Petroleum industry
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Petroleum industry
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Petroleum industry
The Gulf of Mexico disaster, triggered by a huge fire and explosion that toppled an oil-drilling rig, has turned into a disaster of epic proportions. The oil spill, which has been ongoing for five months, has releases an estimated 20-70,000 barrels of oil into the Gulf per day, causing
Petroleum industry
The Environmental Protection Agency has reversed its earlier decision to halt the use of the dispersant Corexit in the Gulf of Mexico oil spill response, citing concerns about the availability of safer alternatives. In an interview with All Things Considered, EPA Administrator Lisa Jackson explained that the agency has ordered
Petroleum
BP, the UK's largest company, recorded a surge in half-year profits to £5.6 billion ($8.45 billion), fueled by a 164% increase in group second-quarter profits. The oil giant's chief executive, Sir John Browne, attributes the success to the company's "well tried
Petroleum
BP Amoco announced this week that it is selling low-sulfur fuel in four North Carolina cities, including Greensboro, Asheville, Charlotte, and Raleigh. The new gasoline, which replaces the old premium fuel in 416 of the company's 1,600 stations across the state, contains one-tenth the sulfur of normal
Petroleum industry
ExxonMobil has filed a lawsuit to block the sale of Alaskan oilfield assets worth $7 billion by Atlantic Richfield (Arco) to Phillips Petroleum, a move that is critical to regulatory approval of BP Amoco's proposed merger with Arco. The lawsuit aims to ensure ExxonMobil's interests are
Petroleum
The recently suspended legal battle between BP Amoco and the US antitrust Federal Trade Commission (FTC) over the takeover of Arco has marked a significant turning point for the US West Coast oil market. To address FTC concerns about competition in the region, BP Amoco agreed to sell all of
Petroleum
Oil majors' first-quarter earnings are expected to surge to levels 60% to 1,300% above their year-ago levels due to exorbitant crude oil prices and resurgent refining margins. As global crude oil prices and global refining and petrochemical margins have improved significantly since the first quarter of 1999, when
Petroleum industry
BP Amoco Plc and Atlantic Richfield Co. (ARCO) have announced several deals aimed at addressing concerns from federal regulators over the proposed $34 billion merger between the two companies. The agreements include a $7 billion sale of ARCO's Alaskan assets to Phillips Petroleum Co., a deal that is
Petroleum
Following months of uncertainty and intense scrutiny, the federal government and three West Coast states have agreed to suspend their lawsuit against BP Amoco's $30 billion acquisition of ARCO. In a significant breakthrough, the parties involved have reached substantial progress in their talks, with the Federal Trade Commission
Petroleum industry
BP chairman Sir John Browne has high regard for Tim Stevenson, chief executive of the lubricant group, who may be in line to take over the struggling British Airways following the firing of Bob Ayling. Stevenson's revitalization of the Castrol brand marketing in the past couple of years
