DUBAI, United Arab Emirates - Saudi Aramco's net profits reached $111 billion last year, according to an assessment published Monday by Moody's Investors Services that offered a rare glimpse into the state-owned oil firm's finances before it issues its first bonds in international markets. That places Aramco ahead of some of the world's most profitable firms. By contrast, Apple booked a net profit of about $60 billion in its last full year, Royal Dutch Shell had net income of $23 billion [Read more]
Trump issues new permit for stalled Keystone XL pipeline
WASHINGTON - In an apparent bid to kick-start the long-stalled Keystone XL oil pipeline, President Donald Trump on Friday issued a new presidential permit for the project, two years after he first approved it and more than a decade after it was first proposed. Trump said the permit issued Friday replaces one granted in March 2017. The order is intended speed up development of the controversial pipeline, which would ship crude oil from tar sands in western Canada to the U.S. Gulf Coast. A [Read more]
Michigan governor halts Great Lakes oil tunnel
TRAVERSE CITY, Mich. - Michigan Gov. Gretchen Whitmer has ordered state departments and agencies to take no further action on legislation enacted in late 2018 authorizing construction of an oil pipeline tunnel beneath lakes Huron and Michigan. It would house a more than 4-mile (6.4-kilometre) section of Enbridge's Line 5, which carries oil and natural gas liquids between Superior, Wisconsin, and Sarnia, Ontario. Whitmer made the move Thursday after Attorney General Dana Nessel issued an [Read more]
Norway’s US$1 trillion fund to dump oil and gas shares, including Canadian names
STAVANGER, Norway - Norway's US$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron. The move was hailed by environmental activists as a sign that the global economy is increasingly moving away from fossil fuels toward cleaner energy. The financial impact, however, may be relatively limited. The move will [Read more]
Exxon raises production forecast in Texas and New Mexico
DALLAS - Exxon Mobil is boosting its projected growth of oil and gas production in the Permian Basin and says the field can be profitable even at lower crude prices. The company said Tuesday that as soon as 2024 it expects to produce the equivalent of more than 1 million barrels of oil per day in the basin, which straddles western Texas and New Mexico, up from a forecast of 600,000 barrels by 2025. Exxon has 48 drilling rigs in the basin and plans to raise that to 55 by year-end. [Read more]
Noem offers bills aimed at possible Keystone XL protests
PIERRE, S.D. - South Dakota Gov. Kristi Noem said Monday that she's proposing legislation before construction begins on the Keystone XL oil pipeline that would create a way to go after out-of-state money that funds pipeline protests. The legislation would let the state follow such money and "cut it off at the source," the Republican governor said in a statement. Noem would also set up a fund to cover extraordinary law enforcement costs that could come with intense pipeline opposition. [Read more]
Keystone restarts pipeline after repairing Missouri leak
ST. CHARLES, Mo. - A segment of the Keystone pipeline that was shut down in early February when a leak was discovered in Missouri is now back in service. Terry Cunha of pipeline operator TransCanada Corp. says the segment from Steele City, Nebraska, to Patoka, Illinois, was restarted Thursday morning. A leak was discovered Feb. 6 near the St. Louis suburb of St. Charles. The Missouri Department of Natural Resources says 12 barrels of crude oil, or 504 gallons (1,908 litres), have [Read more]
Judge keeps most Keystone XL pipeline work on hold
An Obama-appointed judge in Montana has largely kept in place an injunction that blocks TransCanada from performing preliminary work on the stalled Keystone XL oil pipeline. U.S. District Judge Brian Morris on Friday denied a request by the Calgary-based company to begin constructing worker camps for the 1,184-mile pipeline that would ship crude from Alberta to the Gulf Coast. However, Morris said TransCanada could perform some limited activities outside the pipeline's right-of-way. Those [Read more]
Mexican president announces bailout for cash-strapped Pemex
MEXICO CITY - Mexican President Andres Manuel Lopez Obrador announced a $3.9 billion bailout for the country's cash-strapped, state-owned oil company Friday and promised it an additional $1.6 billion in revenue, making it a rescue package of up to $5.5 billion. Lopez Obrador has made rescuing Petroleos Mexicanos, or Pemex, a centerpiece of his first 100 days in office, launching an offensive against fuel theft gangs that drill illegal taps into Pemex pipelines. The extra revenue is [Read more]
Activists arrested in Minnesota after attempt to shut down Enbridge oil pipeline
GRAND RAPIDS, Minn. (AP) — Four climate-change activists from the Catholic Worker movement were arrested Monday in an attempt to shut down an Enbridge oil pipeline in north-central Minnesota. The four broke into a fenced area southeast of Grand Rapids that contains shut-off valves for three Enbridge pipelines around noon Monday, said their spokeswoman, Diane Leutgeb Monson. After a period of prayer and offerings, she said, they then called to warn the company of their plans to turn off the [Read more]
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