InterOil Corp. lost more than a third of its market value after agreeing to sell Total SA a majority stake in its Papua New Guinea natural gas discoveries for a price that won’t be known for at least a year.
International oil producers are girding for carbon emission costs that may surge to almost 10 times the current prices in Europe, the world’s largest greenhouse gas market, as governments around the world step up efforts to curb climate change.
Chevron Corp., the world’s second- largest non-state energy company by market value, said its Rosebank oil discovery off the coast of Scotland would be unprofitable to bring into production at this time.
Berkshire Hathaway Inc. reported a stake in Exxon Mobil Corp. valued at about $3.7 billion as Warren Buffett’s company disclosed its largest new holding since adding International Business Machines Corp. in 2011.
Chevron Corp. plans to sell some oil and natural-gas assets as newly-acquired exploration prospects in places such as Iraq, Canada and Australia take precedence. Some of the new projects may move to the top of the San Ramon, California-based company’s development queue because they promise richer returns, Chief Financial Officer Pat Yarrington said during a conference call with analysts today.
Chevron Corp., the second-largest U.S. energy producer by market value, reported third-quarter profit below estimates as weaker refining margins eroded gains from higher commodity prices and output from wells.
The chances of TransCanada Corp.’s Keystone XL pipeline getting built are dwindling, Continental Resources Inc.’s Chief Executive Officer Harold Hamm said today at Bloomberg Link Oil & Gas Conference in Houston.