Exxon Mobil Corp. increased the proportion of its reserves made up of oil to the highest in a decade as shale-drilling expertise acquired in the $35 billion XTO Energy deal was mobilized to find crude.
Paul Sankey, whose oil-industry forecasts earned him the top ranking the past three years in Institutional Investor’s survey, joined Wolfe Research LLC after quitting his senior oil-analyst job at Deutsche Bank AG.
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.
Occidental Petroleum Corp.’s plan to separate its $16 billion oil and natural gas business in California as part of a restructuring effort may have hit a snag: some shareholders aren’t that interested.
Refiners including Tesoro Corp. and Valero Energy Corp. fell on speculation by Deutsche Bank that a win by Republican presidential candidate Mitt Romney may threaten restrictions on U.S. crude exports.
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.
Occidental Petroleum Corp., the largest oil producer in the continental U.S., has begun looking for suitors to take a minority stake in its Middle East unit for as much as $8 billion, said people with knowledge of the matter.