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U.S. refiners struggle with too much light crude: Kemp

oil test

By John Kemp (Reuters) – Most of the extra oil produced in the United States in the next two years will be light crudes and condensates that domestic refineries will struggle to process – intensifying pressure for at least a partial relaxation of the country’s export ban. U.S. oil production is set to increase by another 2 million barrels per day ...

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Shale industry fracturing under debt burden

By John Deede, Shale Plays Media | Google+ Many areas surrounding the shale oil deposits have seen the financial benefits of drilling in the past decade. Many of the companies doing the drilling, however, do not seem to be the beneficiaries of the windfall of money, with many of them highly leveraged with debt. As Asjylyn Loder of Bloomerg reports: Shale ...

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Cheniere, Gas Natural LNG deal worth $13 bln – source


(Reuters) – A 20-year liquefied natural gas (LNG) sale-and-purchase agreement between Cheniere Energy and Gas Natural Fenosa announced on Monday is worth $13 billion, a source with knowledge of the deal said. The two companies did not disclose the value of the agreement when they made it public earlier on Monday. [ID:nWNBB04J6G] The deal foresees Gas Natural buying 1.5 million tonnes per year of ...

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Slate.com tells us where North Dakota’s money is going


By Lydia Gilbertson | Google+ In a recent article from Slate.com they explore North Dakota’s growing wealth and what it means for the state. The tagline reads “North Dakota has oceans of oil money. But don’t expect skyscrapers in Bismarck” referencing North Dakota’s fiscal responsibility and tendency to save money rather than spend it. The article discusses at length the ...

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Oil little changed ahead of US supply report


The Associated Press The price of oil was little changed below $103 barrel Thursday as traders awaited confirmation of a large rise in U.S. crude stockpiles. By early afternoon in Europe, benchmark crude for July delivery was down 4 cents to $102.68 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the Nymex contract dropped $1.39 ...

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Exxon CEO predicts alternative energy will grow but oil to remain top fuel through 2040

exxon mobil

DAVID KOENIG , Associated Press DALLAS — The CEO of Exxon Mobil Corp. says alternative fuels will grow but that oil will remain the world’s leading source of energy for another quarter century. CEO Rex Tillerson says natural gas will surpass coal as the second most heavily used fuel. Tillerson made the comments Wednesday at the company’s annual shareholder meeting. About 15 ...

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Chevron shareholders reject independent chair


MIDLAND Texas (Reuters) – Shareholders of Chevron Corp <CVX.N>, the second-largest U.S. oil company, rejected a proposal on Wednesday to split the roles of chairman and chief executive, both currently held by John Watson. The vote casts further doubt on the long-running campaign by shareholder activists to force some of the largest U.S. corporations to splice the positions, a step ...

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Worthington Energy Discusses Existing Assets on Barr Lease


SAN FRANCISCO, CA, United States, via eTeligis Inc., 05/28/2014 – – Worthington Energy, Inc. (OTCQB: WGAS) (“Worthington” or the “Company”), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to provide additional information on the existing assets currently in place on the Barr lease acquired from American Dynamic Resources, ...

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Marathon to pay $2.87B for retail side of Hess Corp.

marathon oil

FINDLAY — Marathon Petroleum Corp. announced Thursday that it will pay $2.87 billion to buy 1,256 convenience stores from Hess Corp. The Hess stores will become Speedway stores over the next three years. Speedway LLC is a subsidiary of Findlay Marathon Petroleum. The deal also includes a transportation fleet capable of transporting about 1 billion gallons a year, as well ...

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