Energy
US oil slumps on inventories, greenback
Mark Shenk Oil dropped a second day after US crude stockpiles expanded again, keeping supplies at the highest level in more than eight decades.
Rockefeller Family Fund divests from fossil fuels
![Flames shoot from a tower at Exxon Mobil Corp's Torrance Refinery in California earlier this month.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/q/e/e/9/image.related.thumbnail.90x60.gnqc69.png/1458810111784.jpg)
Terry Wade and Anna Driver The Rockefeller Family Fund has said that it will divest from fossil fuels and accused oil giant Exxon Mobil of "reprehensible" conduct on climate change.
How farmers are using the CEFC to boost productivity
![Renewable energy makes commercial sense for farming, says NAB.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/m/v/b/5/e/image.related.thumbnail.90x60.gnq8kl.png/1458855310960.jpg)
Jared Lynch Taxpayer-funded clean energy projects have moved beyond slapping solar panels on people's homes, says an Australian banking executive.
ENN takes Santos stake in $1b deal
![Santos has a new Chinese shareholder, in ENN Group.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/m/y/6/d/n/image.related.thumbnail.90x60.gnpz4i.png/1458800839483.jpg)
Angela Macdonald-Smith Santos is to get a new Chinese cornerstone shareholder after ENN said it would buy Hony's 11.7 per cent stake for almost $1 billion.
Beach Energy cuts 56 jobs after Drillsearch deal
![Beach Energy is cutting jobs after the Drillsearch Energy takeover..](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/1/1/i/8/w/c/image.related.thumbnail.90x60.gnq37n.png/1458779839300.jpg)
Angela Macdonald-Smith Beach Energy will slash 56 jobs with more to come as it cuts duplication after the takeover of Drillsearch Energy.
Oil drops as US stockpiles lift on imports
![Brent for May settlement fell $US1.07, or 2.6 per cent, to $US40.72 a barrel on the London-based ICE Futures Europe exchange.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/1/2/n/5/g/t/image.related.thumbnail.90x60.gnpwxi.png/1458760217878.jpg)
Mark Shenk Oil traded in New York extended declines after a report showed US crude supplies climbed to the highest level in more than eight decades as imports surged.
Woodside freezes $40 billion LNG plans
![Woodside CEO Peter Coleman said the company would chase acquisitions rather than return capital to shareholders.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/h/4/k/b/u/image.related.thumbnail.90x60.gnp14k.png/1458712713699.jpg)
Angela Macdonald-Smith The oil price slump has forced Woodside Petroleum and partners to ditch plans for a $40 billion-plus floating LNG project, delaying development of the huge Browse gas resource yet again.
Seven Group eyes east coast gas, raising Beach stake to 23pc
![Seven Group CEO Ryan Stokes wants to tap into east coast gas opportunities.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/1/3/y/q/image.related.thumbnail.90x60.gnp7gt.png/1458699593887.jpg)
Angela Macdonald-Smith Seven Group CEO Ryan Stokes wants to 'make the most of the opportunities' in the east coast gas market after the company raised its Beach Energy stake to 22.9 per cent.
Cooper and AGL ink gas deal
![Cooper Energy's Sole gas project off Victoria is more likely to proceed after locked in another customer.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/i/0/1/z/b/image.related.thumbnail.90x60.gnp0dl.png/1458690936166.jpg)
Angela Macdonald-Smith The prospects for a new $1 billion gas supply project off the Victoria coast have taken a leap forward with the news that the project backer has secured AGL as a customer for the gas.
US oil slips on Brussels, inventories forecast
![US crude supplies probably climbed 2.53 million barrels last week, according to the median of responses in a Bloomberg ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/1/m/9/r/w/0/image.related.thumbnail.90x60.gnoyzm.png/1458684099398.jpg)
Mark Shenk Oil ended slightly lower in New York after terrorist attacks in Brussels and amid forecasts that US crude inventories climbed from an 86-year high.
AGL faces power station strike
![AGL Energy's Loy Yang A power station is being threatened by strike action.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/i/i/p/c/e/image.related.thumbnail.90x60.gnohvm.png/1458628969551.jpg)
Angela Macdonald-Smith AGL Energy says strike action is a threat to Victoria's power security.
New Hope seeking lower rail access charges
![Bengalla Coal Mine: New Hope has bought a stake in Ryan Osland.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/j/x/r/g/i/image.related.thumbnail.90x60.gnog1x.png/1458624549057.jpg)
Brian Robins New Hope Corp is pushing for steep cuts to rail access charges in Queensland which it claims are among the highest in the world, to underpin its next round of cost reductions as it works its way through the coal market downturn.
Snowy Hydro fined for energy retailing breaches
![Snowy Hydro release water from Jindabyne dam into the Snowy River via the gates and cone valve creating a massive water ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/k/k/k/u/g/image.related.thumbnail.90x60.gnoej1.png/1458621196723.jpg)
Brian Robins Snowy Hydro has been fined $40,000 after its Red Energy unit failed to obtain customer consent to extend sales contracts once they had expired.
Investors' top 12 commodity questions: HSBC
![HSBC expects oil to trade at $US40 a barrel in the second quarter.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/i/y/3/2/image.related.thumbnail.90x60.gnnz2u.png/1458614972908.png)
Jessica Sier Can oil stage a recovery, and where will US LNG exports leave Australia's major new projects? HSBC has the answers.
Coal market yet to bottom: New Hope
![New Hope said there was no consensus on the outlook for thermal coal prices, forcing the company to continue to squeeze ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/i/l/5/4/image.related.thumbnail.90x60.gnnbuq.png/1458598482953.jpg)
Brian Robins Even with their recent stability, coal prices may not have bottomed, New Hope Corp has warned after disclosing further earnings weakness.
OPEC's El-Badri sees 'moderate' price for oil
!["We will see who will reply and who will not reply, but I hope it will be a successful meeting," El-Badri said at the ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/m/j/7/4/p/image.related.thumbnail.90x60.gnnu0h.png/1458589683992.jpg)
Grant Smith OPEC expects oil prices to rebound to a "moderate" level even if Iran doesn't join other producers in an agreement to freeze production.
Oil higher on bets global glut to ease
![Brent for May settlement rose 14 cents, or 0.3 per cent, to $US41.34 a barrel on the London-based ICE Futures Europe ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/h/5/p/p/f/image.related.thumbnail.90x60.gnnt8m.png/1458584803007.jpg)
Mark Shenk Oil climbed amid speculation that the global crude glut will decline as US production slips and central banks policies stimulate demand.
New Santos CEO wields axe
![New Santos chief executive Kevin Gallagher is overhauling the senior leadership team.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/k/u/0/6/q/image.related.thumbnail.90x60.gnngh7.png/1458558740373.jpg)
Angela Macdonald-Smith Two senior Santos executives, once seen as potential candidates to replace former chief executive David Knox, are being shown the exit door as new chief executive Kevin Gallagher instigates a shake-up of senior leadership at the weakened oil and gas producer.
AGL hit to earnings as Liddell falters
![AGL Energy's coal-fired power generation will be reduced for the next two months.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/j/e/3/g/k/image.related.thumbnail.90x60.gnmwmx.png/1458538199976.jpg)
Angela Macdonald-Smith An outage at AGL Energy's large coal-fired Liddell power plant in the Hunter Valley is set to slash electricity generation from the site over the next two months.
Carnegie targets islands for wave power with EMC deal
![Carnegie Wave Energy wants to accelerate the roll-out of its technology in remote islands.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/7/6/a/o/image.related.thumbnail.90x60.gnn79z.png/1458537812352.jpg)
Angela Macdonald-Smith Powering islands through a combination of interconnected solar, wind and wave power plants is the focus of a link between two Western Australian renewable energy innovators that will see Carnegie Wave Energy take a $4.5 million stake in micro-grid business Energy Made Clean.
First Gorgon LNG cargo sets sail
![The vessel Asia Excellence transported the maiden cargo from Chevron's Gorgon LNG project in Western Australia on March 21.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/n/5/g/h/image.related.thumbnail.90x60.gnn5bt.png/1458526674450.jpg)
Angela Macdonald-Smith The first cargo of liquefied natural gas from Chevron's monster $55 billion Gorgon project off Western Australia has finally sailed, bound for Japan.
Unions to step up roster protests at Ichthys LNG
![Workers on the huge Ichthys LNG construction site near Darwin want shorter rosters.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/j/c/r/j/a/image.related.thumbnail.90x60.gnm3km.png/1458462020648.jpg)
Angela Macdonald-Smith Unions will ramp up their campaign for shorter working rosters at Inpex Corporation's $US37 billion gas project in northern Australia.
Woodside sacked five for fraud
![Woodside has sacked staff found to have acted in breach of its code of conduct.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/n/6/e/1/i/image.related.thumbnail.90x60.gnm4a0.png/1458436220481.jpg)
Angela Macdonald-Smith Woodside Petroleum sacked 14 staff last year for breaches of its code of conduct, including five for fraud, its sustainable development report has revealed.
Oil retreats on greenback, rig count
![US oil may rise to $US47 by June, Bank of America Merrill Lynch said in a note to clients Friday.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/j/j/1/l/r/image.related.thumbnail.90x60.gnm7pe.png/1458329736099.jpg)
Mark Shenk Oil fell from a three-month high as the greenback climbed, curbing investor appetite for commodities.
AWE names Cue Energy's Biggs as new CEO
![New chief executive David Biggs sees the potential to add value to AWE's assets, which include a gas venture in the ...](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/l/x/f/g/b/image.related.thumbnail.90x60.gnlp2l.png/1458282419072.jpg)
Angela Macdonald-Smith Mid-cap oil and gas player AWE has named David Biggs, the current head of explorer Cue Energy, as its new chief executive, replacing Bruce Clement who advised in October that he would step down.
LNG exporters face overhaul in key Japanese market
![LNG exporters face major changes in the key Japanese market.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/k/b/2/z/b/image.related.thumbnail.90x60.gnlp28.png/1458280816222.jpg)
Angela Macdonald-Smith Australian liquefied natural gas exporters may need to make radical changes to the way they sell gas into Japan.
Saudis plan to attend Qatar oil meeting
![Saudi Arabia will attend, Oil Minister Ali al-Naimi told reporters on the sidelines of a conference in Berlin on Thursday.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/l/g/5/8/i/image.related.thumbnail.90x60.gnlnsl.png/1458242719461.jpg)
Wael Mahdi, Mohammed Aly Sergie and Grant Smith Saudi Arabia will join a meeting of producers from within and outside OPEC in Doha next month, bolstering the campaign to freeze output.
US oil tops $US40 mark
![West Texas Intermediate oil has surged since slumping to a 12-year low last month on speculation a global surplus will ease.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/m/8/h/a/0/image.related.thumbnail.90x60.gnlnhp.png/1458242134084.jpg)
Mark Shenk Oil surged above $US40 a barrel in New York for the first time since December as central banks signalled they will continue to provide economic stimulus.
Peabody on edge, Australian jobs at risk
![More Australian mines face closure after Peabody warns of financial distress.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/z/r/v/6/b/image.related.thumbnail.90x60.gnicox.png/1458187637600.jpg)
Brian Robins Thousands of Australian jobs are under threat with the largest privately owned coal miner in the world, Peabody Energy, warning overnight its financial survival was under a cloud.
LNG glut to trigger delays, cutbacks
![Low prices are set to plague the LNG spot market for years, warns Citigroup.](/web/20160326042628im_/http://www.smh.com.au/content/dam/images/g/k/7/w/c/j/image.related.thumbnail.90x60.gnkwbn.png/1458186828527.jpg)
Angela Macdonald-Smith An LNG glut is likely to plague the market for six years, forcing delays to new projects and potentially causing some producers to cut output, Citigroup says