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THE WALL STREET JOURNAL: Oil News Roundup: February 6, 2007 5:20 p.m.

Oil prices rose on more freezing temperatures in the U.S. Northeast, but they fell back after being unable to retake $60 a barrel.

Here is Tuesday’s roundup of oil and energy news:

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BP’S NET FALLS: The oil titan posted a 22% drop in fourth-quarter net income as it suffered from lower output, declining natural-gas prices and shrinking margins at its refineries. Net was $2.88 billion, or 14.9 cents a share, compared with $3.69 billion, or 17.7 cents a share, in the fourth quarter of 2005. Revenue slipped to $62.5 billion from $63.6 billion. BP’s American depository shares fell 54 cents, or 0.9%, to 63.25 in 4 p.m. composite trading on the New York Stock Exchange.

•Oil-Demand Casualty: A “war” on greenhouse-gas emissions is causing the first decline in oil consumption among the 30 members of the Organization for Economic Co-operation and Development in more than two decades, according to CIBC World Markets.

•Anadarko Results: Anadarko Petroleum’s net income rose sharply in the fourth quarter, helped by a gain from the sale of a Canadian unit and a 66% rise in revenue. Its shares gained a little more than 1% on the day.

•Duke’s Dive: Duke Energy’s net income fell 36%, as earnings from its Cinergy acquisition were offset by charges related to the sale of the company’s 50% stake in Crescent Resources. Its stock slipped 23 cents to $20.06.

•Diversification Call: Russian President Vladimir Putin told business leaders that Russia suffers from an over-reliance on raw materials such as crude oil and gas, and he urged production of better and more high-tech exports.

•Kidnapping: Another oil worker was taken by gunmen in Nigeria’s Delta region. Some reports from the region say there was a gunfire during the abduction and a police officer who had been escorting the Shell Nigeria worker, was killed. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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