Industry - Oil latest news

As giant oil companies like Exxon Mobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going? The companies insist ...

Singapore (Platts) -- 22Jul2008 -- India's Aditya Birla Minerals said Tuesday copper production at its Nifty copper mine in Western Australia fell in the June quarter, hurt by lower grade ore and disruptions caused by maintenance shutdowns. ...

Singapore (Platts) -- 22Jul2008 -- Norwegian aluminium group Norsk Hydro's second quarter earnings fell 44%, hurt by a weaker US dollar and higher costs, which more than offset the stronger aluminium prices, the company said Tuesday. ...

Three state lawmakers went on record this week saying the State of Alaska should file an amicus brief with the US Supreme Court, urging the court to order Exxon Mobil to pay interest on the more than 500 ...

The UAE will cut oil output by 150,000 to 200,000 barrels per day for 40 days in October and November for maintenance, reported Reuters, citing an official at state oil company Adnoc. The scheduled shutdown will reduce the country's oil output by up to 7.5%. The UAE pumped around 2.6 million bpd in June. [AMEInfo.com]

TransAlta Corp. is the target of an American private-equity takeover valued at about $7.8 billion -- $39 per share in cash.

Natural gas producer XTO energy Inc. has signed a definitive agreement to buy an additional 12,900 acres in the Barnett Shale—an area focused in Wise, Tarrant and Denton counties that is known for its natural gas producing capabilities. (XTO)

Energy: Big Oil is easy to kick around - just ask any Democrat in Congress. But China's threats to Exxon Mobil are in another league.

Saudi Electricity, the kingdom's largest power generator, has announced that its second-quarter profit fell 4.1 percent on higher operating costs, reported Bloomberg. Net income dropped to 781 million riyals ($208.4m) from 814 million riyals in the year-earlier period.

Washington (Platts) -- 22Jul2008 -- Rio Cristal Zinc said Tuesday it has uncovered deposits of high-grade zinc oxide at its Cristal mine in Peru. The Vancouver, British Columbia-based miner said results include a 15.5 meter site grading...