News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Why Refiners Are Expected to Give Their Tax Savings Right Back to Shareholders

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U.S. fuel makers are poised to reap billions under a sweeping Republican overhaul of the tax code. But don't expect them to expand, go on a hiring binge, or lower prices at the pump.

Oil Prices Edge Up Amid Pipeline Outage

U.S. oil prices rose and the global benchmark fell Friday, as prices were supported by a pipeline outage in the North Sea, but higher forecasts for U.S. output in 2018 from major energy groups this week limited gains.

Tillerson Says North Korea Has to Stop Nuclear Tests Before Any Talks

U.S. Secretary of State Rex Tillerson told the Security Council that North Korea must "earn its way" back to the negotiating table by ceasing its nuclear tests, adding that the U.S. would accept no precondition for talks.

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Elliott Preps for Possible Fight With Hess, Seeks CEO Ouster

Elliott Management Corp. is preparing for a possible tussle with Hess Corp., hoping to either remove John B. Hess as chief executive or push him to consider selling all or part of the energy company.

Cobalt International Energy Files for Bankruptcy

Cobalt International Energy filed for bankruptcy as it deals with the failed sale of operations in Angola and a prolonged downturn in the oil exploration and production industry.

Trump's Pick to Oversee Chemical Safety at EPA Withdraws

President Trump's pick to oversee chemical safety at the Environmental Protection Agency, Michael Dourson, has withdrawn from consideration.

Warburg Pincus Group Invests $780 Million in Texas Shale Startup

A group led by Warburg Pincus agreed to invest $780 million in an oil-exploration company, one of the largest private equity investments in a shale startup.

World Oil Supply Hits Year High, Boosted by U.S. Shale Surge

Shale producers are roaring back to life, pushing the global oil supply to its highest level in a year and undermining OPEC's efforts to rebalance the market, the International Energy Agency said.

Australia Deals Blow to BP's Post-Spill Recovery Plans

BP suffered a setback to its post-Deepwater Horizon plans after the Australian government said it would block a $1 billion deal that would have made it the country's dominant consumer-fuel retailer.

OPEC Oil Output Falls to Six-Month Low but U.S. Fills Gap

OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning oil markets may not rebalance before the end of 2018, the oil cartel said in its closely watched monthly oil report.

(END) Dow Jones Newswires

December 18, 2017 04:15 ET (09:15 GMT)