Royal Dutch Shell Plc  .com Rotating Header Image

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:

* * *
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.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “THE WALL STREET JOURNAL: Oil News Roundup: February 6, 2007 5:20 p.m.”

Leave a Comment

%d bloggers like this: