News Archive - October 2008

Exxon, Shell profits soar on oil, refinery strength

Exxon Mobil Corp topped its own record for the biggest U.S. quarterly operating profit and Royal Dutch Shell Plc earnings beat market forecasts on Thursday, helped by high oil prices and fatter refinery margins.

A customer fills up at a Mobil gas station in Medford, Massachusetts, April 30, 2008. REUTERS/Brian Snyder

Shell profit jumps 71 percent

Royal Dutch Shell Plc beat all forecasts with third-quarter current cost of supply (CCS) net profit up 71 percent at $10.9 billion, as high oil prices and asset sales outweighed a 7 percent drop in oil and gas production.

A sign for a Shell petrol station is seen in London October 28, 2008. Royal Dutch Shell Plc beat all forecasts with third-quarter current cost of supply (CCS) net profit up 71 percent at $10.9 billion, as high oil prices and asset sales outweighed a 7 percent drop in oil and gas production. The world's second-largest non-government controlled oil company by market value said on Thursday it wa.....

Suncor's profit up 30 percent, below forecast

CALGARY, Suncor Energy Inc's chief executive insisted on Wednesday his company's Alberta oil sands business, which has been hit with mechanical problems this year, remains profitable as the world economic crisis pressures oil prices.

Suncor Energy President and Chief Executive Officer Rick George listens to a shareholder at the companies annual general meeting in Calgary, April 24, 2008. REUTERS/Todd Korol

Google looking to invest in energy sector: report

(Reuters) - Internet search and advertising leader Google Inc is increasingly looking at the energy sector as a potential business opportunity, the New York Times reported.

Google's Sundar Pichai, vice president of product management, introduces the web browser dubbed Google Chrome, during a news conference at the company's headquarters in Mountain View, California September 2, 2008. REUTERS/Kimberly White

Gasoline at cheapest since March 2007

The average U.S. retail gasoline price fell 26 cents over the last week to $2.66 a gallon, the cheapest pump price since March 2007, the Energy Department said on Monday.

Motorists fill up their vehicles behind a sign displaying lower gasoline prices at a gas station in Woodbridge, Virginia, October 17, 2008. REUTERS/Stelios Varias

Stocks surge in late-day rally, oil prices rise

Investor fears that further possible coordinated action to calm markets will not be enough to fend off a global recession sent shares from London to Tokyo reeling on Monday, while the yen continued to surge.

A staff at Tokyo Stock Exchange looks at a stock quotation board as he works at the bourse in Tokyo October 27, 2008. REUTERS/Issei Kato

OPEC battles price dive and faltering economy

An emergency OPEC meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) in an effort to halt a deep oil price slide.

United Arab Emirates' Energy Minister Mohamed bin Dhaen al-Hamli (L) and Qatar's Energy Minister Abdullah bin Hamad al-Attiyah arrive at the OPEC headquarters for an extraordinary OPEC meeting in Vienna October 24, 2008. REUTERS/Herwig Prammer

Innovation award for ExxonMobil Chemical project

ExxonMobil Chemical has announced that it has received a leading industry innovation award for its battery separator film technology.

ConocoPhillips quarterly profit up 41 percent

ConocoPhillips , the third-largest U.S. oil company, said on Wednesday its quarterly earnings rose 41 percent on higher oil prices and topped Wall Street estimates even as storms in the Gulf of Mexico dented results in its refinery business.

A Phillips 66 service station in an undated image. ConocoPhillips, the third-largest U.S. oil company, said on Wednesday its quarterly earnings rose 41 percent on higher oil prices and topped Wall Street estimates even as storms in the Gulf of Mexico dented results in its refinery business. REUTERS/Handout

Exelon offers to buy NRG for $6.2 billion in stock

Exelon Corp , the largest nuclear power operator in the United States, made an unsolicited offer to acquire NRG Energy Inc for $6.2 billion in stock, in a move to expand geographically and boost earnings and cash flow.

Six 1.5-megawatt wind turbines are pictured at work at the Exelon-Community Energy Wind Farm at Somerset, Pennsylvania, August 10, 2008. REUTERS/Stelios Varias

Kedco makes debut on AIM

Irish-based renewable energy company, Kedco, is due to start trading on London’s alternative investment market (AIM) with an initial market capitalisation of over €34 million.

Chavez says $80-$90 oil enough for Venezuela

Oil priced at $80-$90 a barrel is more than enough for Venezuela, President Hugo Chavez said on Saturday, days before an emergency OPEC meeting where the group is set to agree to cut supply to stem crashing prices.

Venezuelan President Hugo Chavez speaks during a meeting with economists to analyze the current global financial crisis in Caracas October 8, 2008. REUTERS/Alejandro Rustom

Storms only a small threat to energy platforms

A tropical wave about 500 miles east-southeast of the southern Windward Islands had less than a 20 percent chance of developing over the next couple of days, the US National Hurricane Center said today, October 17.

Volatile fuel puts Southwest, Continental into loss

Volatile fuel prices caused losses at Continental Airlines and its low-cost rival Southwest Airlines in the third quarter as airlines struggled to adjust to wild swings in the cost of oil.

Passengers wait at the Southwest Airlines ticket counter at Midway Airport in Chicago, Illinois in this July 24, 2008 file photo. REUTERS/Jeff Haynes

Oil discovered in Gulf of Mexico

BP have announced today, October 15, that it discovered oil at its Freedom Prospect in the deepwater Gulf of Mexico.

Kenmare’s Moma production progresses

Kenmare Resources has said that it is ramping-up production at its Moma Titanium Minerals Mine in Mozambique.

Leading industry innovation award for ExxonMobil

ExxonMobil Chemical has received a leading industry innovation award for its battery separator film technology.

Oil pares losses after fall below $80

Oil prices dropped more than 10 percent on Friday and touched 13-month lows in a global flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand.

An attendant holds a petrol nozzle at a petrol pump in the northeastern Indian city of Siliguri August 5, 2008. REUTERS/Rupak De Chowdhuri

Oil rebounds above $90, focus on possible rate cuts

Oil pared losses on Friday after a fall of more than $7 to below $80 a barrel for the first time in a year, pummeled by expectations that fuel demand growth will shrivel if the credit crisis pushes the world into recession.

General view of the Tema oil refinery near Ghana's capital Accra in this file photo from March 28, 2005. REUTERS/Yaw Bibini

Chevron sees upstream profit hit by storms, prices

Chevron Corp expects upstream production earnings to fall from the previous quarter due to lower prices and hurricanes, but said its refining performance would be much stronger.

A Chevron tanker truck unloads gasoline into underground storage tanks in Burbank, Calfiornia, June 18, 2008. REUTERS/Fred Prouser

OPEC would cut output at below $80: source

LAGOS/ANTALYA, OPEC may need to intervene to balance the oil market if prices fall further, Nigeria said on Wednesday, making it the latest country in the exporters' group to float the prospect of supply curbs.

Gasoline truck driver Mark Colvin checks the hoses filling tanks with gasoline in San Francisco, California April 23, 2008. REUTERS/Robert Galbraith

Great Gas Petroleum signs new forecourt deals

The Irish-owned independent fuel supplier, Great Gas Petroleum, has announced that it is to sign four new forecourts to its portfolio.

Oil falls over three percent

Oil fell below US$90 a barrel on Monday to its lowest in eight months, pressured by expectations that the global credit crisis will bring a sharp fall in oil demand.

Buffett in EDF rivalry over Constellation

Billionaire investor Warren Buffett may face competition from EDF, the French electricity firm, in his aim to buy US nuclear group Constellation Energy.

Google's energy solution

Google has proposed its own solution to America's energy problem.

Ridgeline Energy acquired by Veolia Environnement

Veolia Environnement have announced today, October 1, that it has acquired the US company Ridgeline Energy, a specialist in the development of wind energy projects.

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