richard L. Smith were each sentenced in separate hearings today for their participation in a corruption scheme in which they provided approximately $395,000 in corrupt payments to public officials from the state of Alaska, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division. Allen and Smith were sentenced in U.S. District Court for the District of Alaska by U.S. District Court Judge John W. Sedwick.    » read more »

HOUSTON, October 28, 2009 --- ConocoPhillips [NYSE:COP] Chairman and Chief Executive Officer Jim Mulva commented, "We operated very well during the third quarter, with E&P production and R&M refinery utilization rates higher than a year ago. Through September year to date, our E&P production has increased nearly 100,000 BOE per day, or more than 5 percent, compared with the same period in 2008."    » read more »

Upstream earnings of $3.64 billion decline 41 percent on lower prices for crude oil and natural gas

SAN RAMON, Calif., October 30, 2009 - Chevron Corporation (NYSE: CVX) today reported earnings of $3.83 billion ($1.92 per share - diluted) for the third quarter 2009, compared with $7.89 billion ($3.85 per share - diluted) in the 2008 third quarter. Earnings in the 2009 period included gains of approximately $400 million ($0.20 per share) from asset sales and tax items.

Foreign-currency effects reduced earnings in the 2009 quarter by $170 million, compared with a benefit to income of $303 million a year earlier.    » read more »

IRVING, Texas --

Exxonmobil's Chairman Rex W. Tillerson commented:

“Despite ongoing global economic weakness and reduced demand for products, we continued our robust investment program and delivered strong results.

“Our third quarter earnings, excluding special items, were $4.7 billion. While continuing to be impacted by lower commodity prices and weak product margins, we maintained our focus on operational excellence and invested $19 billion through the first three quarters of the year to develop new energy supplies.

“Oil-equivalent production increased by 3% over the third quarter of 2008 with contributions from major start-ups of world-class assets including Qatargas 2, Train 5 and Ras Laffan 3, Train 6 in Qatar.    » read more »

Offers New RD&D Leases; Asks IG to Investigate 11th Hour Lease Addenda

October 20, 2009 -- WASHINGTON, D.C. – Secretary of the Interior Ken Salazar today took steps to help the country develop technologies that could potentially unlock the nation’s oil shale reserves while protecting taxpayers, water resources, the environment, and local communities.    » read more »