Petroleo Brasileiro SA is set to reverse two years of output declines as it starts tapping the biggest group of oil discoveries this century. Halting its five- year share slide probably will take longer.
The $5 billion settlement of a long- running pollution case will free Anadarko Petroleum Corp. to rival the world’s biggest energy companies and pursue global ambitions from Mozambique to the Gulf of Mexico.
Occidental Petroleum Corp. will lose its two-decade leader Ray Irani next year, freeing the $66 billion energy company to sell its operations outside the U.S. and boost one of the industry’s worst valuations.
Petroleo Brasileiro SA investors will be “pleased” if the company and Brazil agree on a price below $7.50 a barrel for 5 billion barrels of government-owned oil, said Ted Harper of Frost Investment Advisors.
U.S. investors cut stakes in oil- sands stocks, including Suncor Energy Inc. and Cenovus Energy Inc., as delays to the Keystone XL project and the lack of pipeline capacity depressed Canadian crude prices.
BP Plc Chief Executive Tony Hayward is discussing his departure from the company with its board after a leak at one of its Gulf of Mexico wells caused the largest oil spill in U.S. history, two people familiar with the matter said today.