China’s Xi Jinping Meets Saudi Crown Prince in Pivotal Visit

China’s Xi Jinping Meets Saudi Crown Prince in Pivotal Visit

RIYADH, Saudi Arabia—Chinese leader Xi Jinping met with Saudi leaders Thursday at the start of a multiday state visit, as the oil-rich desert kingdom strengthens ties with U.S. rivals amid doubts about Washington’s commitment to the Middle East. Crown Prince Mohammed bin Salman, who runs the kingdom’s daily affairs, greeted the Chinese leader with a … Read more

OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC+ said Sunday it would keep output steady ahead of a momentous week in global energy markets, as wealthy nations impose a price cap on Moscow’s petroleum exports, the European Union launches a ban on Russian oil and Chinese leader Xi Jinping visits Saudi Arabia. The decision on Sunday allows the Organization of the Petroleum … Read more

Exxon Mobil Has a Potash Problem in the Permian Basin

Exxon Mobil Has a Potash Problem in the Permian Basin

A vital crop nutrient that lies underground near oil and natural-gas reserves is holding back Exxon Mobil Corp.’s XOM -0.35% development of a key asset in the booming Permian PR 0.19% Basin. Unlike many of its rivals in the largest U.S. oil patch, the Texas oil company shares a sizable chunk of its land with … Read more

Saudi Arabia Eyes OPEC+ Output Increase Ahead of Restrictions on Russian Oil

Saudi Arabia Eyes OPEC+ Output Increase Ahead of Restrictions on Russian Oil

Saudi Arabia and other OPEC oil producers are discussing an output increase, the group’s delegates said, a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war. A production increase of up to 500,000 barrels a day is … Read more

Schlumberger Rebrands as SLB, Dropping Family Name

Schlumberger Rebrands as SLB, Dropping Family Name

Schlumberger Ltd. SLB 2.01% is changing its name to SLB, dropping the family name of the brothers who founded the oil-field services company nearly a century ago. Newsletter Sign-up WSJ Climate & Energy A weekly must-read of news, analysis and exclusive data focused on the intersection of business, money and climate. The company said the … Read more

Chevron Faces Tough Job Restarting Venezuela’s Damaged Oil Fields

Chevron Faces Tough Job Restarting Venezuela’s Damaged Oil Fields

As the Biden administration looks at relaxing sanctions to allow Chevron Corp. to pump oil in Venezuela again, the company is preparing to navigate myriad challenges in the country that could limit its ability to increase production quickly. Chevron will have to manage everything from fuel shortages to accident-prone oil infrastructure to security and corruption … Read more

Don’t buy Occidental stock, analyst says, because Warren Buffett is buying

Don’t buy Occidental stock, analyst says, because Warren Buffett is buying

Shares of Occidental Petroleum Corp. continued to outperform its peer group and the broader stock market on Thursday, after the oil- and gas-production company disclosed that Warren Buffett’s Berkshire Hathaway Inc. keeps buying. But JPMorgan analyst John Royall said Buffett’s involvement is actually a good reason not to buy Occidental’s stock. The stock OXY, -1.72% … Read more

Private Drillers Are Hitting Their Limits

Private Drillers Are Hitting Their Limits

Dozens of small drillers helped fuel a resurgence in the busiest U.S. oil patch over the past two years. But they tapped many of their best drilling spots, and will have to ease their rapid pace of drilling as their inventory shrinks, analysts and executives say. Private oil companies in the Permian Basin of West … Read more

Warren Buffett Not Expected to Bid for Control of Occidental Following Approval for Bigger Stake

Warren Buffett Not Expected to Bid for Control of Occidental Following Approval for Bigger Stake

Warren Buffett’s bid to boost his big stake in Occidental Petroleum even further isn’t expected to serve as a prelude to a full takeover of the resurgent energy company by the widely watched billionaire, at least for now. In a regulatory filing Friday, the Federal Energy Regulatory Commission said that Mr. Buffett’s Berkshire Hathaway had … Read more

Warren Buffett’s Berkshire Hathaway Cleared to Buy as Much as Half of Occidental’s Shares

Warren Buffett’s Berkshire Hathaway Cleared to Buy as Much as Half of Occidental’s Shares

Warren Buffett’s Berkshire Hathaway has the green light from regulators to purchase as much as 50% of Occidental Petroleum Corp.’s shares, after seeking approval for such a transaction in July. In a regulatory filing Friday, the Federal Energy Regulatory Commission said that Berkshire Hathaway had asked for and received its permission to buy up to … Read more