Most Clicked API SmartBrief Stories
1. Occidental executives offer lesson in survival
API SmartBrief | Nov 17, 2008
Occidental Petroleum has not been unaffected by the market crisis, but with $1.45 billion in cash and an A credit rating, it has avoided the kind of cutbacks that many other companies are being forced to make. Chairman and CEO Ray Irani and President and CFO Stephen Chazen talked to The Wall Street Journal about the decrease in oil prices, likely growth in demand for oil in the next 20 years, and controlling risks. Wall Street Journal (free content), The (11/16)
2. Vela awaits talks with pirates on anchored supertanker
API SmartBrief | Nov 18, 2008
Vela International officials are awaiting instructions from the pirates responsible for hijacking a U.S.-bound supertanker containing more than $100 million worth of crude oil. "I'm stunned by the range of it," said Adm. Mike Mullen, chairman of the Joint Chiefs of Staff. The ship's distance from the coast was "the longest distance I've seen for any of these incidents," he said. New York Times (free registration), The (11/18)
3. New long-term refinery developments in doubt
API SmartBrief | Nov 17, 2008
Several major refinery developments are moving forward, but ones under development or waiting for funding may be delayed until margins improve, experts warn. Volatility in the markets and the decline in gasoline prices have put long-term plans for expansions and upgrades in doubt. Houston Chronicle (11/15)
4. Interior releases rules for oil-shale drilling
API SmartBrief | Nov 18, 2008
Two million acres of public land in Colorado, Utah and Wyoming were opened Monday to oil-shale exploration when the Interior Department issued final rules for oil-shale development on public land. The rules give oil companies a discount on royalties for the first five years of production. San Diego Union-Tribune (11/17) Wall Street Journal, The (subscription required) (11/18)
5. Tillerson confident demand will continue for decades
API SmartBrief | Nov 17, 2008
ExxonMobil's business strategy has withstood recent market turmoil, and Chairman and CEO Rex Tillerson said he sees no reason to abandon the company's core view that oil and gas will still be in demand for decades. "Over the years, there have been many predictions that our industry was in its twilight years, only to be proven wrong," he said. "As Mark Twain said, the news of our demise has been greatly exaggerated." New York Times, The (11/15)
6. Cutbacks are expedited as slowdown threatens cash flow
API SmartBrief | Nov 19, 2008
Analysts report that oil and natural gas companies are moving faster to make spending cuts and delay long-term investments because of the global economy. Saudi Aramco, Royal Dutch Shell and Petroleo Brasileiro are the latest to announce budget cuts. Bloomberg (11/19)
7. Another oil-sands project is delayed
API SmartBrief | Nov 18, 2008
Petro-Canada, Teck Cominco and UTS Energy announced they will delay a decision on whether to put $19.5 billion more in an Alberta oil sands project and hold off on a refinery upgrade. As oil prices decline and the economy worsens, corporations have begun looking for ways to pare back spending and reducing future development costs is one of the ways. Sun (Baltimore), The (free registration) (11/17)
8. North Dakota will use salty wastewater on roads
API SmartBrief | Nov 18, 2008
North Dakota has decided to allow salty oilfield wastewater to be used to melt ice on roads despite the objections of oil companies and environmental groups. Oil companies so far are reluctant to give away the water, and government road crews are hesitant to use it because of possible liability issues. Pioneer Press (St. Paul, Minn.) (11/17)
9. Hess will take over some Reliant assets
API SmartBrief | Nov 17, 2008
Hess announced it will buy Reliant Energy's Northeastern power-marketing assets for an undisclosed amount. Reliant is downsizing the side of its business that sells power to commercial and industrial users, including the assets being sold to Hess that provide power to factories and large users in five states and the District of Columbia, to increase shareholder value. Houston Chronicle (11/14)
10. Marathon CFO: Small natural gas companies may seek deals
API SmartBrief | Nov 14, 2008
Marathon Chief Financial Officer Janet Clark said Thursday that the global credit crisis likely will cause small natural gas companies to consolidate. Energy companies that invested in large shale plays, which have a high initial rate of production, may turn to cash-rich larger exploration companies, she said. Reuters (11/13)
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