Fuel Fix

An oil & gas drilling rig is drilling a well for Pioneer Natural Resources in the Eagle Ford Shale formation near Yorktown. (Eddie Seal/Texas Tribune)

Pioneer Natural slashes budget, halts drilling amid oil-price crash

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The Texas shale explorer scrapped plans to increase outlays for drilling announced early last month, and instead will reduce spending about 9 percent from last year.

Pioneer Natural slashes budget, halts drilling amid oil-price crash

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An oil & gas drilling rig is drilling a well for Pioneer Natural Resources in the Eagle Ford Shale formation near Yorktown. (Eddie Seal/Texas Tribune)
The Texas shale explorer scrapped plans to increase outlays for drilling announced early last month, and instead will reduce spending about 9 percent from last year.
(Daniel Acker/Bloomberg)

Wyoming oilmen diversify to survive the bust

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Casper businesses were the hub for Wyoming’s oilfields during the boom years. Today, they are rewriting business plans, reassigning machines for jobs outside the oil patch and experimenting with new product lines.
In this March 25, 2014 photo, a worker oils a pump during a hydraulic fracturing operation at an Encana Corp. well pad near Mead, Colo. The first experimental use of hydraulic fracturing was in 1947, and more than 1 million U.S. oil and oil wells have been fracked since, according to the American Petroleum Institute. The National Petroleum Council estimates that up to 80 percent of natural oil wells drilled in the next decade will require hydraulic fracturing. (AP Photo/Brennan Linsley)

Democrats introduce anti-drilling bill in House

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Called the “keep it in the ground act” act, the bill led by Rep. Jared Huffman, D-California, would apply to all federal lands and waters, including the Gulf of Mexico.
(Brett Coomer/Houston Chronicle)

At NAPE, industry still waiting for oil’s rock bottom

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Once oil companies are confident prices will improve, analysts expect a wave of deals.
Categories: Crude oil

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Jan. 20, 2016. U.S. stocks surged back to pare the biggest one-day selloff in five months, with the Dow Jones Industrial Average cutting a loss of 550 points by two-thirds as investors speculated the rout that's wiped more than $15 trillion from global equities has gone too far too fast. Photographer: Michael Nagle/Bloomberg

U.S. crude falls to 12-year low

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West Texas Intermediate futures dropped to $26.13 a barrel, breaking below the $26.19 low from January to reach the lowest since May 2003.
Categories: Crude oil, Markets
(Paul White/(AP photo)

Repsol to shut unprofitable Norwegian oil field

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The field produced about 4,800 barrels of oil a day in November
Categories: Crude oil, Europe, Production
Total headquarters outside Paris. (AP file photo/Jacques Brinon)

Total’s quarterly profit beats estimates on oil output, refining

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The energy producer, based outside Paris, joins BP Plc and Royal Dutch Shell Plc in cutting operating costs and investments to protect its dividend as a plunge in crude prices dents earnings.
A worker uses heavy equipment to attach drilling pipe sections on an oil drilling platform operated by Tatneft OAO near Almetyevsk, Russia, on Friday, July 31, 2015. Eleven months of surviving with oil below $100 have left Russia hardened enough to endure a monthlong drop to $40 a barrel, a survey of economists showed. Photographer: Andrey Rudakov/Bloomberg

Oil under pressure from rising oil and product inventories, credit crunch

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One hundred and thirty-eight years after the first US bicycle club was formed (the Boston Bicycle Club), and crude prices are freewheeling lower once more. We have equity markets spiraling lower, as fears of global economic weakness combine with deteriorating credit conditions for energy companies. As the chart below illustrates, borrowing costs for US junk-rated […]
Categories: Crude oil
(Scott Dalton/Bloomberg)

TransCanada falls to a loss after $2.1 billion charge on Keystone XL

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TransCanada announced Thursday it had booked a US $2.1 billion charge related to its now-rejected Keystone XL pipeline.
Huntsman posted higher third-quarter earnings despite an unplanned outage at its Port Neches plant. ( Brett Coomer / Chronicle )

Huntsman Corp. posts small profit despite shrinking revenues

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Despite keeping its earnings positive, the chemical products manufacturer saw its quarterly revenues decline by 23 percent.
LNG storage tanks are seen at Cheniere's Sabine Pass LNG facility.  (J. Patric Schneider)

Williams to pipe gas to Cheniere, Freeport LNG Texas projects

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The arrangements come as U.S. LNG export projects are increasingly under pressure amid the continuing rout in global commodity prices.
Categories: Deals, LNG
EOG Resources CEO Bill Thomas at EOG's offices in downtown Houston Thursday Sept. 25, 2014. (Billy Smith II  / Chronicle)

EOG CEO: Industry wary of false start on oil recovery

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The energy sector won’t repeat last year’s mistake of rapidly boosting production the next time the price of oil hits $60 a barrel, said the chairman and CEO of EOG Resources.
A  2010 file photo shows a sign at a BP  station in London. (AP Photo/Alastair Grant, File)

BP outlook: American shale gas revolution to go global by 2035

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In its annual Energy Outlook released Wednesday, BP projected shale gas production around the world will grow 5.6 percent a year, and by 2035, half the growth in shale energy will come from outside the United States.
Categories: Crude oil, Markets
(AP Photo/J. Scott Applewhite)

Yellen: Oil bust aids U.S. economy

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Janet Yellen said the economy had become “less supportive of growth,” but left open the possibility that cheap oil combined with lower interest rates could provide a boost.
Categories: Crude oil, General