News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Oil Prices Rise on Stockpile Drawdown

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Oil prices rose for a fourth straight session to hit three-week highs Wednesday after government data showed a larger-than-expected draw from U.S. crude stockpiles.

U.S. Oil Inventories Drop By More Than Expected

Oil inventories fell sharply in the latest week, while gasoline and other fuel supplies increased, U.S. government data showed. Crude-oil stockpiles slid by 5.7 million barrels, surpassing the 3.2 million drop analysts had expected.

Energy Producer Founded by Aubrey McClendon Aims for IPO

Ascent Resources, the Appalachian oil-and-gas explorer founded by late oilman Aubrey McClendon and two big energy-investment firms, is preparing for an initial public offering or a sale, according to people familiar with the matter.

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Big Oil Touts Its Core Business: Fossil Fuels

Big oil company executives asserted that fossil fuels would remain the central part of their business for decades, despite recent investments in renewables and other energy sources made in response to efforts to curb carbon emissions.

Algeria Adds Voice to Calls for OPEC to Continue Oil Cuts

Algeria wants OPEC to continue with production cuts, the country's state oil-company chief said, adding to expectations the cartel will keep withholding supplies from the market.

Vivo Energy Bets on Africa With $3 Billion IPO

Vivo Energy Investments, a major Shell licensee in Africa, is eyeing an initial public offering over the coming months that could value the petrol company at more than $3 billion.

BHP Sells Some Shale Acreage in Mixed Output Quarter

BHP Billiton Ltd. said work is under way to exit its U.S. onshore oil-and-gas assets, after it sold a small portion of its Hawkville shale acreage in Texas in the recent quarter.

Saudi Oil Minister Plays Down Prospect of Aramco Abandoning IPO

Saudi Arabia still plans to publicly list a portion of its state oil company in 2018, the kingdom's oil minister said, after reports that the effort may be abandoned.

SEC Alleges Rio Tinto Misled Investors Over Value of Coal Assets

U.S. regulators sued Rio Tinto and two former top executives over claims they misled investors about the value of Mozambique coal assets from an acquisition that caused massive losses for the company.

An Old Fracking Hot Spot Makes a Comeback

A giant natural-gas field in Louisiana that was one of the early centers of American shale drilling is roaring back to life, boosted by a building boom of petrochemical plants, fertilizer factories and gas-export terminals along the Gulf Coast.

(END) Dow Jones Newswires

October 18, 2017 16:15 ET (20:15 GMT)