Beaumont – Fuelfix

Fire on coastal Louisiana oil platform extinguished

The Coast Guard reported that a light sheen of oil near the site appeared to be dissipating and moving away from the Breton National Wildlife Refuge on the nearby barrier islands.  More »
Houston oil startup gets rolling with $250 million infusion

Houston oil startup gets rolling with $250 million infusion

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 »

Fire on Gulf oil platform forces evacuation of 28 workers

The Coast Guard reported a light sheen of oil could be seen from the air along a more than one-mile stretch of water. Also, about 4,000 barrels of crude oil is stored on the platform.  More »
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A single oil rig was shut down last week, extending six month decline

A single oil rig was shut down last week, extending six month decline

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 »

S&P: Producers could face more serious cash crunch by year end

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 »

Vanguard Natural Resources scoops up smaller Houston rival for $474 million

The most recent deal comes on the heels of Vanguard’s announcement in April that it will acquire LRR Energy LP for more than $250 million.  More »

‘Shale-ionaires’ suffering from wave of bankrupt oil drillers

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 »

BP, Macondo contractors resolve oil spill claims against each other

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 »

Gulf oil leak records cannot be kept secret, US judge says

An Associated Press investigation recently revealed evidence that the leak at the site of the toppled platform is worse than Taylor or government regulators had publicly reported.  More »

Norway’s prime minister relieved as nation avoids crisis of sub-$45 crude

Brent crude, the lifeblood for a nation that depends on petroleum for about 20 percent of its economic output, has rallied more than 40 percent since a Jan. 13 low of about $45.  More »

Hercules sells four rigs as Gulf drilling work disappears

This month’s rig sales come after the oil slump has taken a big toll on the Houston jackup rig contractor, which has cut 40 percent of its 1,800 employees in recent months.  More »

Linn Energy among hardest hit E&Ps on Wall Street

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 »
Harvest Natural Resources stock spike could signal interest from a buyer

Harvest Natural Resources stock spike could signal interest from a buyer

Harvest CEO James Edmiston said a sharp increase in the price of its battered shares could indicate a buyer is looming, but said the company has received no offers.  More »

Moody’s forecast darkens for debt-laden U.S. producers

Moody’s Investors Service believes 7.4 percent of U.S. oil producers could over the next year default on the risky debt that fueled the nation’s shale boom if crude stays cheap.  More »

Analysts: Eagle Ford Shale costs could go even lower

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 »
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