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Oil Industry Expresses Concern, Not Alarm, About Biden Comments
After the candidate called for a “transition” away from oil and gas, executives said the country would need fossil fuels for decades to come.
Oil Industry Turns to Mergers and Acquisitions to Survive
With the price of a barrel stuck around $40 and no recovery in sight, companies are combining to cut costs and ride out the pandemic.
U.S. and European Oil Giants Go Different Ways on Climate Change
While BP and other European companies invest billions in renewable energy, Exxon and Chevron are committed to fossil fuels and betting on moonshots.
1
Clifford Krauss
Climate change deals oil companies a fork in the road; American and European firms go separate ways
160d
Ecuador Judge Orders Chevron to Pay $9 Billion
The American oil giant Chevron is appealing a judgment made in favor of people in the Ecuadorean Amazon.
Delta Air Lines Bought an Oil Refinery. It Didn’t Go as Planned.
Delta’s foray into oil refining illustrates some of the reasons the business was in trouble even before the pandemic.
1
Clifford Krauss
Gasoline and diesel demand has recovered substantially in recent weeks but jet fuel remains in the dumps with people afraid to fly. Delta Airlines is the unlucky owner of a refinery that was supposed to be a hedge when jet fuel prices rise -- not fall.
202d
Oil and Gas Groups See ‘Some Common Ground’ in Biden Energy Plan
Some energy executives are pleased that the former vice president is not calling for a fracking ban and said they could work with him.
Southern Iraq’s Toxic Twilight
Iraq is the rare country that imports gas but also burns natural gas from oil wells into the air. The wasted gas is enough to power 3 million homes. Burning it is making people sick.
Chesapeake Energy, a Shale Pioneer, Files for Bankruptcy Protection
The company helped turn the United States into a gas exporter but became known for an illegal scheme to suppress the price of oil and gas leases.
As Energy Prices Tumble, Developing Countries Trim Subsidies
Trying to cut spending as the pandemic reduces tax revenue, governments are finding it easier to lift restraints on what consumers pay for fuel.
1
Clifford Krauss
In the age of Covid, governments in developing countries must decide whether to keep fuel cheap for the poor or slash inefficient and polluting energy subsidies that tax their budgets
261d
Shares of Chesapeake Energy, a Shale Pioneer, Tumble in Volatile Trading
The company, which has said it could file for bankruptcy protection, helped turn the U.S. into a gas exporter but became known for an illegal scheme to suppress the price of oil and gas leases.
1
Clifford Krauss
Once mighty Chesapeake Energy, a pioneer in shale gas drilling revolution, is falling fast
263d
Natural Gas Exports Slow as Pandemic Reduces Global Demand
Businesses in the United States, Israel and other countries were planning to invest billions in export terminals. Now, those projects are being canceled or delayed.
‘This Feels Very Different’
For over a decade, the Permian Basin has been the epicenter of the American oil boom. Now, it’s the epicenter of its demise.
1
Clifford Krauss
The Permian basin was the epicenter of the shale boom, now its the epicenter of its demise
303d
‘I’m Just Living a Nightmare’: Oil Industry Braces for Devastation
Across the United States, companies are laying off workers, shutting down wells and preparing for a prolonged slump as oil prices tumble.
1
Clifford Krauss
The oil industry is in a historic distress acknowledged as a nightmare by a top executive
312d
Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing
One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.
1
Clifford Krauss
Cheap oil was once part of the dream of energy independence; now it is a sign of economic disarray
313d
The Big Deal to Cut Oil Production May Not Be Big Enough
Saudi Arabia, Russia and other oil-producing nations have pledged to cut about 10 percent of global production, but demand is down by much more than that.
Oil Nations, Prodded by Trump, Reach Deal to Slash Production
The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.
Trump Sees Hope for Boosting Global Oil Prices and Helping U.S. Firms
The president’s optimism for a deal between Saudi Arabia and Russia to reduce production and a Saudi call for talks send crude prices skyrocketing, but Moscow showed little enthusiasm.
Oil Companies on Tumbling Prices: ‘Disastrous, Devastating’
The use of gasoline and other fuels is dropping as Saudi Arabia and Russia increase production, sending oil prices to their lowest level in a generation.
American Oil Drillers Were Hanging on by a Thread. Then Came the Virus.
Energy companies were major issuers of junk bonds to finance expansion. But now they are in trouble as capital has dried up and oil prices have cratered.
Coronavirus Adds to Pressure for U.S. Oil Industry
With a decline in China’s demand sending world prices lower, cutbacks by American companies may be ahead, but drivers are benefiting.