Fuel Fix

Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Oil price decline shows in Texas permits, completions

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Crude oil production is still rising in Texas, despite lower oil prices this year. June crude oil production averaged 2.43 million barrels daily, up from the 2.16 million daily barrels the state pumped in June 2014, according to the Texas Railroad Commission, the state’s oil and gas regulator. But this year’s price decline for crude

Oil price decline shows in Texas permits, completions

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Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)
Crude oil production is still rising in Texas, despite lower oil prices this year. June crude oil production averaged 2.43 million barrels daily, up from the 2.16 million daily barrels the state pumped in June 2014, according to the Texas Railroad Commission, the state’s oil and gas regulator. But this year’s price decline for crude
(Photographer: Eddie Seal, Bloomberg)

Magnum Hunter shares could be de-listed, NYSE says

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A punishing summer oil slump sent Magnum Hunter Resources Corp.’s shares below $1 apiece last month as it reported its crude and natural gas revenues in the second quarter came in sharply lower than last year, when oil was trading around $100 a barrel.
A worker at Valero Energy's refinery in Three Rivers, Texas, Oct. 12, 2012. (Michael Stravato/The New York Times)

This summer’s high gas demand could lead to a heavier maintenance season for refineries

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The summer saw high gasoline demand and ever-cheapening prices at the pump, but the fall is expected to see up to 1.3 million fewer barrels of crude oil a day processed into gasoline by refineries while some plants are temporarily shut down, said analyst Brad Heffern of RBC Capital Markets.
(Spencer Platt/Getty Images)

Abraxas CEO trims his own pay

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Robert Watson, San Antonio-based Abraxas Petroleum Corp.’s chairman, CEO and president, volunteered to cut his own pay by 20 percent, according to a Securities and Exchange Commission filing. “We take great pride in aligning our interests with shareholder interests,” Watson said in the filing. “As our shareholders continue to suffer from a difficult environment caused

handshake  behind a corporative building.Great for any design.

Emera plans to buy Teco Energy for $6.48 billion

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Emera, based in Halifax, Nova Scotia, has investments through the Northeastern U.S. and Canada as well as the Caribbean.
Categories: Electricity
Iris Smith, right to left, Michael Smith, Sig Cornelius, Charles Reimer, Hiroshi Ozaki, Yuji Kakimi, and Dennis Bonnen break ground in November 2014 at the Freeport LNG Liquefaction Project groundbreaking ceremony. (Gary Fountain)

LNG projects still moving toward oversupply, Wood Mackenzie says

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The capacity currently being built is enough to meet the world’s LNG needs until about 2022 and will likely lead to a short-term glut when it comes online.
Categories: LNG
(David Paul Morris/Bloomberg)

Canadian court rules villagers in Ecuador can pursue class action lawsuit against Chevron

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The Supreme Court of Canada said in a unanimous decision that the company can be pursued in the country for its alleged actions in Ecuador, in a case that’s spanned more than two decades.
Categories: Legal issues
eia gas prices

Gasoline prices are at their lowest in 11 years for the week leading into Labor Day

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The report from the U.S. Energy Information Administration noted that the last time prices were these low was 2004. The price of a regular gallon of gasoline is down 95 cents from the same time in 2014.
Over thirty oil drilling rigs are idle in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, as rig counts drop in the Permian Basin, Monday, May 18, 2015. (Courtney Sacco/Odessa American via AP)

U.S. producers idle 13 oil rigs

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The fall in the weekly rig count ended a six-week streak of gains and comes after oil prices began crashing again in recent weeks, pulled down by fears of an economic slowdown in China, the world’s second-largest crude buyer.