Mon, 27 Feb 2017 17:14:00 -0500The 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.
Mon, 27 Feb 2017 11:28:00 -0500After falling in 2016, U.S. crude production should increase this year, helped along by production cuts elsewhere and higher prices.
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.
Mon, 27 Feb 2017 11:04:00 -0500The 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.”
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[...]
Mon, 27 Feb 2017 09:57:00 -0500For 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.
Mon, 27 Feb 2017 09:06:00 -0500Canadian 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.
Mon, 27 Feb 2017 06:30:00 -0500Despite 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.
Mon, 27 Feb 2017 06:00:00 -0500The 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.
Mon, 27 Feb 2017 00:01:00 -0500With their fingers to the winds of technological change, experts are even more optimistic about wind energy than the analyses they publish, survey says.
Sat, 25 Feb 2017 12:30:00 -0500Warren Buffett's annual letter to shareholders came with new thoughts index funds, stock buybacks and optimism about the long-term prospects of America.
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
Sat, 25 Feb 2017 10:41:00 -0500Some oil majors have recently been writing down reserves. What does this mean for investors?
Sat, 25 Feb 2017 08:26:00 -0500The U.S. is becoming an oil and gas exporting powerhouse, helping to alleviate energy deprivation around the world and lower Russia's gaining influence.
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 SEI’s battery-based lab.
Fri, 24 Feb 2017 15:03:00 -0500The oil giant uses a law designed to protect citizen protesters to go after an employee who sued it for slander.
Fri, 24 Feb 2017 10:59:00 -0500The entrepreneur's views on the future of energy may leave petroleum fans especially animated.
Thu, 23 Feb 2017 16:20:00 -0500US 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.”
Thu, 23 Feb 2017 15:35:00 -0500The 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.
Thu, 23 Feb 2017 07:00:00 -0500The 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.
Thu, 23 Feb 2017 06:30:00 -0500Fracking 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.
Wed, 22 Feb 2017 19:03:00 -0500During 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.
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.
Market Value:$363.3 Billion
Wed, 22 Feb 2017 17:17:00 -0500Elon 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
Wed, 22 Feb 2017 13:14:00 -0500President 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.
Wed, 22 Feb 2017 12:56:00 -0500Even 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%.
Wed, 22 Feb 2017 10:01:00 -0500As 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.