Oct 10, 2019

Mysterious oil spill continues to ravage Brazil's coast

A mysterious oil spill is ravaging Brazil's northeastern coast, killing sea turtles, limiting fishing and littering the sand with clumps of the crude substance, Bloomberg reports.

What's happening: The oil has been creeping onto the coast for more than a month, and officials have not been able to identify its source. Energy Minister Bento Albuquerque notes the oil is likely coming from a leaking ship and that its characteristics are similar to Venezuelan heavy crude — but that does not necessarily indicate that Venezuela is the source. Venezuela’s state oil company has not accepted any responsibility for the issue.

  • But some disagree that Venezuela is cleared as the culprit. As Bloomberg reports: "On Wednesday, Environment Minister Ricardo Salles said the oil likely originated from Venezuela, citing a report from state-controlled oil company Petroleo Brasileiro SA about the characteristics of the crude."
  • Petrobras CEO Roberto Castello Branco says the spill may be the result of an accident or criminal act, and President Jair Bolsonaro says the act was likely criminal.

By the numbers: The oil has reached all 9 states in Brazil's northeastern region.

  • O Estado de S. Paulo, a local newspaper, reports that over a dozen turtles have been found dead since the spill began.
  • 800 hatched baby turtles were also blocked from reaching the water.

Go deeper: Brazil has lost 1,330 square miles of Amazon rainforest under Bolsonaro

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Analysts: Big energy companies won't bite on Trump's Syria oil plan

Photo: Tasos Katopodis/Getty Images

ExxonMobil and other big energy companies will likely be cool to President Trump's idea of working with the U.S. to produce oil in Syria, analysts say.

Driving the news: Trump reiterated the idea and name-checked Exxon during remarks this morning on the killing of ISIS leader Abu Bakr al-Baghdadi by U.S. forces.

Go deeperArrowOct 27, 2019

Big Oil is facing a tough week of third-quarter earnings reports

A sign showing gas prices per gallon in 2014. Photo: Joe Raedle/Getty Images

The world's largest publicly held oil-and-gas companies are slated to report third-quarter earnings this week.

Why it matters: It provides the latest window into how the companies are handling modest oil prices and sluggish global demand growth.

Go deeperArrowOct 28, 2019

Exxon and Chevron profits tumble in Q3 earnings report

Photo: Spencer Platt/Getty Images

ExxonMobil and Chevron both reported steep declines in Q3 earnings this morning, becoming the latest oil giants hit by lower prices.

Why it matters: Exxon is the largest U.S.-based multinational oil-and-gas company, and its financial performance has struggled in recent years.

Go deeperArrowNov 1, 2019