May 30, 2004 |
With sky-high gasoline prices burning into family budgets, the oil-using world listened anxiously last week for words of deliverance from the Saudi Arabian oil minister, Ali Ibrahim Naimi. Folks would have been wiser to listen to Russian President Vladimir V. Putin. For as significant as Saudi production is -- and as helpful as Naimi's pledge to increase petroleum output by 11% to 9 million barrels a day should be -- it is Russia that will lift the globe out of its current energy funk.
July 26, 2012 |
Exxon Mobil Corp.andOccidental Petroleum Corp.said second-quarter earnings took a hit from lower oil and natural gas prices, a pattern that analysts expect to be repeated throughout the energy industry. But in an economy that is struggling to gain momentum, the oil business is still posting numbers that many others would love to have. Exxon Mobil, in fact, reported record profits, but it needed the help of asset sales to do it. Analysts said the stage for this week's earnings reports was set when oil declined nearly 9% and natural gas plunged 46% during the quarter compared with year-earlier prices.
October 30, 1988
The scare tactics being used in the campaign to prohibit Occidental Petroleum Corp. from drilling two exploratory oil wells in Pacific Palisades include the claim that if the project is approved there will be no way to keep oil rigs out of Santa Monica Bay itself. But that argument is no more valid than to argue that cutting a tree on the outskirts of Eureka means that the Redwood National Park will be logged.
December 13, 2012
"Dilbit" - drop the word in casual conversation and listeners might think you're talking about the comic strip engineer who can't get a date. But dilbit actually stands for "diluted bitumen," a heretofore obscure oil industry term that may soon be trending on your search engine as controversy deepens over the Keystone XL pipeline, a project to carry oil from the Alberta tar sands to refineries in Texas that has become the nation's most contentious battle between conservative fossil fuel backers and liberal environmentalists.
November 10, 2012 |
EDMONTON, Canada - With a daughter to feed, no job and $200 in the bank, Detroit pipe fitter Scott Zarembski boarded a plane on a one-way ticket to this industrial capital city. He'd heard there was work in western Canada. Turns out he'd heard right. Within days he was wearing a hard hat at a Shell oil refinery 15 miles away in Fort Saskatchewan. Within six months he had earned almost $50,000. That was 2009. And he's still there. "If you want to work, you can work," said Zarembski, 45. "And it's just getting started.
July 17, 2005 |
When Alberta Premier Ralph Klein toured China last year and invited business leaders to visit the Canadian province's oil sand deposits, he didn't expect an immediate response. But when Klein returned home a week later, Chinese executives were already making the rounds in Alberta, where the oil sands region is roughly the size of Florida and is believed to contain the richest reserves after Saudi Arabia. The executives' quick response paid off.
June 24, 2008 |
Occidental Petroleum Corp. said Monday that it was buying a stake in a major Canadian oil-sands project and had signed 30-year agreements with Libya's national oil company to upgrade its existing oil contracts. Westwood-based Occidental agreed to buy Enerplus Resources Fund's 15% interest in the Joslyn oil-sands lease in Alberta for $491 million to capitalize on Canadian production. The acquisition represents 370 million barrels of recoverable oil reserves, Occidental said. The company said it expected to spend $2 billion to develop the reserves "over a number of years."
October 21, 2013 |
FORT CHIPEWYAN, Canada - In the Cree language, the word "athabasca" means "a place where grass is everywhere. " Here in Alberta, the Athabasca River slices through forests of spruce and birch before spilling into a vast freshwater delta and Lake Athabasca. But 100 miles upstream, the boreal forest has been peeled back by enormous strip mines, where massive shovels pick up 100 tons of earth at a time and dump it into yellow trucks as big as houses. The tarry bitumen that is extracted is eventually shipped to refineries, many in the United States, to be processed into gasoline, diesel and other fuels.
CALIFORNIA | LOCAL
February 22, 1990 |
Just when it appeared that efforts to mop up the Orange County oil spill were winding down, authorities feared Wednesday that a thin vein of crude may have seeped into the sand along a broad stretch of shoreline, threatening to indefinitely delay the opening of beaches.
August 1, 2007 |
Marathon Oil Corp. is poised to break into Canada's growing oil-sands market, announcing Tuesday that it has agreed to buy Western Oil Sands Inc. for $5.5 billion in cash and stock. Shareholders of Western Oil, based in Calgary, Canada, will get $3.6 billion in cash and $1.9 billion in Marathon stock. Marathon also will assume $650 million in Western Oil debt, valuing the total deal at about $6.2 billion.