Chesapeake Energy said it would not extend a controversial compensation plan for Aubrey McClendon that provided him with a right to personally invest in the company’s new wells.
James Davis, former chief financial officer of the Stanford Financial Group, testified against R. Allen Stanford, the Texas financier accused of defrauding investors in a $7 billion Ponzi scheme.
The case could come down to who the jury decides was the mastermind of what prosecutors called an international crime that defrauded nearly 30,000 investors over more than 20 years.
Prosecutors say the Texas financier R. Allen Stanford treated the savings of thousands of investors as his “personal piggy bank” to live a life of luxury on the Caribbean island of Antigua.
In coming years, consumers are going to become more dependent on North and South America for crude oil, according to a report from the International Energy Agency.
In coming years, consumers are going to become more dependent on North and South America for crude oil, according to a report from the International Energy Agency.
Over the objections of Saudi Arabia, OPEC decided to maintain its crude oil output levels and might meet again within three months to discuss increasing production.
The Interior Department says a bent drill pipe caused the malfunction of the supposedly fail-safe blowout preventer when a BP well in the Gulf of Mexico blew out last April.
Robert Dudley’s comments contrasted with those of other oil executives who laid the blame for a Gulf of Mexico blowout and oil spill on the design of BP’s well.
The Trans Alaska Pipeline System said it planned to temporarily restart the flow of oil, though repairs were not complete on a leak that forced a shutdown on Saturday.
The modest increase indicated a belief that a leak would be repaired and the Alaskan pipeline would be back on line before oil supplies tightened substantially.
A small oil leak that shut down the Trans Alaska Pipeline System poses a threat to BP’s reputation and fortunes while raising the possibility of a short-term increase in oil and gasoline prices.
An effort known as a static kill is part of a two-pronged strategy to kill the well by cementing it shut twice, from above with the static kill and then from below, using a relief well.
Somewhat upbeat economic data, new tensions in Nigeria and reports that China plans to build up its reserves have lifted crude prices. Gasoline prices have followed.
The S.E.C. inspector general and the Financial Industry Regulatory Authority overlooked red flags, they say, that could have averted losses for investors.
The ceremony between R. Allen Stanford and Leroy King, the chief regulator of his Antigua bank, promoted a scheme to hide a multibillion-dollar fraud, according to court papers.
James Davis, the main lieutenant to R. Allen Stanford, plans to plead guilty to fraud and conspiracy after reaching a deal to cooperate against the Texas billionaire, his lawyer said.
A shift has emerged in an area tied to the same crop for generations as United States farmers plant the least cotton acreage since 1983, which in itself was an anomaly.
The first globalized natural gas glut in history is driving an even more drastic collapse in the cost of gas that cooks food, heats homes and runs factories in the U.S. and many other countries.
Valero Energy’s move to buy the ethanol plants from VeraSun Energy for $477 million gives the biofuel industry a lift at a time when it is suffering from excess production capacity.
Gasoline prices eased a bit as oil companies reported that the damage from Hurricane Ike to production platforms and refineries appears to be relatively minor.
Gasoline prices rose Saturday by an average of five cents a gallon across the country as the oil industry anticipated disruptions at several refineries along the Texas coast because of Hurricane Ike.
Oil producers and refiners began halting production and evacuating workers from facilities in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed.
Oil producers and refiners began halting production and evacuating workers from facilities in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed.
The International Energy Agency said that demand for oil should continue to climb, despite the doubling of oil prices and the weakening economic growth.
Republicans want to end the ban on offshore drilling, while Democrats want to force companies to speed up exploration in certain offshore areas that they already control.
Republicans want to end the ban on offshore drilling, while Democrats want to force companies to speed up exploration in certain offshore areas that they already control.
Rex W. Tillerson, Exxon Mobil’s chairman and chief executive, beat back a shareholder effort to take away one of his jobs, avoiding a serious rebuke to his authority.
Rex W. Tillerson, Exxon Mobil’s chairman and chief executive, beat back a shareholder effort to take away one of his jobs, avoiding a serious rebuke to his authority.
A shareholder move supported by the Rockefeller family is prodding Exxon Mobil to shift its priorities and take the threat of global warming more seriously.
Cities with long-established public transit systems and areas with a strong driving culture are both reporting increases in ridership on trains and buses.
Cities with long-established public transit systems and areas with a strong driving culture are both reporting increases in ridership on trains and buses.
The gambling center seemed immune to the economic swings of the rest of the country. But the city built on excess is seeing a troubling sign: moderation.