Archive for February, 2008
Firm’s oil sands costs continue to skyrocket
Canadian Natural Resources Ltd. said yesterday costs for its Horizon oil-sands project have risen to as much as $8.7 billion (Canadian), $1.9 billion more than initial estimates, as severe cold at its northern Alberta project site hampered construction.
Canada’s second-biggest oil explorer said construction at the site north of Fort McMurray, Alta., was 90 per cent [...]
Crude Oil Rises as U.S. Retail Sales, Gasoline Use, Increase
Crude oil rose after government reports showed that U.S. retail sales unexpectedly climbed and gasoline demand increased. The 0.3 percent gain in retail sales for January reported by the Commerce Department is easing concern that the U.S. is in a recession. Gasoline demand advanced 1.2 percent to an average 9.02 million barrels a day last [...]
Oil giant Total reports profits slip on weak dollar
PARIS (AFP) — French oil group Total reported on Wednesday a 3.0-percent fall in underlying profit to 12.203 billion euros (14.57 billion dollars), blaming weakness of the dollar.
The net adjusted figure excludes exceptional items. The full net figure rose by 12.0 percent to 13.181 billion euros.
Total, the fourth-biggest oil group in the world alongside US [...]
Chavez Threatens US Oil Cutoff
CARACAS, Venezuela (AP) — President Hugo Chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.
“If you end up freezing (Venezuelan assets) and it harms us, we’re going to harm you,” Chavez said. “Do you know how? [...]
Oil rig security threat ‘a hoax’
A major operation to airlift more than 500 workers from a North Sea oil rig has been wound down.
The rescue was sparked by a bomb threat made by a woman on the Safe Scandinavia rig, sources said.
Fears that a device was on board the accommodation block prompted a massive operation involving police, coastguard and RAF [...]
UPDATE: Venezuela to Fight Exxon’s $12 Billion Asset Freeze
Feb. 8 (Bloomberg) — Venezuelan Energy and Oil Minister Rafael Ramirez vowed to fight Exxon Mobil Corp.’s effort to freeze $12 billion of the state oil company’s foreign assets, calling the move “judicial terrorism.”
Exxon won court orders in the U.S., U.K., the Netherlands and the Caribbean freezing assets of Petroleos de Venezuela SA, or PDVSA, [...]
Exxon wins freeze on $12 billion worth of Venezuelan assets
NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to President Hugo Chavez’s nationalization drive.
The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro [...]
Exxon’s 2007 tax bill was more than the bottom 50% of American taxpayers
Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for “Exxon profits” and you’ll get about 8,000 hits. Now try “Exxon taxes” and you’ll get a little more than 300 hits. That’s a ratio of about 33 to [...]
Don’t be taken in by the oil giants and their billions
Bloated with profits and rolling in cash, but it isn’t nearly enough. Oil companies confound our senses with big numbers - BP earned $17 billion (£8.6 billion) last year, a meagre performance compared with Shell’s $28 billion, revealed last week. The European twins are hopelessly outclassed by ExxonMobil. The American ended the year with $40 [...]
Oil falls sharply as stocks rise more than expected, recession worries remain
Oil fell sharply as worries over a looming US recession will crimp demand combined with improved supply side news in the form of better-than-forecast increases in US energy inventories.
The US Energy Information Administration said earlier US crude stocks rose by 7 mln barrels last week to total 300 mln barrels. Analysts were expecting stocks to [...]
