News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Mexico's Pemex to Revamp Gas Stations as Competition Steps Up

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Mexico's state oil company Petróleos Mexicanos is revamping its network of franchised service stations and will use its advantages to offer competitive prices.

Oil Drops as U.S. Inventories Build Up

Oil prices fell on Wednesday, as inventory data showed an increase in crude stockpiles and growing U.S. production.

SandRidge Energy Confirms $746 Million Deal to Buy Bonanza Creek

SandRidge Energy said Wednesday it has reached a deal to buy Bonanza Creek Energy for $746 million in cash and stock.

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Aiding Oil's Rebound: American Wildcatters Show Restraint

Oil traders and analysts have traced the market's recovery to signs of tighter supply and a return of geopolitical tensions. But many are also pointing to rising confidence that U.S. shale producers won't endlessly ramp up production.

U.S. Oil and Gasoline Inventories Unexpectedly Rise

U.S. inventories of crude oil unexpectedly increased by 1.9 million barrels for the week ended Nov. 10, while gasoline supplies also saw a surprising 894,000-barrel rise, government data showed.

Carlyle Eyes Varo Energy IPO Valuing It at Around $2 Billion

Varo Energy's owners, including U.S. private equity giant Carlyle Group and commodities trader Vitol Group, are eyeing an initial public offering next year that could value the European oil refiner around $2 billion.

Russia Offers Venezuela Debt Relief

Russia threw a lifeline to Venezuela on Wednesday, restructuring the more than $3 billion it is owed by its economically and politically troubled South American ally.

Analysts See Drain from U.S. Natural-Gas Inventories

Analysts expect government data scheduled for release Thursday to show that stockpiles declined for the first time this season, by 13 billion cubic feet, and in contrast with the usual addition for this time of year.

CFTC Fines Norway's Statoil, Citing Market Manipulation

The U.S. Commodity Futures Trading Commission said Tuesday that it fined Norway's Statoil ASA $4 million for attempting to manipulate energy markets in 2011.

Puerto Rico Utility Spurned Advice on Whitefish Deal

Puerto Rico's power company didn't follow its lawyers' advice when it agreed to a $300 million grid-construction contract with Whitefish Energy Holdings.

(END) Dow Jones Newswires

November 16, 2017 04:15 ET (09:15 GMT)