Tag: energy
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After five years of exploration Exxon (XOM) abandons drilling off the coast of Brazil
After failing for the third time to find commercially viable amounts of crude there last year, the Texas oil giant has shifted geologists and engineers from working on the offshore acreage it began snapping up with partners for $4 billion in 2017 to other countries, including Guyana, Angola and Canada, these people said. Exxon hasn’t…
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Biden Administration places new restrictions on Arctic Oil exploration
President Biden moved to block future oil and gas leasing in the Arctic Ocean’s federal waters, part of a sweeping plan to protect 16 million acres of land and water in Alaska. Sunday’s announcement comes as the administration is preparing to approve the massive Willow oil-drilling project in the Alaskan Arctic over the objections of environmentalists and…
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TC Energy (TRP) ups dividend 3.3%
TC Energy Corporation (TRP) today announced that its Board of Directors declared a quarterly dividend of $0.93 per common share for the quarter ending March 31, 2023, on the Company’s outstanding common shares. The common share dividend is payable on April 28, 2023, to shareholders of record at the close of business on March 31,…
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Exxon to combine business units in part of reorg
The U.S. oil company, which posted a record profit in 2022, plans to form three new organizations under which it will wed several smaller units later this year such as its financial-services, procurement and customer-service groups, according to a memo that was sent to employees and viewed by The Wall Street Journal. Reorganizing the business…
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Chevron seeks energy exploration deal with Algeria
Over the past decade, U.S. companies have pulled back from operations in oil-and-gas-rich Middle Eastern and African countries they viewed as politically risky to focus on booming shale production at home. Yet Chevron, which is the world’s second-largest Western oil company by market capitalization, recently revived talks to invest in Algeria, people familiar with the matter said.…
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Exxon (XOM) records highest annual profit ever
The largest U.S. oil company turned in record annual earnings of $55.7 billion for 2022 in its quarterly earnings Tuesday, outpacing big banks, tech giants and vaccine makers. Among companies that have reported fourth-quarter earnings, only Apple Inc. AAPL 0.28%increase; green up pointing triangle and Microsoft Corp. MSFT 1.30%increase; green up pointing triangle have surpassed…