Fadel Gheit News
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Marathon Oil Corp. ended talks to sell part of its stake in the Athabasca Oil Sands Project as Canadian oil sands deals languish in the face of low heavy crude prices and competing U.S. shale investments.
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Hess Corp. ended a four-month proxy battle with billionaire Paul Singer’s Elliott Management Corp., adding three of the activist investor’s five board nominees and heading off a shareholder vote on competing candidates.
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As Anadarko Petroleum Corp. Chairman Jim Hackett steps down and heads off to Harvard Divinity School, Chief Executive Officer Al Walker’s biggest challenge is convincing investors nothing will change at the $45 billion global oil explorer.
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Hess Corp., the oil company that’s in a proxy battle with billionaire Paul Singer’s Elliott Management Corp., said it will strip Chief Executive Officer John B. Hess of the chairmanship after its annual meeting next week.
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Occidental Petroleum Corp., transformed by longtime leader Ray Irani into a global oil powerhouse from a hodgepodge of businesses that included movies and meatpacking, is set to undergo another makeover after the chairman’s ouster by shareholders.
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Ray Irani inherited an unwieldy conglomerate including oil, movies and meatpacking when he took over as Occidental Petroleum Corp.’s chief executive in 1990.
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EOG Resources Inc., the oil producer with the most acreage in Texas’ Eagle Ford Shale, rose the most in nine months after first-quarter profit beat analysts’ estimates by 52 percent.
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The biggest oil companies are failing to increase earnings as crude trades near a nine-month low, production wanes and costs rise.
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Phillips 66, the largest U.S. independent refiner by sales, said first-quarter profit more than doubled as the margin between oil costs and fuel prices widened and its chemical business improved.
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ConocoPhillips, the largest independent U.S. oil and natural gas producer, reported first- quarter profit that met analysts’ estimates as output fell.
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