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LONDON — Oil giant BP said it will reward shareholders to the tune of $7 billion this year through the purchase of its own stock, even as it reported a 30% decline in profits in the first half of 2024.

The Biden administration announced July 29 it has purchased 4.65 million barrels of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve.

Brent crude slumped below $80 a barrel for the first time since June 10, driven by algorithmic trading and signs of poor demand from China, the world’s top oil importer.

Permian Resources Corp. will buy some of Occidental Petroleum Corp.’s West Texas assets for $817.5 million, it said in a statement.

Baker Hughes Co. lowered its expectations for U.S. shale activity, saying an anticipated recovery in oil drilling is no longer likely this year.

A rollback of policies that former President Donald Trump believes unfairly target fossil fuel-powered vehicles would be among the central priorities he'd tackle if re-elected this fall.

A bankruptcy judge on July 24 approved a settlement that will allow other companies to finish work on an Exxon gas export project in Texas.

Atlas Energy plans to deploy self-driving trucks developed by Kodiak Robotics for delivery of fracking sand to Permian Basin oil and natural gas wells in Texas beginning in early 2025.

DETROIT — Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.

A growing number of energy and agriculture firms have been boosting spending in an effort to plant and crush more canola, an oilseed that could play a big role in the renewable fuel markets.