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.
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.
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.
Marathon Oil Corp. , the U.S. oil and natural-gas producer that plans to spin off its refining operations this year, fell after reporting fourth quarter U.S. production profit was down and growth would be flat.
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.