12 Stories

Delta Buys Own Oil Refinery

Aims to shave jet fuel costs in unprecedented deal

(Newser) - Delta Air Lines is pocketing a Pennsylvania oil refinery in an industry-first move to clip its ever-burgeoning jet fuel costs, which soared to $12 billion last year. The $150 million deal—about the cost of a new jetliner, notes Reuters —is set to satisfy 80% of the airline's... More »

Walmart Rules Fortune 500 List

Editors see huge disparity between businesses, ordinary Americans

(Newser) - Turns out, last year was a pretty good one for US businesses. Total revenue for Fortune 500 companies jumped 10.5% to $10.8 trillion, while profits surged 81%. "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans,"... More »

Oil Giants (Minus BP) Create Spill Response System

Exxon, Chevron, others learn from BP's mistakes

(Newser) - Four oil giants are teaming up to create an early-response system to contain disasters like the Deepwater Horizon spill. Exxon, Chevron, Royal Dutch Shell, and ConocoPhillips are committing an initial $1 billion to create the nonprofit Marine Well Containment Co., though maintaining the "strike force" will cost more over... More »

Oil Giants All Have Same Lame Spill Plan: Dems

Companies argue spill was a fluke

(Newser) - Lord help us if there’s another deepwater spill, because the big oil companies all have a pretty much identical response plan to BP, congressional Democrats complained today, grilling executives from Chevron, Exxon, Shell, BP, and Conoco Phillips. All the companies hired the same third party to draft their plans,... More »

Economy May Tank Palin's $30B Pipeline

Governor's much-touted initiative could be derailed as gas, oil prices fall

(Newser) - A sour economy and tumbling oil prices might sink Sarah Palin’s oft-touted Alaskan natural-gas pipeline, the Wall Street Journal reports. Low prices and increased natural-gas production in the lower 48 are causing energy companies to reconsider the $30 billion project. Without the revenue-generating pipeline, Alaskans who depend on the... More »

Guess What Oil Execs Make

Industry bigwigs are grilled by the Senate

(Newser) - Big Oil executives today were grilled by the Senate on soaring prices, and Sen. Patrick Leahy asked for their salaries, the AP reports. Here's what they said:
  • J. Stephen Simon, Exxon: $12.5 millon.
  • John Lowe, ConocoPhillips: Did not recall
  • Peter Robertson, Chevron: Did not recall.
  • John Hofmeister, Shell, $2.
... 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 »

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the... More »

Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

(Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an... More »

Exxon, Conoco Pull Out of Venezuela

Firms reject Chavez demand for 60% stake in future projects

(Newser) - ExxonMobil and ConocoPhillips are bolting from lucrative operations in Venezuela in the wake of Hugo Chavez's demand that his state-run oil company receive at least a 60% share in projects. Talks over compensation fell apart hours before today's deadline to determine the future of four projects that produce as much... More »

Chicken Fat Doubles as Diesel

Tyson, ConocoPhillips team up to produce biofuels

(Newser) - Two corporate giants are teaming up to produce biofuels and boost their bottom lines. Tyson Foods, the world's biggest meat producer, and third-largest U.S. oil company ConocoPhillips will be using about half of Tyson's animal fat to make a renewable diesel fuel, which will account for about 3% of... More »

Conoco Calls For Emissions Cap

First American oil company to support nationwide ceiling

(Newser) - ConocoPhillips is the first American oil company to advocate a U.S. emissions cap, positioning itself to help shape potential federal legislation. Acknowledging that fossil fuels contribute to global warming, the company joined a group of corporations drawing up a plan for a nationwide ceiling. More »

12 Stories
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