Reuters US Business

By Jonathan Stempel and Akriti Sharma (Reuters) – Warren Buffett’s Berkshire Hathaway Inc said it has bought another 9.9 million shares of Occidental Petroleum Corp, giving it a 17.4% stake in the oil company. Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing …

Berkshire Hathaway buys 9.9 million more Occidental shares, has 17.4% stake Read More »

By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the …

Exxon signals operating profits could double over the first quarter Read More »

By Adriana Barrera PARAISO, Mexico (Reuters) -Mexican President Andres Manuel Lopez Obrador formally opened a major new oil refinery on Friday, a signature project for the leftist leader who argues it will help the country cut a longstanding dependence on foreign gasoline and diesel supplies. The Olmeca refinery owned and operated by state-run oil company …

Mexico’s largest oil refinery opens to fanfare, not yet operational Read More »

By Nichola Groom (Reuters) -President Joe Biden’s administration on Friday unveiled a five-year proposal for offshore oil and gas development in areas of existing production, and said the final plan may have anywhere from zero to 11 lease sales. The range of options, between two auctions a year and none at all, sought to balance …

U.S. 5-year offshore drilling plan contemplates zero to 11 auctions Read More »

By Jonathan Stempel NEW YORK (Reuters) – Archegos Capital Management LP has urged a Manhattan federal judge to dismiss lawsuits by two U.S. regulators seeking fines and restitution over the private investment firm’s collapse, which saddled banks with about $10 billion of losses. In a Friday court filing, Archegos said the Commodity Futures Trading Commission …

Archegos urges dismissal of two U.S. regulators’ lawsuits over collapse Read More »

By Roberto Samora and Ana Mano SAO PAULO (Reuters) – Brazilian fertilizer imports in June jumped 18.6% and totaled 4.15 million tonnes, according to government data released on Friday, quashing fears of delivery disruptions amid trade sanctions on key suppliers. The data suggests that Brazil, which imports about 85% of its fertilizer needs, should have …

Brazil’s fertilizer imports jump as farmers prepare to plant new crop Read More »

SANTIAGO (Reuters) -Chile’s finance minister, Mario Marcel, on Friday introduced a tax reform bill that increases copper mining royalties on companies that produce more than 50,000 tonnes a year and raises taxes on high-income earners to fund the government’s proposed social programs and reforms. Chile is the world’s top copper producer and is home to …

Chile plans to raise copper mining royalties and reform tax system Read More »