Featured StoryThe black gold rush on the roof of the world accelerated on Saturday.
Norway's Statoil ASA (NYSE ADR: STO) signed a massive deal with Russian behemoth Rosneft in a venture that may require more than $100 billion over the next few decades.
Specifically, the company aims to help Rosneft develop untapped oil resources in the Arctic, as Moscow struggles to gain a competitive...
ExxonMobil (NYSE: XOM) Earnings Miss – But Investors Should Stay Put
ExxonMobil (NYSE: XOM) earnings came up short this morning. The oil giant missed analysts' expectations by about 9 cents.
Steve Schaefer at Forbes runs down the numbers:
Exxon-Rosneft Deal Centers on Arctic Oil (NYSE: XOM)
Quite a few emails already coming in about the potential of the $3.2 billion Exxon-Rosneft deal.
On April 16, Exxon (NYSE: XOM) officially entered into a massive offshore exploration partnership with Russia's Rosneft to jointly develop resources in the Kara and Black Seas.
From the Rosneft press release:
"The agreements signed today form joint ventures to...
Oil Companies Big Winners as U.S. Becomes Net Exporter of Fuel
The United States has become a net exporter of fuel for the first time in more than 60 years. That simple fact could drive oil-company profits for at least the next decade.
It's also another sign of dramatic shifts in the energy industry, with consumption declining in the United States and rising in emerging economies.
The United States exported 98 million barrels more of fuel than it imported in the first 10 months of 2011. Just a few years ago, in 2005, the country imported almost 900 million barrels of...
Russian Arctic Oil to Give Exxon Mobil Leg Up on Rivals
With fresh sources of oil becoming increasingly scarce, Exxon Mobil Corp. (NYSE: XOM) scored a major coup on Tuesday by making a deal for access to the vast reserves of Russian Arctic oil.
Many companies were in the hunt for the Russian Arctic oil, including BP PLC (NYSE ADR: BP), Royal Dutch Shell PLC (NYSE ADR: