Occidental Petroleum Corp. Chairman Ray Irani should retire and Chief Executive Officer Stephen I. Chazen should be allowed to continue as CEO, shareholder First Pacific Advisors LLC said in a letter to the company today.
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.
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.
Treasuries fell and commodities rose after data on U.S. retail sales and Germany’s economy topped forecasts and France unexpectedly averted a contraction. Spanish bonds rallied, while U.S. stocks erased gains in the last hour of trading.
The record slump in natural-gas prices signals companies from BHP Billiton Ltd. to Ultra Petroleum Corp. are at risk of writing off billions of dollars of assets following a bubble in U.S. shale-gas acreage.