Plains Exploration & Production Co. shareholders are anticipating positive results from an oil well discovery, stoking bets that Freeport-McMoRan Copper & Gold Inc. will be forced to boost its takeover bid.
Occidental Petroleum Corp. , the oil explorer that pumps enough crude to fill a supertanker every four days, is leading a rush to find crude on land as BP Plc’s Gulf of Mexico disaster spurs tougher offshore-drilling rules.
Occidental Petroleum Corp.’s proposal to split its U.S. and foreign businesses is pressuring more oil companies to follow suit, as the allure of breakups to create more than $100 billion of market value entices investors.
Ethanol’s discount to gasoline narrowed to the lowest in more than a week as the motor fuel plunged and as the value of renewable identification numbers, or RINs, for biofuel blending was near a record.
Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., said second-quarter profit was unchanged as surging output in Texas and California helped offset falling oil prices abroad.
Occidental Petroleum Corp., the fourth-largest U.S. oil company, fell after reporting it isn’t increasing the number of drilling rigs in California, where analysts said production was “a disappointment.”
Hess Corp.’s shareholder revolt is taking aim at long-time directors with close ties to the company’s founding family, including two executors of the estate of Leon Hess, who led the oil producer for six decades.