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☆ Occidental Petroleum CEO pushes back against California plans to fine Big Oil firms: 'They don't understand the industry'
▼ + stars: | 2022-12-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Occidental Petroleum's CEO hit back at California politicians over plans to fine Big Oil firms. California lawmakers unveiled plans to charge oil firms for their huge profits on high gas prices. "California's price gouging penalty is simple – either Big Oil reins in the profits and prices, or they'll pay a penalty," Newsom said. The average California gas price was $4.665 as of Wednesday, according to AAA. Gas prices have seen a modest pullback in step with a recent drop in oil prices, thanks to President Joe Biden's decision to release record amounts of crude from US reserves to help curb inflation.

☆ Warren Buffett's Berkshire Hathaway likely boosted its Chevron bet last quarter. Here are 6 key insights from its Q3 earnings.
▼ + stars: | 2022-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Berkshire benefited from higher interest rates and a stronger US dollar. It also revealed the billion-dollar hit to its insurance business from Hurricane Ian, and the positive impact of higher interest rates and a stronger US dollar on its operations. The discrepancy suggests it raised its stake to about 170 million shares last quarter. It owned about 908 million shares of the iPhone maker at the end of December, and purchased nearly 4 million more shares in the second quarter of this year. The US central bank's rate increases boosted the amount of interest that Berkshire earned on its cash and Treasury bills.

☆ U.S. judge approves sales process for shares in Citgo Petroleum's parent
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterDelaware District court judge Stark last year approved the sale of shares in PDV Holding, whose only asset is Citgo shares, to pay Canadian miner Crystallex $970 million. Citgo is the crown jewel of Venezuela's overseas assets, and has split from its Caracas-based ultimate parent, Venezuelan state-run oil firm PDVSA. Judge Stark's process sets a nine-month calendar after the official launch date before he reviews a high bid. The number of shares sold would only be enough to cover the Crystallex judgment and any others the court attaches to the case. Koch Minerals and Koch Nitrogen last week applied to the Delaware District Court to link their $387 million judgment.

☆ Australia's Scarborough project: Race and power collide in a fight over sacred rock art in remote Australia
▼ + stars: | 2022-09-23 | by ( Hannah Ritchie | ) edition.cnn.com time to read: +21 min

More than a million drawings are etched onto rocks on Murujuga peninsula on the Western Australia coast. Resources extracted from the region have powered Australia’s economy and helped create some of the world’s largest mining and energy multinationals. Today, the fight for Murujuga’s rock art reflects long-standing and unresolved issues of race and power. Woodside Petroleum's Pluto development on Murujuga, Western Australia, June 2008. Murujuga Aboriginal Corporation chief executive Peter Jeffries.

☆ Oil prices steady on expectations Fed rate hike to curb fuel demand
▼ + stars: | 2022-09-20 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File PhotoSINGAPORE, Sept 20 (Reuters) - Oil prices steadied on Tuesday after rising in the previous sessionon concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer. U.S. crude oil stocks are estimated to have risen last week by around 2 million barrels in the week to Sept. 16, a preliminary Reuters poll showed on Monday. read moreSigns that major producers are unable to meet their output quotas did give prices some support. read moreHowever, they are signs that higher oil prices this year are curbing demand.

☆ U.S. crude seen higher last week, gas and distillates inventories fall: Reuters poll
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Bing GuanRegister now for FREE unlimited access to Reuters.com RegisterSept 19 (Reuters)- U.S. crude oil stockpiles are expected to have risen last week, while gas and distillate inventories were seen lower, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average that crude inventories rose by around 2 million barrels in the week to Sept. 16. read moreAnalysts estimated stockpiles of gasoline (USOILG=ECI) fell by about 900,000 barrels last week. Distillate inventories (USOILD=ECI), which include diesel and heating oil, were expected to have dropped by 500,000 barrels last week. The rate of refinery utilization (USOIRU=ECI)was seen 0.1% lower than 91.5% of total capacity for the week ended Sept. 9, the poll found.

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