drilling

Big Oil Isn't as Profitable as Everyone Thinks

Americans spend a lot of money on oil: about $632 billion a year. And the big oil producers report eye-popping annual profits, like ExxonMobil's $41 billion in 2011. Numbers like that may make you feel like we're getting robbed at the pump ... but it's not that simple.

With Big Oil Stocks Riding High, It's Time to Take Profits

Exxon Mobil, Chevron and ConocoPhillips are all trading near multi-year highs, and even BP shares have done well recently. Still, while the high oil prices that have been pinching consumers have been great for the industry, there are good reasons not to count on those high stock values lasting.

Can the U.S. Tap the Hot Geothermal Market?

American companies have a golden opportunity to expand the country's leadership in the global market. Industry leaders meeting this week in New York laid out the huge opportunity but also warned that red tape and a relative scarcity of personnel with the right know-how threaten to stifle efforts to expand this clean-energy source.

BP Says Barring it From Drilling in the Gulf Endangers Payouts

BP (BP) warned that any legislation that stops it from drilling for oil in the Gulf of Mexico could prevent the oil giant from paying out compensation related to this year%u2019s oil spill. Congress is currently considering legislation that would bar any company from receiving offshore drilling permits if more than 10 fatalities had occurred at its offshore or onshore facilities, The New York Times reported. The bill also forbids permits to companies that have paid fines of $10 million or more under the Clean Air or Clean Water acts over a seven-year period.

BP Decides to Pass on Greenland Drilling License

BP (BP) decided not to bid for a license to drill for gas off the coast of Greenland, a move that government officials say could have been influenced by the company%u2019s safety record in the wake of the disaster in the Gulf of Mexico. Premier Kuupik Kleist said Wednesday that safety records are key when approaching the licensing process, according to The Associated Press.

Halliburton Earnings Beat Estimates, Shares Jump

Halliburton shares climbed 2.8% in recent premarket trading after the oilfield services company said Monday its second-quarter net income climbed 83% to $480 million, or 53 cents a share, from $262 million, or 29 cents a share a year ago.

Can new gel replace dentist's drill?

If you're putting off a trip to the dentist to avoid the dreaded drill, a new technique may eliminate your cavity without the need to open wide and...