Oil & Gas

Employee Pay Rises in Oil Sector

It was a fruitful year for the rank and file at oil-and-gas companies, from Exxon Mobil Corp. to Phillips 66.
 Oil-and-gas drillers and refiners had some of the highest- paid median workers in the energy and utility sectors in 2018, according to The Wall Street Journal analysis of annual pay disclosures for hundreds of big U.S. companies as provided by MyLogIQ.

Oil Falls for Second Straight Week

Oil rose slightly Friday after a strong U.S. jobs report, but finished lower for a second consecutive week amid growing concerns about bulging domestic oil inventories.
 West Texas Intermediate futures, the U.S. oil benchmark, ended 0.2% higher at $61.94 a barrel on the New York Mercantile Exchange. Prices ended the week 2.1% lower, and Friday's close was just 13 cents above Thursday's one-month low of $61.81 a barrel.

Oil Soars as U.S. Aims to Block Iran Sales

Oil prices hit a near six month high as the U.S. government moved to halt all Iranian oil exports, eliminating a key revenue source for the Islamic Republic.
 West Texas Intermediate futures, the U.S. oil benchmark, rose 2.7% to $65.70 a barrel—their highest close since late October. Brent crude, the global oil benchmark, advanced 2.9% to $74.04 a barrel.

Europe Opens Up to Other Gas Suppliers

European efforts to import more liquefied natural gas are starting to pay off, moving the region further away from Russia's energy orbit and potentially creating more opportunities for U.S. producers.
 Shifting to LNG has been a significant turning point for countries such as Lithuania and Poland, whose energy bills have fallen since they built LNG terminals in 2014 and 2016, respectively.

More Oil Is Coming No Matter How OPEC Drama Unfolds

OPEC is back to its squabbling ways after an unusual period of harmony. But investors who are bidding up oil prices in the expectation of a split are misunderstanding both the history of the cartel and the current state of the oil market.
 With the Organization of the Petroleum Exporting Countries meeting at the end of the week, the squabble is between the organization's heavyweight, Saudi Arabia, and three of the

Crude Claws Back Ahead of OPEC Meeting

Oil prices rose as traders tempered expectations for the size of production increases from OPEC.
 Light, sweet crude for July delivery advanced 1.2%, to $65.85 a barrel, on the New York Mercantile Exchange on Monday, recovering last week's losses.
 Brent crude, the global benchmark, gained 2.6%, to $75.34, on ICE Futures Europe.
 The Organization of the Petroleum Exporting Countries and its allies will meet on Friday,

Chevron seeks shake-up in Australian gas development

Chevron has completed construction of two massive liquefied natural gas plants in Australia at an eye-watering cost of $ 88bn — and is wasting no time in trying to change how such megaprojects are developed in the country.
 The US oil major is operator of the Gorgon and Wheatstone facilities in Western Australia, which together will produce almost 25mtonnes of LNG per year — enough to meet annual gas demand in the Netherlands. The new plants are part of a $ 200bn investment splurge that should see

Chevron under fire over delayed Australian carbon capture plan

US oil major Chevron said yesterday it expected to start up one of the world's largest carbon capture and storage projects in Australia within months, following years of delays.
 The announcement came after moves by the Western Australian government to force Chevron to begin offsetting carbon dioxide emissions from its gigantic Gorgon and Wheatstone liquefied natural gas facilities — a decision that could cost the company tens of millions of dollars a year. The state has ordered two separate inquiries by the Environmental Protection Authority of Western Australia, which has been re-evaluating Chevron's obligations on limiting emissions.

Oil Breaks Link to Dollar as Politics Prevail

LONDON — Oil prices are trading at levels not seen since late 2014, defying what is often a considerable obstacle to crude and other commodities rallying: a stronger dollar.
 A firmer greenback can make dollar-denominated commodities like oil more expensive for buyers who hold other currencies, thus reducing demand for crude and putting a cap on its price.

The New Tech That Terrifies OPEC

What doesn't kill you makes you stronger.
 Two years ago, it looked like Saudi Arabia was winning its fight against the U.S. shale oil industry by furiously pumping crude to drive down prices. Some drillers went bust and many more flirted with bankruptcy while oil drilling in places like West Texas and North Dakota collapsed.