by 24/7 Wall St. May 7th 2013 9:40AM
Chevron says its quarterly profit fell 5 percent in the first quarter as oil prices slipped.
Exxon Mobil's quarterly profit edged up, as the world's largest publicly traded oil company's results were helped by higher earnings in its chemicals business.
Last year was the second most extreme weather year in U.S. history, and the corporate world is at last starting to realize that climate change could cost it a fortune.
A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive.
Oil-services company Halliburton says it lost $18 million in the first quarter on litigation-related charges related to the 2010 Gulf of Mexico oil spill.
ConocoPhillips Alaska says it will delay its 2014 plans for exploratory drilling in the Arctic Ocean off Alaska's northwest coast.
GE plans to further expand its holdings in the energy industry by buying oilfield-services provider Lufkin Industries for about $2.98 billion.
Oil prices fell more than 2 percent on Wednesday as U.S. crude oil inventories grew to the highest level since 1990 and weak economic data stoked worries about energy demand.
Exxon Mobil was working to clean up thousands of barrels of oil in Mayflower, Ark., after a pipeline carrying heavy Canadian crude ruptured in a major spill.
Reducing sulfur in gasoline and tightening emissions standards on cars beginning in 2017, as the Obama administration is proposing, would come with costs as well as rewards.
Two years ago, Bill Gates famously dismissed green energy as too inefficient and expensive to make a dent in global warming. Today, investors are beginning to agree.