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Exxon Mobil agrees to share more data on fracking risks

By Ernest Scheyder (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, has agreed to disclose more information about the environmental risks of hydraulic fracturing, the process known as fracking. In an agreement with New York City's pension funds, which control Exxon shares worth roughly $1.02 billion, the company would report on risks surrounding disposal of fracking waste water, air pollution, methane emissions from oil and natural gas wells, and other issues.

U.S. allows partial restart of Exxon pipeline a year after spill

WASHINGTON (Reuters) - A U.S. regulator on Monday allowed Exxon Mobil Corp to restart operations on the Texas leg of its Pegasus pipeline, which spilled thousands of barrels of oil into a residential area in Arkansas last year. The Pipeline and Hazardous Materials Safety Administration (PHMSA) approved Exxon's restart plan for a 210-mile (338-km) stretch of the pipeline from Corsicana to Nederland at 80 percent of the operating pressure in place before the March 29, 2013 incident in the small town of Mayflower, Arkansas.

Shell cuts spending in U.S. to lower shale exposure

By Karolin Schaps and Dmitry Zhdannikov LONDON (Reuters) - Royal Dutch Shell <RDSa.L> will cut spending by a fifth and lay off staff at its American exploration and production business, the company said on Thursday, in another sign that oil majors are struggling to profit from the booming U.S. shale sector.

Shell's Ho-Ho pipeline still shut after leak

NEW YORK (Reuters) - Royal Dutch Shell's <RDSa.L> entire Houston-to-Houma crude oil pipeline remained shut on Monday, following a reported leak late last week, the company said. Construction crew members accidentally punctured the Ho-Ho line near Port Neches, Texas, about 100 miles east of Houston, on Thursday afternoon, releasing about 364 barrels of crude oil. "I am unable to speculate on how long the line will remain shut down," said Destin Singleton, a Shell spokeswoman.

Alberta regulator criticizes company for 2012 pipeline oil leak into river

CALGARY - The owner of a pipeline that leaked nearly half a million litres of oil into a central Alberta river has been heavily criticized by the province's energy watchdog. The Alberta Energy Regulator has concluded that Plains Midstream didn't inspect its Rangeland pipeline often enough, didn't pay enough attention to government warnings, failed to enact adequate mitigation measures once the leak occurred and communicated poorly with hundreds of people affected by the spill in June 2012.

9th Circuit Court of Appeals reinstates shareholders' lawsuit against BP after Alaska spills

ANCHORAGE, Alaska - A federal appeals court on Thursday reinstated a shareholders lawsuit filed against BP Alaska in the wake of two oil spills in 2006 on the North Slope that exposed problems with the company's pipeline maintenance program. A three-judge panel of the 9th U.S. Circuit Court of Appeals reversed the U.S. District Court of Western Washington on several claims.

BP must face shareholder suit over 2006 Alaska oil spill

By Dan Levine SAN FRANCISCO (Reuters) - A U.S. appeals court on Thursday revived a shareholder lawsuit against BP PLC <BP.L><BP.N> over statements the company made in the wake of a 2006 oil spill in Alaska. The ruling from the 9th U.S. Circuit Court of Appeals in San Francisco allows shareholders to proceed with some securities fraud claims against BP after a lower judge had dismissed them. Representatives for BP and the plaintiffs could not immediately be reached for comment.

Google passes Exxon to become No. 2 most valuable company by market capitalization

NEW YORK, N.Y. - Google has passed Exxon to become the second most valuable U.S. company by market capitalization. According to FactSet data, the Internet company's market capitalization surpassed that of oil company Exxon Mobil Corp. last week. As of Friday's market close, it sat at $395.42 billion compared with the oil company's $392.66 billion. Shares of Google Inc. have been on a steady climb since the beginning of 2013, gaining 66 per cent. Market capitalization is the number of outstanding shares multiplied by their value.

BP fourth-quarter profits hit by refining weakness, ups spill charge

LONDON (Reuters) - BP, the West's no.4 oil company, reported weaker quarterly profits after its refining business swung to a loss, and said it would increase the accounting provision for the 2010 U.S. oil spill by $200 million. The British company on Tuesday reported underlying replacement cost profit of $2.8 billion for the fourth quarter of 2013, 28 percent lower than the same period a year ago, but ahead of a consensus forecast of $2.7 billion.

Analysis: BP back in favor despite spill legacy, Russia doubts

By Andrew Callus LONDON (Reuters) - If you had spent 10 pounds on BP shares on April 19, 2010, you would have just nine pounds now, including dividends. A poor investment, however you cut it, but also a remarkable recovery. A day later an explosion at the Deepwater Horizon oil rig in the Gulf of Mexico would deal the United States its worst offshore oil spill, and BP would face the wrath of President Barack Obama himself for the death and destruction it caused.
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