BP, Union reach tentative deal
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HOUSTON: BP and the United Steelworkers union (USW) chapter representing striking workers at the company’s Whiting, Indiana, refinery reached a tentative agreement to end an 11-week work stoppage. The two sides have to negotiate an agreement on returning the striking workers to the Chicago-area plant, but a ratification vote is expected next week, said Dave Danko, president of USW Local 7-1, which represents the workers.
Statoil swings to net loss
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OSLO: Norwegian energy firm Statoil reported first-quarter adjusted operating earnings above forecasts and maintained its quarterly dividend but made a big net loss on writedowns at its US shale business. Statoil made an adjusted operating profit of 22.9 billion crowns ($3.04 billion), down from 46.0 billion a year earlier.
Exxon completes major expansion
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NEW YORK: ExxonMobil was increasing production of base stocks at its 560,500 barrels-per-day (bpd) Baytown, Texas, refinery, following the completion of a major expansion at the plant, according to a report on The Baytown Sun news website. The company had previously said it would start up a lube base stock expansion project at the plant, in a filing with the US Securities and Exchange Commission in March.
Iran’s oil exports rise in April
LONDON: Iran’s crude oil exports have risen in April following softer sales last month, helped by a framework nuclear agreement between Tehran and world powers and the possibility that Western sanctions could be lifted soon. Iran, once Opec’s second-largest producer after Saudi Arabia, hopes to boost crude exports by as much as 1 million barrels per day (mbpd) if Tehran and six major powers finalise a nuclear agreement by a June 30 deadline. The sides reached a framework accord on March 31.
Noble’s profit up on drilling margins
NEW YORK: Noble Corp reported a better-than-expected quarterly profit as higher margins from contract drilling services helped offset losses from retirement of rigs due to a slump in oil prices. The company said that margins in its contract drilling business rose to 59 per cent in the first quarter from 50 per cent in the prior quarter.
