Chevron knew about a corroded pipe at its refinery in Richmond, Calif., for years but failed to address it before a fire broke out at the plant last August, according to the Chemical Safety Board. The damaged pipe was identified as the cause of the fire, which occurred in the plant's crude-distillation unit. The company was also criticized for failing to shut down the unit while workers searched for the fluid leak.
ConocoPhillips has announced it is reconsidering how best to build an Alaskan pipeline that would tap almost 35 trillion cubic feet of natural gas. After meeting Sunday with Alaska Gov. Sarah Palin, company officials said they were left "frustrated" by Palin's failure to encourage the company's pipeline proposal. "We've decided to take a step back, reassess our options, and review what is an effective methodology to advance this project," said Brian Wenzel, vice president of the company's North Slope gas development.
Barry Rosenstein's hedge fund Jana Partners has bought stakes in Anadarko Petroleum and Hess valued at $283.2 million and $236 million, respectively. Separately, Carl Icahn's Icahn Investment Management also moved to increase its interest in Anadarko.
A German company, RWE AG, is buying a 50% stake in Excelerate Energy, an American developer of LNG terminals, for about $500 million. Excelerate owns and manages three LNG import facilities and runs four ships equipped to transport the fuel.
Chalmette Refining, an oil refinery in suburban New Orleans, is said to be operating "as usual," despite a worldwide legal battle between its two owners, Exxon Mobil and the state-owned oil company of Venezuela. The refinery is designed to process heavy crude, such as that from Venezuela, and can refine about 190,000 barrels a day. The Venezuelan company said Tuesday it would stop selling oil to Exxon Mobil, which has won court orders freezing billions of dollars of Venezuelan assets.