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Jul 2, 2015

BP reaches $18.7 billion settlement over deadly 2010 spill

HOUSTON (Reuters) – BP Plc (BP.L: Quote, Profile, Research, Stock Buzz)(BP.N: Quote, Profile, Research, Stock Buzz) will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

The agreement comes on top of the $43.8 billion that BP has already set aside for criminal and civil penalties and cleanup costs.

Jun 30, 2015

California oil train risks worse in minority areas: report

HOUSTON (Reuters) – Californians most exposed to the risks of oil train derailments or fires overwhelmingly live in poorer, minority neighborhoods, two environmental groups in the state said on Tuesday.

The report, the first of its kind to explicitly link issues of class and race to the ongoing oil train safety debate, urged state regulators to ban oil imports by train into California and reject permits for several projects refiners have proposed to expand oil-by-rail cargo capacity.

Jun 23, 2015

Ethanol unit sale by Brazil’s Petrobras hits snag -sources

HOUSTON/SAO PAULO, June 22 (Reuters) – Plans by Brazil’s
Petrobras to sell its stake in ethanol and sugar producer
Guarani SA have hit a snag as the state-run oil company has not
been offered enough money for the asset, two sources with direct
knowledge of the matter said.

Petrobras, which is struggling with a corruption
scandal and stagnant output, is scrambling to sell around $3
billion in assets this year and $13.7 billion by the end of
2016.

Jun 17, 2015

Tropical Storm Bill charges across Texas and weakens

HOUSTON (Reuters) – Tropical Storm Bill headed further into central Texas with heavy rains and high winds on Wednesday before losing its punch and no serious injuries were reported, relieving officials and residents just three weeks after floods killed about 30 people in the state.

The National Hurricane Center said the storm had weakened into a tropical depression.

Jun 17, 2015

Tropical Storm Bill charges across Texas

HOUSTON, June 17 (Reuters) – Tropical Storm Bill headed
further into central Texas with heavy rains and high winds on
Wednesday but no serious injuries were reported, relieving
officials and residents just three weeks after floods killed
about 30 people in the state.

The second named tropical storm of the 2015 Atlantic
hurricane season made landfall on Tuesday afternoon near the
sportfishing town of Matagorda, then lost much of its punch, the
U.S. National Weather Service said.

Jun 16, 2015

Tropical Storm Bill soaks Texas coast

HOUSTON, June 16 (Reuters) – Tropical Storm Bill hit the
Texas coast with strong rains and high winds on Tuesday though
no serious injuries were reported, relieving officials and
residents just three weeks after floods killed about 30 people
in the state.

The second named tropical storm of the 2015 Atlantic
hurricane season made landfall near the sportfishing town of
Matagorda, then lost much of its punch, the National Weather
Service said.

Jun 11, 2015

Buoy breaches and current eyed in Chevron platform woes -source

, June 11 (Reuters) – Engineers
examining why nine giant tendons sank at Chevron Corp’s
Big Foot deepwater oil project are considering whether buoys
taking on water, combined with a strong current that prevented
vessels from repairing them, caused the costly setback, a source
familiar with the matter said.

Though it will be months before the investigation is
complete, the sinking of the tendons 225 miles south of New
Orleans has delayed the project indefinitely, harming Chevron’s
plans to produce 75,000 barrels of oil and 25 million cubic feet
of natural gas per day by year’s end.

Jun 1, 2015

The U.S. oil fracker’s dilemma: crouch or pounce?

HOUSTON (Reuters) – U.S. shale oil producers, having weathered the worst price plunge in their industry’s brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices.

In a way, the conundrum is as old as the first oil well. If producers start pumping more crude, as some executives have said they might do if prices edge a bit higher, they risk contributing to another slump in a fragile global market; if they hold back, they forego regaining revenue lost during a price slide of 60 percent that started in June.

May 20, 2015

Flood of new cash sustains US oil firms; energy dealmakers gripe

HOUSTON, May 20 (Reuters) – U.S. oil companies, still
smarting from the crude price rout, are attracting a wave of new
investment from unlikely sources – hedge funds and private
equity firms flocking to the energy market for the first time to
bet on a rebound.

By pouring billions of dollars into energy shares and bonds
in the past few months these newcomers, dubbed “energy tourists”
by Houston’s seasoned dealmakers, have thrown a lifeline to
scores of companies that a few months ago looked like potential
targets for bigger rivals or distressed debt and restructuring
specialists.

May 14, 2015

Apache shareholders approve proxy access proposal

HOUSTON (Reuters) – Apache Corp shareholders approved on Thursday a proposal to allow minority shareholders to nominate directors to the board of the company, a leading U.S. shale oil producer.

Apache’s board had recommended investors back the measure, unlike boards at some other companies that have resisted a push being led by public pension funds to give shareholders a choice about the election of directors.

    • About Terry

      "I lead our coverage in Peru, where I have been since August 2007. Before that, I worked in Brazil for seven years covering all things under the sun."
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