YOU ARE HERE: LAT HomeCollectionsOil Giant

Oil Giant

August 19, 2010 | By Kim Murphy, Los Angeles Times
Wayde Bonvillain, who makes his living selling Louisiana's tender softshell crabs, said Wednesday that his problem is he doesn't know yet how broke he is. How can he know, when crabs make their home thousands of feet down on the ocean floor, and now people are saying there's spilled oil on the bottom of the sea? BP has offered him $143,000 for six years of lost earnings, he told Kenneth R. Feinberg, the mediator who next week will take over from the British oil giant a $20-billion fund for oil spill compensation claims.
May 24, 2010 | By Ashley Powers and Richard Fausset, Los Angeles Times
The public-private response to the Gulf of Mexico oil leak showed more signs of strain Sunday as members of the Obama administration bashed BP's progress even as they acknowledged they had to rely on the oil giant's equipment and expertise to plug the blown-out well. In one of the harshest government condemnations of the company to date, Interior Secretary Ken Salazar said BP had blown "deadline after deadline" and had not "fulfilled the mission it was supposed to fulfill." "I am angry and I am frustrated that BP has been unable to stop this oil from leaking and to stop the pollution from spreading," Salazar said at a Houston news conference.
July 20, 2010 | By Steve Gelsi
Apache Corp. said Tuesday it agreed to buy a handful of BP's oil and natural gas fields throughout North America and Egypt for $7 billion, though the oil giant's Prudhoe Bay, Alaska operations were not part of the deal. Apache Corp., known for purchasing mature oil and gas properties and wringing more value out of them, will scoop up BP properties in Alberta and British Columbia, as well as the Permian Basin of West Texas and New Mexico and Egypt's Western Desert. All told, the Houston oil and gas company will add estimated proved reserves of 385 million barrels of oil equivalent to its portfolio.
March 19, 2008 | From Reuters
A British judge Tuesday lifted a $12-billion freeze on Venezuelan assets awarded to Exxon Mobil Corp., dealing a blow to the oil giant in its fight with the OPEC nation over President Hugo Chavez's nationalization crusade. The ruling hands a victory to Chavez in the bare-knuckles dispute between the largest U.S. oil company and one of the world's most oil-rich countries that boosted energy market tensions and helped push oil prices to new records above $112 a barrel. "Our people won, our country won, our homeland won," Energy Minister Rafael Ramirez said in a news conference after earlier describing the decision as a "100%" victory for Venezuela.
Exxon Corp. has been quietly shipping monthly tanker loads of crude oil west of the Channel Islands since October without permission of industry regulators, federal and state officials said Thursday. Environmentalists thought that they had secured a victory in October, 1993, when the oil giant decided to abandon its efforts to ship its Santa Ynez Unit field oil through the ecologically sensitive Santa Barbara Channel. But it was disclosed last week that regulators had discovered that the company was shipping 200,000 barrels a month from San Francisco to Los Angeles via a route west of the islands aboard the Exxon-owned tanker R/S Baytown.
October 2, 1987 | DONALD WOUTAT, Times Staff Writer
Atlantic Richfield filed suit Thursday to force two government agencies to permit the development of its Coal Oil Point offshore oil project or pay the oil giant $793 million in damages. The suit in Los Angeles County Superior Court, which was expected, claims the State Lands Commission and Santa Barbara County illegally blocked the oil company's effort to develop longstanding leases on state lands just off the Santa Barbara coast.
April 5, 2012 | Bloomberg News
Chevron Corp. and Transocean Ltd. are being sued for $22 billion in environmental damages in Brazil, double the initial claims, after a federal prosecutor filed a lawsuit over a second oil spill off the nation's coast. Chevron committed "a series of errors" that led to the March spill at the Frade project, the federal prosecutors' office said. Prosecutor Eduardo Santos de Oliveira is also seeking to halt operations at the project and block the San Ramon, Calif., oil giant from transferring profits from Brazil.
October 18, 2013 | By Shan Li
Oil giant Occidental Petroleum Corp. said Friday it plans to sell off its minority stake in the Middle East and North Africa region along with other assets in an effort to boost shareholder value. The Los Angeles company, which is one of the largest oil producers in the country, said those decisions come as part of a push to streamline operations and improve profitability. “Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” Stephen I. Chazen, Occidental's chief executive, said in a statement.
May 7, 2012 | By E. Scott Reckard
With energy prices high, Big Oil rules atop the Fortune 500, helping to put Texas just a hair behind California as home to the highest-revenue corporations -- 52 firms, compared with the Golden State's 53. The magazine's latest list of mega-enterprises, released Monday, showed Exxon Mobil in the Dallas suburb of Irving edging out Wal-Mart Stores for the top spot, with 2011 revenue of $453 billion, compared with $447 billion at the Arkansas-based...
Los Angeles Times Articles