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Chevron Expects Higher 1Q Profit Compared With 4Q
By not in system - AOL NewsSAN RAMON, Calif. -- Chevron Corp. on Monday said it expects to post a higher first-quarter profit than it reported for last year's fourth quarter, due in part to rising oil prices. Chevron did not offer a specific profit forecast in advance of its quarterly report on April 29. The company said the outlook for its exploration and production arm has been improved by the rise in oil prices, which have soared more than 30 percent since mid-February as traders worry political violence in the Middle East and North Africa could disrupt crude supplies. Chevron got $88.23 per barrel for crude oil ...
Oil Companies Unveil Spill Containment System
By not in system - AOL NewsNEW YORK -- A group of oil companies led by Exxon said Thursday it has built a system that can stop an undersea oil spill within weeks, a critical step towards resuming drilling in the deepest parts of the Gulf of Mexico. The group said its combination of equipment and support vessels can contain a spill similar to BP's massive gusher, which took almost three months to plug. Some of the equipment was used by BP in containing its well blowout last year. Regulators have demanded that oil companies demonstrate the capability to contain the blowout of an underwater well before granting permits ...
Chevron, a Lawsuit, and Why Documentary Films Like 'Crude' Can Be a Bad Idea
By Matt Lewis - Politics DailyIf you've seen political documentaries like "The War Room," the behind-the-scenes look at Bill Clinton's 1992 presidential campaign, you've probably wondered why anybody in his right mind would allow cameras to tape intimate strategic conversations. That question is front and center again after potentially damaging footage -- which was never supposed to see the light of day -- surfaced from a documentary called "Crude." A while back I wrote about a class-action lawsuit by Ecuadorians against Chevron, claiming environmental damage. The case, being heard in that South American nation, has ...
AFSCME, Public Employees Union, Is No. 1 Election Spender -- for Now
By Jill Lawrence - Politics DailyTwo top newspapers are examining two of the top spenders in this year's campaigns. The Wall Street Journal says the American Federation of State, County and Municipal Employees is the no. 1 independent spender. The New York Times delves into public records to identify corporations that are helping to fund policy battles and record campaign spending by the U.S. Chamber of Commerce. According to the Journal, AFSCME is spending $87.5 million -- more than anyone else, but the title could be temporary depending on what happens in the next 10 days. The union's money comes from dues paid by its 1.6 ...
Congress Slams Big Oil Executives: 'The Free Ride Stops Today'
By Patricia Murphy - Politics DailyHouse Democrats wasted no time Tuesday in accusing five of the largest oil companies in the country of being completely unprepared to respond to a spill like the one tarring hundreds of square miles of the Gulf of Mexico. During a congressional hearing, Democrats also called for new regulation of oil and gas drilling and comprehensive climate change legislation to wean Americans off of foreign oil, and to seek the resignation of Lamar McKay, the chief executive of BP America. Republicans accused Democrats of using the gulf disaster to pass unrelated pet projects and asked why the hearing ...
Ecuador, Hollywood and Trial Lawyers vs. Chevron Equals Liberal Hypocrisy
By Matt Lewis - Politics DailyIt was nice to see a slice of the commentariat point out the gaudy display of hypocrisy coming from the left in Copenhagen, where the limos and private planes of the emissaries of climate change emitted their requisite greenhouse gases so everyone could talk about how to reduce emissions. But that is just the tip of the iceberg. And, global warming or not, when it comes to liberals' double standard, this metaphorical iceberg is hardly shrinking. ...
Scenes From a Tiger-less Wednesday
By Jon Weinbach - AOL NewsTHOUSAND OAKS, Calif. -- It was an odd Wednesday morning here in the lush, immaculately manicured and very man-made environs of Sherwood Country Club, as golf fans, toddlers, and tabloid reporters mingled together during the Pro-Am round of the Chevron World Challenge. While a plane holding a banner for an L.A. strip club circled overhead, PGA Tour standouts such as Steve Stricker, Stewart Cink and Anthony Kim played in casual foursomes with well-heeled amateurs like Frank Quattrone, the scandal-crossed investment banker, and Irish tycoon J.P. McManus, one of the world's leading racehorse ...
Spiderman Sells Out (Even Investigative Reporters Gotta Eat)
By Bonnie Goldstein - Politics DailyFor about six years in the 1990s, I was a segment producer at ABC news magazine PrimeTime Live. With a huge budget and tons of talented camera persons, tape editors and steel-minded senior producers, I collaborated on correspondent-centered mini-documentaries about Medicare fraud, cell phone dead zones and 5th grade boys who set off their elementary school fire alarm and then ambush their classmates filing obediently onto the play yard (exclusive home video of 11-year-old killer!). It was insanely hard work. There were a relatively small number of people in the world who did my job at ABC, ...
Oil Execs on Capitol Hill Hot Seat, Again
By Mark Impomeni - Politics DailyThe chief executives of the five biggest U.S. oil companies will appear together today in front of a House committee to answer questions from lawmakers about oil industry tax breaks and record profits. The lawmakers are seeking to score political points with a public frustrated by high gasoline prices and at the same time are trying to pressure their colleagues in the Senate to pass a repeal of $18 billion in special tax incentives granted top the oil companies by the previous Republican Congress.The hearing, the latest in a series of public floggings for the executives, will take place in ...
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