Russian crisis hits BP's Rosneft profits

Vladimir Putin Wags Finger

BP's profit from its stake in Russia's Rosneft was hit by the falling value of the ruble, pushing its contribution to BP's underlying profit down by 75% to $271m (£161m) in the first three months of this year.

Chevron CEO: US energy policy needs change

Oil Barrels

Chevron plans to increase its oil and gas production by 20 percent by 2017, but most of the growth will be abroad, in part because U.S. policy isn't "pro-development," CEO John Watson told CNBC's "Closing Bell" on Tuesday.