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Energy News: Chevron Bets on Lithuanian Shale Gas


Exxon Mobil profits are down and Panasonic cuts solar battery production.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web. For Hurricane Sandy-related energy news, please click here.
Chevron Buys Lithuanian Stake
"Energy major Chevron Corp. (NYSE:CVX) has purchased 50% interest in Lithuanian oil and gas exploration company, LL Investicijos. Details pertaining to the agreement were not disclosed by the company.

"According to Chevron, it will begin exploration work in the coming months. The company believes that there is a significant accumulation of extractable shale gas in a belt that stretches from the Baltic countries to the Mediterranean."

Link: ExxonMobil Q3 Profits Slip 7% on Lower Production Volumes
"Exxon Mobil (NYSE:XOM) said Thursday its third quarter profit fell 7 on lower production volumes, volatile commodity prices and as unfavorable tax items and foreign exchange impacts weighed.

"Shares of the world's largest publicly traded oil company slipped 0.69% in premarket hours, trading at $90.54."

Yahoo News!
Panasonic May Curb Solar Panel, Lithium Battery Expansion: Sources
"Electronics conglomerate Panasonic Corp. (NYSE:PC) may curtail its expanded production of solar panels and small lithium batteries used in PCs and other devices as part of new round of restructuring, two sources at the company told Reuters.

"Panasonic recently built a solar panel plant in Malaysia for 45 billion yen ($564 million), upping capacity by one-third to 900 megawatts. Plans to further ramp up production to 1.5 gigawatts may be scaled back, however, because of weak demand, particularly in Europe, the sources said on condition they were not identified."

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