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Judge: BP not to pay oil industry losses from moratorium

Judge: BP not to pay oil industry losses from moratorium

NEW ORLEANS (AP) — A federal judge ruled that BP does not have to pay for economic losses other businesses suffered when the federal government shut down deep-water drilling in the wake of BP’s catastrophic 2010 oil spill in the Gulf of Mexico. U.S. District Judge Carl Barbier in New Orleans issued his ruling late Thursday. The Obama administration imposed ...

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Exxon’s 4Q and annual profit plunge with oil prices

FILE - This April 29, 2014, file photo, shows an Exxon sign at a Exxon gas station in Carnegie, Pa. Exxon Mobil Corp. reports quarterly financial results on Tuesday, Feb. 2, 2016. (AP Photo/Gene J. Puskar, File)

DALLAS — The big plunge in oil prices is taking Big Oil’s profits down. Exxon Mobil Corp. said Tuesday that fourth-quarter profit fell 58 percent to $2.78 billion. It was the oil giant’s smallest profit since the third quarter of 2002. Exxon’s core exploration and production business lost money in the U.S. and international earnings plummeted by nearly two-thirds. One ...

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BP posts 91 percent plunge in fourth quarter earnings

BP posts 91 percent plunge in fourth quarter earnings

LONDON — BP’s fourth-quarter earnings plunged 91 percent amid sharp declines in oil prices as the British energy company continued to make provision for the Deepwater Horizon disaster in the Gulf of Mexico and streamline operations. The company reported Tuesday that underlying replacement cost profit fell to $196 million from $2.2 billion in the same quarter a year earlier. The ...

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Spate of energy industry layoffs sweeps workforce

And oil and gas worker walks along a corridor. (Image courtesy of Encana Corp)

A sustained downturn led to thousands of layoffs this week as companies struggle to weather the prolonged energy market slump. Falling oil prices forced many producers to cut costs and streamline business. The International Energy Agency said oil prices may fall further this year due to low demand and an oversupply of crude. Schlumberger Schlumberger cut 10,000 jobs and reported ...

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BP to cut 4,000 jobs amid oil price plunge

LONDON — Oil company BP is cutting some 4,000 jobs in exploration and production over the next two years amid sharp drops in the price of crude. The cuts in BP’s upstream business globally will include the loss of some 600 jobs in the North Sea. The cost-cutting announced Tuesday comes as the price of oil dropped to a 12 ...

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BP buys Devon Energy’s Blanco unit

FARMINGTON — BP has added more San Juan Basin assets to its natural gas portfolio for the first time in seven years. On Dec. 18, BP’s Lower 48 Onshore oil and gas business announced the acquisition of Devon Energy Corp.’s North East Blanco Unit, a collection of 480 natural gas wells across 33,000 gross acres in San Juan and Rio ...

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Alaska gas line project partners approve work plan, budget

JUNEAU, Alaska — The partners in a major liquefied natural gas project that the state of Alaska is pursuing voted Thursday to approve a work program and budget for the coming year. The state is pursuing the project with the North Slope’s major producers: BP, ConocoPhillips and Exxon Mobil Corp. Miles Baker, a spokesman for the state-sanctioned Alaska Gasline Development ...

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