March 30, 2013 |
TAFT, Calif. - This two-stoplight town was built on petroleum, and residents here never miss a chance to pay tribute. A 38-foot monument to wildcatters stands downtown; locals brag it's the tallest bronze sculpture west of the Mississippi. Every five years, the city throws an "Oildorado" festival. There's even a beauty pageant in which young women dubbed "the maids of petroleum" vie to be crowned queen. It's all an homage to the bustling days when Taft boasted two giant oil fields and Standard Oil Co. of California was headquartered there.
CALIFORNIA | LOCAL
February 1, 2013 |
The city of Whittier and a Santa Barbara oil company prompted outrage Thursday as they began clearing trees and brush from a nature preserve that was bought with Los Angeles County tax dollars to protect it from development. Whittier purchased the land and its mineral rights 19 years ago with $9.3 million in county Proposition A funds, which are designated for conservation purposes only. But the city later reversed course, learning that oil deposits could bring the city up to $100 million a year in royalties - nearly double its $55-million budget.
November 13, 2012 |
Step back, Saudi Arabia and Russia. The U.S. will become the world's top producer of oil by 2020, a net exporter of oil around 2030 and nearly self-sufficient in energy by 2035, according to a new report from the International Energy Agency. It's a bold set of predictions for a nation that currently imports some 20% of its energy needs. Recently, however, an "energy renaissance" has begun in the U.S., marked by a boost in oil, shale gas and bioenergy production made possible by new technologies such as hydraulic fracturing, or fracking, and horizontal drilling, said the report by the Paris agency, which acts as an energy watchdog for industrialized nations.
October 27, 2012
Re "Gas market's structure hits drivers hard," Oct. 22 The graph that accompanied this article, which shows how crude oil prices, taxes, refiners and station owners have influenced the price of gas recently, proves that practically all of the recent run-up in California gasoline prices is going to the refinery owners: Chevron, Tesoro, BP, ConocoPhillips, Exxon Mobil and four others. Chevron, BP, Exxon Mobil and ConocoPhillips are, along with Shell, the five largest oil companies in the world, and in 2011 they made record profits of $137 billion.
October 26, 2012 |
Occidental Petroleum Corp. and ConocoPhillips posted lower earnings but still beat analyst expectations, leading off what is expected to be a weaker third-quarter earnings performance for the U.S. oil and gas industry compared with a year earlier. Occidental, the nation's fourth-biggest oil and gas company, reported net income of $1.4 billion, or $1.70 a share, compared with a profit of $1.8 billion, or $2.18 a share, in the third quarter of 2011. Analysts had been expecting the Westwood company to report $1.63 a share, according to Thomson Reuters.
October 25, 2012 |
Occidental Petroleum Corp. of Westwood led off what is expected to be a lower third-quarter earnings performance for the oil and gas industry compared to a year ago. But the company still made a $1.4-billion profit while setting another production record. Occidental is the nation's fourth biggest oil and gas company. It's $1.4-billion and $1.70-a-share performance compared with a profit of $1.8 billion and $2.18 a share in the third quarter of 2011. The main difference in performance involved lower commodity prices.