As freezing weather drained stockpiles of propane to their lowest seasonal level in two decades on the U.S. East Coast this month, shivering New Englanders couldn’t tap abundant supplies sailing out of Texas. They had to look 4,000 miles away to more-expensive heating fuel from Europe.
Chevron Corp., the fourth-largest oil and natural gas company by market value, is conducting a strategic review of its U.S. midstream business which could result in a sale of some or all of the unit, people with knowledge of the matter said.
Occidental Petroleum Corp., the largest oil producer in the continental U.S., will split its operations in California into a separate publicly traded company in one of the final steps of a breakup plan.
Andrew J. Hall, the oil trader whose $100 million compensation while at Citigroup Inc. ignited controversy in 2009 over pay packages at bailed-out banks, posted his commodity hedge fund’s biggest annual loss last year.
Anadarko Petroleum Corp. shares fell to a 10-month low and its bonds tumbled after a court ruling that may result in a $14 billion payout, prompting calls for settlement to prevent a prolonged drag on the oil company.
Pioneer Natural Resources Co., the energy explorer with more than 7,000 wells in the largest U.S. oil field, may draw buyers from Chevron Corp. to ConocoPhillips to one of the industry’s biggest takeover targets.