A New York private equity shop is pouring $250 million into a startup Houston oil producer called TRP Energy, which plans to buy land and fund drilling in U.S. oil fields operated by other companies. More »
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior. More »
In a report released Friday, Standard & Poor’s Rating Service said it has downgraded credit ratings for oil companies 26 times this year and has only issued three upgrades. And its gloomy assessments will likely continue to stay well ahead of positive ones over the next year, especially if capital market investors and lenders pull back in coming months. More »
A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days. More »
Halliburton CEO Dave Lesar said the agreement closes out another chapter in the Gulf of Mexico saga for the oil field service company and restores its relationship with BP, one of its customers. More »
Jeff Tillery, Houston-based managing director and head of research at Tudor, Pickering, Holt & Co., said Linn’s dip in value made sense because the large offering coincided with a bad day for oil prices. More »
Via Collin Eaton, FuelFix: HOUSTON — Pumping a barrel of oil out of the Eagle Ford Shale could get $10 to $15 cheaper by summer 2016 as service companies cut costs and operators tune up their wells, analysts say. The oil slump hasn’t stopped producers in the South Texas play from getting better at targeting […] More »
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst newspapers, FuelFix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news.