Statoil ASA scaled back spending plans and cut production targets as Norway’s largest oil and gas producer seeks to boost free cash flow and shareholder returns amid rising costs and stagnating energy prices.
Royal Dutch Shell Plc said profit plunged because of deteriorating refining markets and mounting losses in the Americas, surprising investors with an early earnings report that wiped out $10 billion in shareholder value.
BP Plc, with billions of dollars at stake, seeks to lower payments from its partial Gulf of Mexico oil spill settlement by persuading a federal appeals court to order stricter standards for evaluating claims.
Royal Dutch Shell Plc will be able to support oil output from the 2020s after winning an auction with its partners for the Libra field, Brazil’s biggest crude discovery, according to Sanford C. Bernstein & Co.
BP Plc, seeking to reduce potential water-pollution fines of as much as $18 billion, is trying to convince a judge that less oil spilled in the 2010 Gulf of Mexico disaster than the U.S. claims and that it capped the deep-sea gusher as quickly as possible.
OAO Rosneft, Russia’s state oil company, is the leading contender to buy BP Plc’s 50 percent stake in TNK-BP as the U.K. explorer looks to exit the venture that’s provided $19 billion in dividends since 2003.