Free Republic

Excerpt - Venezuelan President Hugo Chávez is planning a new assault on Big Oil, potentially taking a major step toward nationalization of Venezuela's oil industry that could hurt oil-company profits, reduce production and put further pressure on global oil prices. Venezuela's Congress, made up entirely of Mr. Chávez's allies, is considering sharply raising taxes and royalties on foreign companies' operations in the Orinoco River basin, the country's richest oil deposit. Major oil companies like Exxon Mobil Corp. and ConocoPhillips of the U.S. and Total SA of France have invested billions of dollars there to turn the basin's characteristically tar-like oil...

PARIS (AP) - Total SA said Wednesday that net profit rose 53 percent in the first quarter thanks to higher crude oil prices, strong refining profit margins and the continued recovery of its chemicals unit. The French petroleum company said net profit rose to 3.21 billion euros ($4.13 billion) in the first quarter of 2005, from 2.09 billion euros a year earlier. Both figures were reported under the International Financial Reporting Standards being introduced by many European companies this year. Stripping out one-time charges for restructuring and amortization, adjusted net profit climbed 50 percent to 2.92 billion euros ($3.75 billion)...