BP said Thursday that it will pay $4.5 billion in a settlement with the U.S. government over the massive 2010 oil spill and will plead guilty to felony counts related to the deaths of 11 workers and lying to Congress. The figure includes nearly $1.3 billion in criminal fines — the largest such penalty ever — along with payments to several government entities.
Canada's Natural Resources minister said a report that says the U.S. will become the world's largest oil producer by the end of the decade should serve as a wakeup call that dramatically illustrates the need for Canada to diversify its energy exports.
British oil company BP and its Russian partner AAR say they have settled all disputes between them as both prepare to sell their stakes in their lucrative but contentious joint venture, TNK-BP. Both have agreed to sell their positions to the Russian state-controlled oil company Rosneft.
New Hampshire's attorney general says two oil companies are paying the state a total of $35 million to settle pending claims from a lawsuit alleging that they added MTBE to gasoline, knowing that it would contaminate ground water supplies. The state, which sued the companies and others in 2003, contends they knew they were supplying a product with unique hazards.
OPEC says that fossil fuels will remain the main energy source in the coming decades with coal's share growing and oil's falling. In its annual World Oil Outlook, the Organization of the Petroleum Exporting Countries also projects that a barrel of benchmark crude will cost $155 by 2035, compared with under $100 now.
Chevron Corp. says it will use corrosion-resistant pipes at the San Francisco Bay area fuel refinery damaged in an August fire. The petroleum giant says in a letter released on Wednesday that thinning and corrosion in refinery pipes apparently caused the blaze in its crude unit No. 4.
Now that the U.S. presidential election is decided, the oil market is back to worrying about the global economy. Benchmark oil fell $2.67, or 3 percent, to $86.04 per barrel Wednesday in New York. It rose 3.5 percent Tuesday, ahead of President Obama's re-election.
The Midland-based chemical giant plans a $100,000 donation to the American Red Cross National Disaster Fund; $150,000 in grants to local Red Cross chapters and human services providers in areas where Dow has facilities; and implementation of an employee matching gift program of up to $100,000.
Officials say nine people have been hurt in a chemical tank leak that restricted outdoor activities in a Southeast Texas city for hours. Emergency authorities in Texas City lifted the shelter-in-place order shortly after 5 a.m. Thursday in a storage tank spill involving hydrochloric acid.
Chemical company PolyOne Corp. reported an 11 percent increase in its third-quarter net income on Wednesday and disclosed it has agreed to buy plastics products maker Spartech Corp. for $246 million in stock and cash. PolyOne makes resins used in plastic pipe and other products, and said the earnings increase reflected an improved product mix.
The Dow Chemical Co. will eliminate about 2,400 jobs and close roughly 20 manufacturing facilities as part of a restructuring plan aimed at coping with slowing economic growth in Europe and elsewhere. The manufacturing giant said Tuesday that the job cuts amount to 5 percent of the company's workforce worldwide.
U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day.
Chemical maker the DuPont Co. will cut 1,500 jobs and take other steps to increase competitiveness after a third quarter in which earnings fell sharply. The company reported net income of $10 million Tuesday, or a penny per share, compared with $452 million, or 48 cents per share, for the same period last year.
Russian oil giant Rosneft said Monday it is buying TNK-BP, the joint venture between AAR, a group of Russian oil oligarchs, and BP, the British the energy company. BP said it had agreed to sell its 50 percent stake in TNK-BP to Rosneft for $17.1 billion in cash and a 12.84 percent stake in the Russian oil group.
The national average retail price has fallen for ten straight days and is now $3.74 per gallon. That's 13 cents below the fall peak of $3.87 reached on Sept. 14, although still higher than ever for this time of year. Gasoline prices typically decline in the fall as refiners switch to cheaper fuel blends and drivers take a break from road trips.
Chemical giant DuPont Co. is opening an innovation center in suburban Detroit that's aimed at speeding the introduction of new products for the automotive industry. The Wilmington, Del.-based company's facility opened Thursday. It is DuPont's eighth-such center and is located at its Automotive Development Center in Troy.
With its new CEO on an extended sick leave, Dutch chemicals conglomerate Akzo Nobel NV reported Thursdsay a $3.11 billion loss in the third quarter after taking a massive impairment charge on its home paints business. Akzo Nobel said the business's growth potential is simply less than it had hoped, particularly in its biggest market, Europe.
Nearly half the steel TransCanada is using is not American-made and the company won't promise to use local workers exclusively; it can't guarantee the oil will remain in the United States. To fight back, insulted Texas landowners are filing dozens of lawsuits, threatening to further delay a project that has already encountered many obstacles.
Cleaning, food safety and pest-control services company Ecolab is buying the specialty chemical company Champion Technologies in a cash-and-stock deal valued at about $2.2 billion. Ecolab Chairman and CEO Douglas Baker Jr. says that the transaction will help expand its geographic reach and enhance its technology offerings.
The nation's crude oil supplies increased last week, the government said Wednesday. Crude supplies grew by 1.7 million barrels, or 0.5 percent, to 366.4 million barrels, which is 8.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
South Korea has declared an area hit by toxic chemical leak a special disaster zone to clear the way for state assistance to residents there. Eight tons of hydrofluoric acid leaked after an explosion last month at a chemical factory in the southeastern city of Gumi that initially killed five people.
The expansion of the shale gas market could potentially drive significant benefits to the U.S. chemicals industry, including decreased raw material and energy costs, according to a new report released today by PwC. In fact, another recent PwC report estimated that the potential impact of shale gas on U.S. manufacturing could enable U.S. manufacturers to lower their raw materials and energy costs as much as $11.6 billion annually by 2025.
Chemical coating maker Cytec Industries Inc. says it has agreed to sell its coating resins business to private equity firm Advent International for $1.03 billion. The deal also includes assumption of $118 million in debt. It is expected to close in the first quarter 2013.
BP has finally found a buyer for its Texas City refinery, one of the largest and most complex in the U.S. Marathon Petroleum Corp. will pay $598 million for the refinery and other nearby pipelines and fuel terminals, plus $1.2 billion for the inventory of oil and petroleum products owned by the plant.
Actress Daryl Hannah of "Splash" fame was arrested in northeast Texas, along with a 78-year-old landowner as the pair protested an oil pipeline designed to bring crude from Canada to the Gulf Coast. Hannah has long opposed TransCanada's construction of the $7 billion pipeline, which is designed to transport heavy tar-sands crude oil from Alberta, Canada, to Texas' Gulf Coast refineries.