Latest Oil and gas exploration and extraction News

FILE - In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange.  Exxon lost $1.1 billion in the second quarter, Friday, July 31, 2020, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world.  (AP Photo/Richard Drew, File)

Oil giants lost billions as pandemic crushed demand for fuel

Jul. 31, 2020 3:47 PM EDT

NEW YORK (AP) — Two American oil giants lost more than $9 billion in the second quarter as the pandemic kept households on lockdown, cutting a gaping hole into a once-thriving business as the need for oil diminished around the world. Exxon lost $1.1 billion in the second quarter, and the Irving,...

3 accused of taking bribes for North Dakota reservation work

Jul. 31, 2020 3:10 PM EDT

BISMARCK, N.D. (AP) — Three members of a tribe on the oil-rich Fort Berthold Indian Reservation in North Dakota are accused of accepting hundreds of thousands of dollars in bribes and kickbacks from a construction contractor. Court documents unsealed Thursday show Randall Phelan, 55, of Mandaree, Delvin...

FILE - In this file photo from March 12, 2020, work continues at a shale gas well drilling site in St. Mary's, Pa. (AP Photo/Keith Srakocic, File)

AP FACT CHECK: Trump distorts Biden's position on fracking

Jul. 31, 2020 1:14 PM EDT

OKLAHOMA CITY (AP) — President Donald Trump is routinely distorting Democratic rival Joe Biden's policy on fracking as he tries to transform it into a full-scale “disaster” for election battlegrounds. Trump's latest iteration of his falsehood: TRUMP: “Biden came out against fracking....

FILE - In this Dec.10, 2019, file photo, Saudi King Salman talks during the 40th Gulf Cooperation Council Summit in Riyadh, Saudi Arabia. Saudi Arabia's King Salman was discharged from a hospital in the capital, Riyadh, after more than a week following surgery to remove his gall bladder, the Royal Court said in a statement late Thursday, July 30, 2020. (AP Photo/Amr Nabil, File)

Saudi Royal Court says King Salman discharged from hospital

Jul. 31, 2020 1:24 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia's King Salman was discharged from a hospital in the capital Riyadh after more than a week following surgery to remove his gall bladder, the Royal Court said. The court said in a statement late Thursday the monarch, 84, left the King Faisal Specialist Hospital...

A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

Asian benchmarks tumble, looking to earnings, central banks

Jul. 31, 2020 12:16 AM EDT

TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout from the...

North Dakota high court sides with state over minerals law

Jul. 30, 2020 6:03 PM EDT

BISMARCK, N.D. (AP) — The North Dakota Supreme Court has ruled in favor of the state over a law intended to clarify long-disputed ownership of minerals under a Missouri River reservoir. The court's opinion released Thursday centers around a law signed by Gov. Doug Burgum in 2017 that limited state mineral...

How major US stock indexes fared Thursday

Jul. 30, 2020 4:51 PM EDT

Most of Wall Street stumbled Thursday, but yet another rise for big technology stocks helped keep the market’s losses in check. Nearly three out of four stocks fell in the S&P 500. Among the hardest-hit were oil producers, banks and other companies that most need the economy to pull out of its...

FILE - In this Jan. 14, 2015, file photo, oil pump jacks are seen in McKenzie County, in western North Dakota. The Trump administration is seeking to ease more rules for oil and gas drilling that were adopted under the Obama administration, with the latest changes projected to save energy companies almost $140 million over the next decade. (AP Photo/Matthew Brown, File)

Trump administration easing more Obama-era oil and gas rules

Jul. 30, 2020 3:49 PM EDT

BILLINGS, Mont. (AP) — The Trump administration is seeking to ease more rules for oil and gas drilling that were adopted under the Obama administration, with the latest changes projected to save energy companies more than $130 million over the next decade. The U.S. Bureau of Land Management proposal would...

An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, Sunday, July 5, 2020 as a boat passes with a skier. Russian President Vladimir Putin has promised to intercede with Turkey to try and ease rising tensions over its oil and gas exploration in eastern Mediterranean waters that Cyprus claims as its own, the Cypriot government said Thursday, July 30, 2020. (AP Photo/Petros Karadjias)

Cyprus: Putin 'to help ease' gas search tensions with Turkey

Jul. 30, 2020 3:44 PM EDT

NICOSIA, Cyprus (AP) — Russian President Vladimir Putin has promised to intercede with Turkey's leader to try to ease rising tensions over oil and gas exploration in eastern Mediterranean waters that Cyprus claims as its own, the Cypriot government said Thursday. Government spokesman Kyriakos Koushos said...

FILE - This April 26, 2020, file photo shows empty lanes of the 110 Arroyo Seco Parkway that leads to downtown Los Angeles during the coronavirus outbreak in Los Angeles, Calif. A record drop in U.S. energy consumption this spring was driven by less demand for coal that's burned for electricity and oil that's refined into gasoline and jet fuel. (AP Photo/Mark J. Terrill, File)

US energy use hit 30-year low during pandemic shutdowns

Jul. 29, 2020 5:21 PM EDT

BILLINGS, Mont. (AP) — U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported Wednesday. The drop was driven by less demand for coal that is burned for electricity and...