Oil prices jumped almost $2 a barrel Thursday, and neared a new record high, following a surprise drop in U.S. crude inventories, a strike at Chevron's operations in Nigeria and a fire at BP's Alaska oil field.
"This is where it all started," says BP Prudhoe Bay field manager Kemp Copeland, pointing to a rust-colored steel pipe snaking its way across the bleak Alaska tundra 250 miles north of the Arctic C...
Oil company BP posted reduced earnings for the period that saw it shut down its Alaskan oil fields due to a leaks in its pipeline, but the company appeared to top forecasts.
How could BP, a company that has made being green a core part of its identity, even rebranding itself as "Beyond Petroleum," suffer within one year both the worst oil spill in the history of the North Slope and the worst U.S. refinery accident in more than a decade?
Stocks started higher Monday as oil fell below $60 a barrel for the first time in six months.
Stocks looked poise to get a lift from oil prices falling below $60 a barrel Monday.
The recent discovery of a massive oilfield under the Gulf of Mexico appears to be a godsend for our crude-hungry country. It's not that simple, however. The new deep-water find is a pointed example...
Oil giant BP says it has requested permission from the Department of Transportation to restart operations for the eastern part of the BP Prudhoe Bay pipeline in Alaska, the part that was shut down this summer upon the discovery of severe pipeline corrosion.
New BP America president Bob Malone spoke with FORTUNE's Abrahm Lustgarten about Prudhoe Bay and the company's string of problems.
BP's top U.S. executives told lawmakers Thursday that the company stumbled by failing to prevent a major Alaskan pipeline from becoming crippled by corrosion.
Oil prices jumped almost $2 a barrel Thursday, and neared a new record high, following a surprise drop in U.S. crude inventories, a strike at Chevron's operations in Nigeria and a fire at BP's Alaska oil field.
"This is where it all started," says BP Prudhoe Bay field manager Kemp Copeland, pointing to a rust-colored steel pipe snaking its way across the bleak Alaska tundra 250 miles north of the Arctic C...
Oil company BP posted reduced earnings for the period that saw it shut down its Alaskan oil fields due to a leaks in its pipeline, but the company appeared to top forecasts.
How could BP, a company that has made being green a core part of its identity, even rebranding itself as "Beyond Petroleum," suffer within one year both the worst oil spill in the history of the North Slope and the worst U.S. refinery accident in more than a decade?
Stocks started higher Monday as oil fell below $60 a barrel for the first time in six months.
Stocks looked poise to get a lift from oil prices falling below $60 a barrel Monday.
The recent discovery of a massive oilfield under the Gulf of Mexico appears to be a godsend for our crude-hungry country. It's not that simple, however. The new deep-water find is a pointed example...
Oil giant BP says it has requested permission from the Department of Transportation to restart operations for the eastern part of the BP Prudhoe Bay pipeline in Alaska, the part that was shut down this summer upon the discovery of severe pipeline corrosion.
New BP America president Bob Malone spoke with FORTUNE's Abrahm Lustgarten about Prudhoe Bay and the company's string of problems.
BP's top U.S. executives told lawmakers Thursday that the company stumbled by failing to prevent a major Alaskan pipeline from becoming crippled by corrosion.
Oil prices fell back near $67 a barrel Thursday after oil giant BP said its Prudhoe Bay facility in Alaska could reach full capacity by next month.
For investors seeking a sweet 13% dividend or an easy way to play rising oil prices, the BP Prudhoe Bay Royalty Trust seemed like a great bet. (The trust distributes royalties on oil produced from ...
Oil production at BP's Prudhoe Bay oilfield in Alaska, already running at half capacity due to pipeline corrosion, is being cut by another 90,000 barrels per day for several days due to a technical fault.
Oil prices fell over $1 Wednesday after the government reported a high level of domestic petroleum supplies and tensions eased with Iran over its nuclear program.
Big news stories have a way of morphing into emblems. Killer hurricanes represent global warming's arrival. CEO convictions symbolize corporate greed run amuck. But what happens when a news event i...
In his first interview since early in BP's Prudhoe Bay pipeline crisis, new BP America president and chairman Robert Malone took time out with Fortune's Abrahm Lustgarten to talk about what went wrong in Alaska and whether BP's string of problems mean the world's second largest oil company has widespread operational difficulties in North America.
Oil prices fell further Wednesday after the government's inventory report, the first since BP shut down half its giant Alaska oil field, said crude stocks were about what analysts expected.
Stock futures got a boost Wednesday after part of another key inflation report came in below estimates and building permits hit a four year low, further taking pressure off the Fed to raise interest rates.
BP estimates it will cost $100 million to replace the 16 miles of corroding pipeline at its giant oilfield in Prudhoe Bay, Alaska.
Gas prices went up one cent over the past three weeks to a new record high of $3.03 for a gallon of self-serve regular, according to a survey published Sunday.
Since 2000, BP has sought to brand itself as the nice guy of Big Oil, touting its investments in renewable energies and commitment to the environment, complete with a cute little sunflower-ish logo. However improbable or even absurd it was for the world's second-largest oil company to adopt "Beyond Petroleum" as a slogan (Fortune cast a skeptical eye at the effort in 2002) to a large extent, the strategy worked. Last year alone, BP was named the Financial Times "most respected energy company" and Fortune's "most admired company in Britain." Business Week ranked it the second-greenest company of the decade (after du Pont). "They have nailed their colors very firmly to the environmental mast," Patrick Barrow, managing director of the Public Relations Consultants Association, told Fortune last year. Those colors are fading fast.
The price of crude oil plummeted $2.35 settling at $74.00 a barrel on the NYMEX Thursday, matching its second largest price drop of the year, but oil analysts were divided on whether the market was responding to news of a thwarted terror plot targeting trans-Atlantic flights.
Oil slipped more than $1 to below $76 a barrel on Thursday after Britain said it had thwarted a plot to blow up an aircraft in trans-Atlantic flight, triggering falls in stock markets and a rise in safe haven bonds.
BP America may know by this weekend whether it can keep the western half of Alaska's Prudhoe Bay oil field in production while it replaces corroded pipes in the eastern half.
A BP executive, under fire over the Alaska pipeline closure, defended the company's response to a two-year-old memo sent to BP's board detailing widespread corrosion, safety issues and other problems at the company's Prudhoe Bay oil field.
Oil prices, rallying earlier in the session, ended the day little changed despite a government report showing supplies of crude oil, gasoline and distillates falling more than expected.
Mmmm, hmmm! That crow tastes pretty good. Yesterday I decided to get cute and say that Bernanke would hike rates one more time. Hey, I figured I had a 25 percent chance of looking like a genius. Yeah, right... Meanwhile, the Saudis and Mexicans saying they will make up oil shortfalls should be a tonic for the markets. Guess the Saudis DO have excess capacity.
The government Tuesday raised its forecast for the average price of oil in August by $3 a barrel, citing July's heat wave and decreased production from the closure of BP's oilfield in Alaska's North Slope.
Many homeowners are scrambling to pay utility bills and trying to find ways to reduce power consumption. For those considering home improvement projects, there's an abundance of new techniques and products that can be used to create a more energy-efficient home.
As BP shuts down its corroding pipelines in Alaska's North Slope, some analysts are wondering why the problem wasn't caught sooner and say that the company's problems foreshadow a larger mess with the world's aging oil infrastructure.
BP's Prudhoe Bay oil field in Alaska could be back up to full production early in 2007, the U.S. government said on Tuesday as global oil prices continued to climb.
High oil prices have been dragging down stocks. And share prices got another kick in the head Monday, when BP announced it would be shutting down the Prudhoe Bay oilfield in Alaska.
The biggest oilfield in the United States is shutting down because of severe corrosion. Alaska's Prudhoe Bay pipeline supplies about 8 percent of the nation's oil supply. Keep in mind, this pipeline had the biggest ever recorded oil spill in that region five months ago.
Oil giant BP has begun shutting down one of America's largest oilfields, drastically reducing crude supplies and causing a surge in global prices, after a corroded Alaskan pipeline sprang a leak.
In a blow to drivers already struggling with high gasoline prices, BP was forced to shut about 8 percent of the nation's domestic oil production for what seems to be a period of weeks after discovering "unexpectedly severe corrosion" in its pipelines in Alaska.
The shutdown of the nation's largest oilfield could send stocks downward when trading begins Monday.
Emergency officials in Alaska's North Slope succeeded Tuesday in dropping a power crew into the remote village of Kaktovik under blizzard conditions in an attempt restore electricity to the community of 300 residents, but were unsuccessful in landing a second aircraft carrying relief supplies.
TIMES of momentous change almost always translate somehow into glorious investment opportunities. Think of the real estate and retailing fortunes made in the postwar migration to California or of t...
Major oil companies exploring the Gulf of Mexico have found some of the biggest U.S. reservoirs since Prudhoe Bay. But don't look for petroleum prices to drop anytime soon: The oil lies beyond the ...
THE ARCTIC National Wildlife Refuge is almost as big as Indiana. It begins as a phalanx of magnificent rocky peaks high in the Brooks Range in Alaska's northeast corner, from there tumbling down a ...
ROBERT B. HORTON, chairman of British Petroleum, may have the toughest job in the oil business. With revenues last year of $50 billion, BP is the fourth- largest private oil company in the world af...
THE CONFRONTATION in the Persian Gulf conjures a host of horrible prospects: Shuttered factories. Gasoline lines. Blood in the sand. It might not come to that, of course. Iraq could yet withdraw fr...
Executives at Eastman Kodak, Johnson & Johnson, and a small knot of other U.S. companies interested in doing Soviet joint ventures are watching Chevron CEO Kenneth Derr, 54. They want him to drill ...
THE OIL SPILL at Valdez, Alaska, according to hysteria in some quarters, now ranks in ignominy with disasters like Bhopal and Chernobyl. Valdez is surely a tragedy, born of the most banal negligenc...
ALMOST EVERYBODY has heard by now about artificial intelligence: computers that will be able to do things that dullard humans can already do instantly, such as spot a face in a crowd, understand sp...
While oil industry earnings suffered from declining energy prices last year, oil pipeline companies gushed profits. Exxon Pipeline, a wholly owned subsidiary of Exxon, made $399.18 million on sales...
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