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Forbes - Energy

Forbes - Energy

Copyright: Copyright 2017 Forbes LLC

Managing Wind And Solar Intermittency In Current And Future Systems

Mon, 27 Feb 2017 17:14:00 -0500

The problem with wind and solar energy is that sometimes it generates too much power and sometimes it doesn’t generate enough. That’s manageable, but it’s more complicated than it may seem.

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U.S. Oil Production To Increase In 2017

Mon, 27 Feb 2017 11:28:00 -0500

After falling in 2016, U.S. crude production should increase this year, helped along by production cuts elsewhere and higher prices.

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Top 10 Sources Of U.S. Crude Oil Imports In 2015No. 1: Canada - 3.2 million bpdNo. 2: Saudi Arabia - 1.1 million bpdNo. 3: Venezuela - 780,000 bpdNo. 4: Mexico - 690,000 bpdNo. 5: Colombia - 370,000 bpdNo. 6: Iraq - 230,000 bpdNo. 7: Ecuador - 225,000 bpdNo. 8: Kuwait - 210,000 bpdNo. 9: Brazil - 190,000 bpdNo. 10: Angola - 190,000 bpd

Mon, 27 Feb 2017 11:28:00 -0500

The Obama Administration may have said no to the Keystone XL Pipeline, but Americans are certainly not saying no to Canada's oil. In 2015 the U.S. imported 3.2 million barrels per day from our northern neighbor -- triple the amount the U.S. imported from Canada 20 years ago.

Saudi Arabia has slipped into the No. 2 spot for U.S. oil imports, but they have continued to grow their oil exports in other markets.

The socialist government in Venezuela has taken a toll on the oil industry there, as production continues to decline despite the world's largest oil reserves. Since 2005 exports to the U.S. have declined 37%.

Pemex CEO José Antonio González Anaya could be signaling the 56% drop in Mexican crude oil exports to the U.S. over the past decade.

Colombia may have only supplied 5% of U.S. oil imports in 2015, but the U.S. is importing 137% more from the country than it was a decade ago.

Iraq's oil industry continues to recover following years of war, but less of that oil is coming to the U.S. Crude oil imports from Iraq are down 57% over the past decade.

Oil production in Ecuador has long been controversial due to a history of environmental contamination. Nevertheless, Ecuador remains one of South America's major oil producers, and the 7th most important source of U.S. imports.

Kuwaiti Oil and Finance Minister Anas al-Saleh discusses the country's energy strategy at a speech in Kuwait City. Kuwait's oil exports to the U.S. are down 9% since 2005.

Brazil is only one of three countries in the Top 10 to have boosted exports to the U.S. over the past decade. Crude oil imports from Brazil have risen by 101% since 2005.

A decade ago Nigeria was our most important source of oil from Africa, but Angola remains the only African country in the Top 10 for U.S. oil imports. Here Jose Maria Botelho de Vasconcelos, Angola's petroleum minister, listens to journalists ahead of the 168th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, Dec. 4, 2015.

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Exclusive: New ExxonMobil CEO Darren Woods Opens Up On Russia, Climate Change, And The Permian Boom

Mon, 27 Feb 2017 11:04:00 -0500

The fracking revolution has “shattered the Peak Oil myth,” says Woods. “It’s turned on its head the idea that the U.S. was going to be short on its resources of oil and gas.”

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The 93 Global Billionaires In Oil And Energy, 2016The 93 Global Energy Billionaires Of 2016Warren Buffett - $63 billionCharles Koch - $40 billionDavid Koch - $40 billionMukesh Ambani - $19 billionCarl Icahn - $17 billionRanda Williams & Family - $16.4 billionLen Blavatnik - $16 billionLeonid Mikhelson - $14.4 billionMikhail Fridman - $13.3 billionElon Musk - $12 billionGennady Timchenko - $11.4 billionMike Adenuga - $10.5 billionViktor Vekselberg - $10.5 billionVagit Alekperov - $8.9 billionJohn Fredriksen - $8.8 billionGerman Khan - $8.7 billionMohammed Al Amoudi - $8.3 billionAndrey Melnichenko - $8.2 billionGeorge Kaiser - $7.1 billionAlexei Kuzmichev - $6.7 billionMikhail Gutseriev - $5.9 billionMichael Kadoorie - $5.8 billionRichard Kinder - $5.4 billionAloys Wobben - $5.4 billionRay Lee Hunt - $5.3 billionTrevor Rees-Jones - $5.2 billionHarold Hamm - $5.1 billionArthur Irving - $4.7 billionPyotr Aven - $4.6 billionAmerico Amorim - $4.2 billionCarlos and Alejandro Bulgheroni - $4.5 billionCarrie Perrodo & Family - $4.2 billionJeffery Hildebrand - $4.2 billionTerrence Pegula - $4 billionLeonid Fedun - $3.9 billionWalter Scott - $3.8 billionJohn Catsimatidis - $3.4 billionLynn Schusterman - $3.4 billionIsabel Dos Santos - $3.2 billionLi Hejun - $3.2 billionDavid Rockefeller Sr. - $3 billionRobert Bass - $2.8 billionIvan Glasenberg - $2.7 billionWang Yusuo & Family - $2.7 billionRonald McAulay - $2.6 billionFarris and Dan Wilks - $2.6 billionGeorge Bishop - $2.4 billionRubenstein, D'Aniello and ConwayGordon Getty - $2.1 billionIgor Makarov - $2.1 billionSit Kwong Lam - $2 billionWilliam Koch - $1.9 billionFemi Otedola - $1.8 billionSid Bass - $1.8 billionEdward Bass - $1.8 billionLee Bass - $1.8 billionTorbjorn Tornqvist - $1.8 billionKelcy Warren - $1.7 billionVladimir Bogdanov - $1.7 billionHerbert Hunt - $1.7 billionRay Davis - $1.7 billionJim Justice - $1.6 billionKarel Komarek - $1.6 billionLim Oon Kuin - $1.6 billionHuo Qinghua - $1.6 billionRobert Coyiuto - $1.6 billionIan Wood & Family - $1.6 billionFolorunso Alakija - $1.6 billionGregorio Perez Companc - $1.5 billionAziz Akhannouch & Family - $1.4 billionFarkhad Akhmedov - $1.4 billionTimothy Headington - $1.4 billionChristopher Cline - $1.4 billionMassimo Moratti - $1.4 billionMurray Edwards - $1.3 billionGian Marco Moratti - $1.3 billionKirill Shamalov - $1.2 billionAndrei Kosogov - $1.2 billionPaul Foster - $1.2 billionEvgeny Shvidler - $1.2 billionAlexander Dzhaparidze - $1.2 billionBilly Kan - $1.1 billionAyman Asfari - $1.1 billionRodney Lewis - $1 billionLow Tuck Kwong - $1 billionWilliam Macaulay - $1 billion

Mon, 27 Feb 2017 11:04:00 -0500

Here we present the 93 global billionaires who have made their fortune (or at least a good chunk of it) in the energy industry. We cast a big net in order to capture everyone from Elon Musk, whose Tesla Motors is building new battery technologies, to Warren Buffett, whose Berkshire Hathaway operates power plants. These energy billionaires include 41 Americans and 18 Russians, while their ages range from 33 for Vladimir Putin’s son-in-law Kirill Shamalov to 100 for Standard Oil heir David Rockefeller. Whether it’s oil sands, wind turbines, pipelines, coal, solar, trading and deal making, these tycoons control more than $400 billion in global capital. How many have you heard of?

- By Chris Helman, with reporting by Forbes wealth staff.

Home: Omaha, Nebraska.

Buffett’s Berkshire Hathaway has a vast energy portfolio, including $4.5 billion in shares of Phillips 66. Its electric power division generated $2.7 billion in net income last year. Berkshire’s BNSF railroad moves about 1 million barrels of oil per day. In his 2016 letter to shareholders, Buffett, 85, displayed cheery optimism for America's future, writing that the crop of presidential candidates' "negative drumbeat" about the nation's prospects is "dead wrong." He's certainly been investing with confidence, pulling off his biggest-ever deal in August 2015 when Berkshire agreed to pay $37 billion for Precision Castparts.

Based in Wichita, Kansas, Koch Industries is the second largest private company in America, valued at $100 billion. Among its vast operations, Koch refines more than 600,000 barrels of oil per day and manages 4,000 miles of pipeline. Charles, 80, owns the vast majority of the business with his brother, David Koch, who runs its chemical technology business.

New York City's richest resident David Koch, 75, shares control of $115 billion (sales) Koch Industries with older brother Charles. Koch has interests in oil pipelines, refineries, building materials, paper towels and Dixie cups, and is growing with acquisitions. The brothers are active philanthropists; the David Koch Charitable Foundation has given more than $1.2 billion.

Ambani, 58, runs Reliance Industries from Mumbai, India.Shares have taken a hit from lower oil prices. The $62.2 billion (revenues) conglomerate is likely to resume buying crude oil from Iran after the lifting of sanctions. Reliance was founded in 1966 by his father Dhirubhai, who built it into a textiles giant. (Reliance controls media outfit Network18, which publishes Forbes India, a licensed publication of Forbes.)

Shares of Icahn's publicly traded investment vehicle, Icahn Enterprises, have plunged 45% in the last year. The drop in oil and commodities have hit Icahn particularly hard, slamming his holdings in companies like Chesapeake Energy, Transocean, CVR Energy and Freeport McRoRan. But Icahn, 80, continues to push companies around, working to break up insurer American International Group. Icahn also recently pressured Xerox into spinning off its services business. Lives in New York City.

Dan Duncan started Enterprise Products Partners in 1968 with $10,000 and a truck. Today the company owns 49,000 miles ofpipelines. When Duncan died in 2010 at age 77 he was a richest man in Houston, Texas. He left his fortune to his four children, Randa Williams, 54, Dannine Avara, 52, Milane Frantz, 46, and Scott Duncan, 33. Randa serves as non-executive chairman of the Enterprise Products board.

Len Blavatnik, 58, emigrated to the U.S. i[...]

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A Surprising Reason Why Some Energy Efficiency Programs May Not Work, And How To Fix Them

Mon, 27 Feb 2017 09:57:00 -0500

For all the appeal of energy efficiency, more and more economists are finding that programs based on giving consumers economic incentives to curb energy usage don’t actually work that well. What may prove more effective is peer pressure.

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Canada's Globally Crucial Oil Industry Is At A Crossroads

Mon, 27 Feb 2017 09:06:00 -0500

Canadian oil sands are a cornerstone of global oil supply now and into next the decade. A number of factors could support continued production growth, but investor sentiment soured by environmental concerns and competition for capital from tight oil could swing the other way.

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To Frack Or Not To Frack? Will Maryland Legislators Place Constituents' Health At Risk?

Mon, 27 Feb 2017 06:30:00 -0500

Despite growing evidence of serious health problems from fracking, there is ongoing conflict between those who will gain by leasing their land and those downstream, who have nothing to gain and considerable risk. This drama is playing in Maryland now.

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The TRAPPIST Worlds: Should We Invest In A Backup Planet For Earth?

Mon, 27 Feb 2017 06:00:00 -0500

The discovery of seven metal-rich Earth-like planets orbiting a near-by star has really gotten everyone thinking about space colonization again. Four of these planets are in the Goldilocks Zone – a sweet spot where liquid water is stable and life could develop or survive if transplanted.

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Wind Energy Will See More Tech Breakthroughs, Falling Costs, Experts Predict

Mon, 27 Feb 2017 00:01:00 -0500

With their fingers to the winds of technological change, experts are even more optimistic about wind energy than the analyses they publish, survey says.

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The Seven Best Quotes From Warren Buffett's Annual Shareholder Letter

Sat, 25 Feb 2017 12:30:00 -0500

Warren Buffett's annual letter to shareholders came with new thoughts index funds, stock buybacks and optimism about the long-term prospects of America.

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Warren Buffett: The Early YearsThe Buffett FamilyWarren Buffett's Wedding DayWarren Buffett On HoneymoonWarren Buffett's HoneymoonWarren Buffett "Goes To Jail"Susan BuffettWarren Buffett And FamilyWarren Buffett And Susan BuffettWarren Buffett At HomeWarren Buffett's FamilyAfter Bertie Buffett's WeddingWarren Buffett TeachingEarns WrigleyWm Wrigley Jr Co To Close Factories And Cut JobsHarvard Business School

Sat, 25 Feb 2017 12:30:00 -0500

Circa 1962. Berkshire Hathaway was already a juggernaut.

Mr. and Mrs. Warren Buffett.

Mr. and Mrs. Warren Buffett on their honeymoon.

The newlyweds road-tripped across the West.

Susie takes a classic tourist shot (the closest her new husband would ever come to prison).

Susan Buffett and her mother.

Warren Buffett in a family portrait.

Warren with little Susie in 1955.

The Buffett family in 1956 after their return to Omaha.

Buffett’s father, Howard (left), and Ben Graham in White Plains.

Snapshot following Bertie Buffett's wedding to Charlie Snorf.

Teaching at Omaha University.

A variety of Wrigley gum is sold at a grocery store Springfield, Ill., Monday, April 30 , 2007. Gum and candy maker Wm. Wrigley Jr. Co. says that its first-quarter net income rose 28 percent, helped in part by growing international sales. Its shares climbed 9 percent. (AP Photo/Seth Perlman)

DES PLAINES, IL - JUNE 30: Part of a package of Wrigley's Juicy Fruit chewing gum is photographed June 30, 2005 in Des Plaines, Illinois. Chicago-based Wm. Wrigley Jr. has said it will close its 94-year-old factory in Chicago that produces the company's chewing gum, effecting close to 600 workers, after its acquisition of Kraft Foods' Life Savers and Altoids brands June 29. (Photo by Tim Boyle/Getty Images)ARBW7E Harvard Business School

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The Case Of The Missing Reserves

Sat, 25 Feb 2017 10:41:00 -0500

Some oil majors have recently been writing down reserves. What does this mean for investors?

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U.S. Set To Rival Russia In Oil And Natural Gas Exports

Sat, 25 Feb 2017 08:26:00 -0500

The U.S. is becoming an oil and gas exporting powerhouse, helping to alleviate energy deprivation around the world and lower Russia's gaining influence.

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John HancockVoice: How Mining, Oil And Gas Workers Are Retraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar EconomyRetraining For The Solar Economy

Sat, 25 Feb 2017 08:26:00 -0500

Noel Wichmann, a U.S. Air Force veteran and former mine employee who started a solar installation business in Hotchkiss, Colorado after completing training through Solar Energy International. Pictured: Wichmann holding a completed solar array ready to be transported to the install site, a greenhouse/garden shed.

Wichmann and hisbusiness partner Rick Shetsky transporting the solar array through a field to the install site.

Wichmann and Shetsky completing final electrical testing of the solar array before mounting it on the pole.

The newly installed solar array facing the sun at optimum angle for the season.

“Solaris up and coming, and it is the future," said Wichmann.

Solar Energy International’s nonprofit training school has 45,000 alumni worldwide.

SEI offers solar energy courses through practical, online and continuing education towards NABCEP certification, RISE Solar Roofing Professional certification and more. Pictured: SEI students engaged in a hands-on exercise using SEIs battery-based lab.

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ExxonMobil Wins An Anti-SLAPP Motion In Texas, While Landry's Loses

Fri, 24 Feb 2017 15:03:00 -0500

The oil giant uses a law designed to protect citizen protesters to go after an employee who sued it for slander.

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WATCH: This Cartoon Elon Musk Explains Why Solar Will Trump Oil

Fri, 24 Feb 2017 10:59:00 -0500

The entrepreneur's views on the future of energy may leave petroleum fans especially animated.

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Corporate Tax Reform: What The Power Industry Needs To Know

Thu, 23 Feb 2017 16:20:00 -0500

US corporate tax reform has been a key plank in the Republican platform for several years and has recently become a key focus of the Trump administration. In June 2016, the House Ways and Means Committee Republicans led an effort to unveil a blueprint toward a “Better Way for Tax Reform.”

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Clean Power Plan Repeal Would Cost America $600 Billion, Cause 120,000 Premature Deaths

Thu, 23 Feb 2017 15:35:00 -0500

The Trump Administration has prioritized repealing the Clean Power Plan, but new analysis shows that repealing the rule would cost the U.S. hundreds of billions of dollars, add more than a billion tons of greenhouse gases to the atmosphere and cause more than 100,000 premature deaths.

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U.S. Natural Gas Market Bulls And Bears Caged 'Indefinitely'

Thu, 23 Feb 2017 07:00:00 -0500

The new reality is one where the battle between sources of supply and demand are so evenly matched that major imbalances naturally adjust before prices can spike or crater to the degrees we’ve seen in the past. Gone are the days of annual average benchmark prices north of $8.00 per MMBtu.

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Fracking Is Dangerous To Your Health -- Here's Why

Thu, 23 Feb 2017 06:30:00 -0500

Fracking is likely the cause of a wide range of health problems. Dismantling the EPA will greatly increase our health, water safety, and environmental risks, but governmental denial means we may never know the consequences.

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The Natural Gas Outlook For 2017

Wed, 22 Feb 2017 19:03:00 -0500

During this warm winter, natural gas prices have tanked. But, key demand markets are laying the foundation for higher prices, eventually. The U.S., for instance, is now exporting LNG to 20 countries.

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World's Biggest 25 Oil & Gas Companies In 2016The World's Largest Oil And Gas Companies 2016: Exxon Is Still KingExxonMobilPetroChinaChevronTotalSinopecRoyal Dutch ShellGazpromRosneftReliance IndustriesLukOilCNOOCPhillips 66SchlumbergerValero EnergyOil & Natural GasMarathon PetroleumSurgutneftegasSK HoldingsGas Natural FenosaPTT PCLTransneftBPIndian OilEniPetrobras

Wed, 22 Feb 2017 19:03:00 -0500

TheFORBES Global 2000 rankingis based on a composite score from equally-weighted measures of revenue, profits, assets and market value. These companies are the biggest that occupy the oil and gas space. 6 of the top oil and gas companies are based in the U.S., 5 in Russia and 3 in both China and India.

The 2016 list features public companies from 63 countries that together account for $35 trillion in revenue, $2.4 trillion in profit, $162 trillion of assets, and have a combined market value of $44 trillion.

Global 2000Rank:9


Sales:$236.8 Billion

Profit:$16.2 Billion

Assets:$336.8 Billion

Market Value:$363.3 Billion

Global 2000Rank:17





Market Value:$203.8B

Global 2000Rank:28


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Tesla Plans Model 3 Electric Car Production From July -- And More Gigafactories

Wed, 22 Feb 2017 17:17:00 -0500

Elon Musk's maverick company plans a big production push for its first mass-market car, but avoids issuing production and sales guidance. CFO Jason Wheeler departing in April, to be replaced by former CFO Deepak Ahuja

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What Should Trump Do To Help The Power Industry? Four Industry Executives Weigh In

Wed, 22 Feb 2017 13:14:00 -0500

President Trump's plans for the power industry are a bit of a mystery. Here are what four industry executives think his Administration should focus on over the next four years.

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Whiting Petroleum Seen As Good Buy Despite Higher Spending Expectations

Wed, 22 Feb 2017 12:56:00 -0500

Even though it reported a narrower net loss and much higher cash flow per share than expected, the Denver oil and gas producer saw it shares hammered by news of boosting its capital expenditures this year by 36% while only expecting production to go up by 6%.

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Deadline To Vacate Looms At Dakota Access Protest Site

Wed, 22 Feb 2017 10:01:00 -0500

As today's deadline for vacating the Oceti Sakowin protest camp looms, several important lessons can be taken away from the long saga by everyone involved. Chief among them is that much trouble can be avoided by simply following the rule of law.

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