Latest Oil and gas industry News

Chevron will write down assets by at least $10 billion

Dec. 10, 2019 7:04 PM EST

SAN RAMON, Calif. (AP) — Chevron Corp. said Tuesday it will book a charge of at least $10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets. More than half the write-down is related to gas drilling operations in Appalachia. The huge fourth-quarter write-down...

Exxon Mobil prevails in lawsuit over climate regulations

Dec. 10, 2019 5:39 PM EST

NEW YORK (AP) — Exxon Mobil won Tuesday in a closely watched lawsuit over the costs of climate change, with a judge saying there was no proof the energy giant duped investors about the toll that regulations could take on its business. New York Attorney General Letitia James' office didn't prove the...

Bloomberg tells UN climate talks: You can count on the US

Dec. 10, 2019 3:19 PM EST

MADRID (AP) — New York billionaire and presidential candidate Michael Bloomberg led a high-powered charge against President Donald Trump's climate policies Tuesday, assuring activists, scientists and politicians from around the world that Americans are committed to reducing greenhouse gas emissions...

Gulf leaders meet in Saudi Arabia under looming Iran threat

Dec. 10, 2019 2:56 PM EST

RIYADH, Saudi Arabia (AP) — Arab Gulf leaders gathered in Saudi Arabia on Tuesday for an annual summit that was intended to showcase their unity in the face of shared threats. But looming over the meeting were their frayed ties and heightened worries about Iran. For all their diverging views and...

Greece sends letters to UN over Turkey-Libya deal

Dec. 10, 2019 1:19 PM EST

ATHENS, Greece (AP) — Greece has sent two letters to the United Nations explaining its objections to a maritime boundary deal between Turkey and Libya and asking for the matter to be taken up by the U.N. Security Council, the government spokesman said Tuesday. The country’s foreign minister also...

Russia, Ukraine fail to reach a new gas deal in Paris

Dec. 10, 2019 11:05 AM EST

MOSCOW (AP) — The Russian government said Tuesday that the presidents of Russia and Ukraine discussed a new contract for natural gas supplies during peace talks in Paris on Monday, but failed to reach a deal. Kremlin spokesman Dmitry Peskov told reporters that “so far we can't say a solution to the...

No major impacts on Lake Superior found from Line 3 pipeline

Dec. 9, 2019 5:51 PM EST

MINNEAPOLIS (AP) — An updated environmental review released by a state agency Monday found no serious threat to Lake Superior if crude oil ever leaked from a new pipeline to replace Enbridge Energy's aging Line 3 across northern Minnesota. State regulators ordered the update after the Minnesota Court of...

Saudi Arabia's deficit widens to $49B ahead of Aramco sale

Dec. 9, 2019 2:33 PM EST

RIYADH, Saudi Arabia (AP) — Saudi Arabia will reduce spending in 2020 as the budget deficit widens to $49 billion amid sluggish oil prices and deeper curbs on oil production by the heavyweight producer. King Salman announced Monday expenditures will reach $272 billion next year, a nearly 8% decrease from...

Saudi prince's ambitions hinge on triumphant Aramco sale

Dec. 9, 2019 12:02 PM EST

RIYADH, Saudi Arabia (AP) — Saudi Arabia is expected to set a new record for the largest stock flotation in history on Wednesday with the sale of part of Aramco, the state-owned oil company valued at $1.7 trillion. The offering's success is crucial to the ambitious plan by Crown Prince Mohammed bin...

Recent developments surrounding the South China Sea

Dec. 9, 2019 12:54 AM EST

BEIJING (AP) — A look at recent developments in the South China Sea, where China is pitted against smaller neighbors in multiple territorial disputes over islands, coral reefs and lagoons. The waters are a major shipping route for global commerce and are rich in fish and possible oil and gas reserves. ...