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One of South America's Poorest Countries Has Struck Oil

Find excites but worries Guyana

(Newser) - Guyana has long been one of the hemisphere's poorest places, a sparsely populated nation on South America's northern shoulder that relies heavily on exports of sugar, rice, and gold. But these days, there's a surge of excitement about an anticipated windfall from major oil-and-gas deposits found in... More »

ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into... More »

Scientist: Exxon Knew of Climate Change in 1981, Lied

'Guardian' explores explosive claims in newly uncovered email

(Newser) - Exxon was ahead of the game on climate change. According to Lenny Bernstein, who spent 20 years there as a climate expert, the company knew about the link between fossil fuels and climate change in 1981—seven years before the issue truly became public. But for the next 27 years,... More »

Carbon Tax Looming, Big Business Gets Ready to Pay Up

Dozens of US companies factoring price into financial plans

(Newser) - First came news that 90 companies are to blame for the majority of greenhouse gas emissions. Now, more than two dozen big US corporations are planning for a future that involves paying for their pollution. A survey by green-data firm CDP shows that 29 companies, including Exxon, Chevron, and Walmart,... More »

Teed-Off Ladies Still Barred at Augusta

Even CEO of Masters sponsor IBM is female-non-grata

(Newser) - The prestigious Augusta National Golf Club, host of the Masters, seems to be sticking to its maddening policy of banning female members. Augusta National Chairman William Porter Payne won't even deign to publicly discuss the issue. Some critics believe it's long past time to extend an invitation to... More »

Apple Becomes Most Valuable Company in World, Briefly

It overtakes Exxon for No. 1 spot before falling back again

(Newser) - For the first time since 2005, ExxonMobil found itself only the second-most valuable company in world: Apple briefly took the No. 1 spot today before relinquishing it. Analysts think a more permanent changing of the guard will happen soon, however. At one point today, Apple's market capitalization reached $347.... More »

Exxon Discovers Huge Oil Field in the Gulf

Company expects to get 700M barrels

(Newser) - Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount... More »

Palin: Don't Trust Foreign Oil Companies

Like that no-good BP, which used to employ Todd Palin

(Newser) - Sarah Palin is fired up about the Gulf Coast oil spill, and she's taking away a powerful lesson: Don't trust foreigners, like those tea-sippers over at British Petroleum. “Gulf: Learn from Alaska's lesson w/foreign oil co's: don't naively trust—VERIFY,” she wrote on Twitter . That sounds great and... More »

Dow Starts February Up 118

Exxon's quarterly results beat expectations

(Newser) - Stocks rallied today on a strong earnings report by ExxonMobil and data showing the US factory sector performed well in January, the Wall Street Journal reports.
  • The Dow added 118.30 points to close at 10,185.53.
  • The Nasdaq gained 243.85, closing at 2,171.20.
  • The S&
... More »

In Televised Auction of Oil Contracts, Iraq Plays Hardball

Oil ministry plays hardball on prices

(Newser) - The Iraqi oil industry has been nationalized since 1972, but today the country is awarding the first contracts in decades to private petroleum companies—live on television. So far a joint bid by British Petroleum and a Chinese firm has won the first contract, for a 17 billion-barrel field in... More »

Stocks, Oil Jump Together

(Newser) - Stocks jumped at the open today, with the Dow up 61 points, the Nasdaq adding 0.5%, and the S&P gaining 0.7%, powered by strong moves in its energy and basic materials sectors. That was due in part to the surge in fuel prices, with oil clearing $71... More »

20 Years After Spill, Valdez Oil 'Harmless'

Few remaining deposits don't threaten life in Alaskan waters: scientists

(Newser) - Nearly 20 years after the Exxon Valdez spill, what little oil remains in the soiled Prince William Sound is harmless to plant and animal life, scientists agree. The last oil deposits remain deep in the cracks between shoreline rocks, inaccessible to animals and degraded enough to be "biologically insignificant.... More »

Supplies Drop as Big Oil's Power Shrivels

State-owned firms don't churn it out like Shell

(Newser) - A rapidly changing world order has left the giant oil companies all monied up with nowhere to drill, the New York Times reports. The Western oil giants' share of production has plummeted from over half in the 1970s to just 13% today. Production is falling as oil supplies remain in... More »

Exxon Reports Best Quarter in History; Misses Estimates

(Newser) - ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year,... More »

Rockefellers Pump Exxon Execs for Changes

Family wants independent chairman, climate change initiatives

(Newser) - Executives at Exxon are bracing for an onslaught from the Rockefeller family, whose patriarch founded the oil firm’s predecessor a century ago, the Wall Street Journal reports. Led by John D. Rockefeller’s great-granddaughter, the family wants Exxon to pursue renewable forms of energy and appoint an independent chairman. More »

Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn

(Newser) - Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the... More »

Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%... More »

Rockefeller Clan Launches Green Revolt at Exxon

Demand new chairman, green agenda

(Newser) - Exxon Mobil is facing a shareholder revolt by most of John D. Rockefeller's 300 descendants, who are pushing for the mammoth company to go greener, reports the Wall Street Journal. The Rockefellers are campaigning for Exxon to develop new energy technology, cut greenhouse gas emissions and appoint a new independent... More »

Wal-Mart Tops Fortune 500

Exxon Mobil repeats 2007 performance, finishes second

(Newser) - Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports.... More »

Congress Grills Oil Execs Over Skyrocketing Prices

Honchos place some blame at legislators' feet

(Newser) - Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas... More »

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