Beaumont – Fuelfix

Texas leads biggest rig count jump since April 2014

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The oil rebound in West Texas this week led the biggest surge in the drilling rig count since April 2014 — when oil was priced well above $100 a barrel. The amount of drilling activity jumped in Texas as 17 active rigs were added to the Lone Star State, mostly in the busy Permian Basin. …
Market Currents: Saudi making tough choices

Market Currents: Saudi making tough choices

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Oil prices remain bid up into the weekend, as the market adopts the first part of the motto ‘buy the rumor, sell the fact’ ahead of tomorrow’s OPEC / NOPEC meeting. Ahead of the weekend’s fun and games, hark, here are five things to consider in oil markets today: 1) The number of NOPEC producers attending …
Swift Energy sells remaining Central Louisiana interests

Swift Energy sells remaining Central Louisiana interests

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Houston-based Swift Energy Co. will use the $8 million in net proceeds from selling its remaining interests in two Louisiana fields to loosen up credit for its South Texas plans. The company this week announced it has sold its 25 percent interest in the Burr Ferry and South Bearhead Creek fields. Swift acquired holdings in …

Phillips 66 cuts capital spending by 25 percent

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Houston-based Phillips 66 will cut its capital spending by 25 percent next year, taking a conservative approach as the energy sector pulls out of the two-year oil bust. Phillips 66 will spend $2.7 billion in capital spending in 2017 — not counting joint ventures — with nearly $1.5 billion going to pipeline and terminal projects, …
Finally, some good news for deepwater

Finally, some good news for deepwater

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The oil and gas industry likely won’t spend more on exploration next year than it did this year, according to a report released Friday by the energy research firm Wood Mackenzie. Still, thanks to lower costs and increased efficiency, the business is poised to return to profitability. The two-year oil price downturn has transformed the …

Coal production on track to hit historic low

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Coal production in 2016 is on track to be the lowest since 1978, according to the U.S. Department of Energy’s short-term energy Outlook released this week. Annual coal production is expected to drop 15 percent this year and rise only slightly in 2017. The use of coal as an energy source has steadily dropped as …
Managing Deepwater crisis has helped BP during downturn, CEO says

Managing Deepwater crisis has helped BP during downturn, CEO says

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By Rita Brown Energy Voice Managing the aftermath of the devastating Deepwater Horizon accident has better equipped BP to navigate in a downturn, its CEO has said. Speaking exclusively to Energy Voice, Bob Dudley said there was no set prescription for running a business when the oil price collapses, but the oil major has drawn …
Cheniere Energy ends bid to consolidate corporate structure

Cheniere Energy ends bid to consolidate corporate structure

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Houston-based Cheniere Energy said Friday it ended its bid to simplify its corporate structure and consolidate its master limited partnership business after failing to reach a compromise between the two boards of directors. Cheniere this year was the first U.S. company to begin exporting liquefied natural gas and the master limited partnership business exists only …