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UPDATE 1-Husky Energy profit plunges 71 pct due to weak oil prices

May 6 (Reuters) - Husky Energy Inc, Canada's No.3 integrated oil company, reported a 71 percent drop in quarterly profit, hurt by weak oil and gas prices.

Maersk says gives Iran letter of undertaking over seized vessel

COPENHAGEN, May 6 (Reuters) - Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

Iran determined to regain its share of oil export market -oil minister

ANKARA, May 6 (Reuters) - Iran is determined to regain its share of the crude oil export market when sanctions imposed over its nuclear programme are lifted, Oil Minister Bijan Zanganeh said on Wednesday, the ministry's website SHANA reported.

UPDATE 1-Crestwood to buy unit in $3.5 bln deal to simplify structure

May 6 (Reuters) - Crestwood Equity Partners LP said it would buy affiliate Crestwood Midstream Partners LP in a $3.5 billion stock-deal to simplify its corporate structure.

UPDATE 1-Canada's Enbridge adjusted profit misses due to weak oil prices

May 6 (Reuters) - Enbridge Inc , Canada's largest pipeline company, reported a lower-than-expected adjusted quarterly profit, hurt by hedging losses due to a steep drop in oil and gas prices.

SPECIAL REPORT-Dow's top auditor challenged CEO on spending for years, documents show

MIDLAND, Michigan, May 6 (Reuters) - Just before he left the company almost two years ago, the former chief auditor at Dow Chemical Co sent a two-page memo to his boss.

UPDATE 1-BHP spin-off South32 sees M&A opportunities

PERTH, May 6 (Reuters) - Newly formed mining and metals group South32 is open to acquisitions once it splits from BHP Billiton , its CEO-elect Graham Kerr said on Wednesday.

Bowing to UK pressure, Russian tycoon to launch sales of North Sea assets

LONDON, May 6 (Reuters) - Mikhail Fridman's LetterOne fund is set to formally launch the sale of North Sea gas fields it had acquired from RWE, bowing to British threats to revoke the assets' licences unless the Russian tycoon relinquishes ownership.

RPT-COLUMN-Saudis have limited success in keeping oil market share: Russell

--Clyde Russell is a Reuters columnist. The views expressed are his own.--

Summers’ Law Strikes Again

Lawrence Summers famously wrote, “there are idiots, look around” in an attack on the theory that markets are rational. What some have called “Summers’ Law” certainly applies to the markets’ response to the slide in the price of oil as it relates to stocks of renewable energy companies.

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