While Anadarko’s shares were downgraded yesterday on fears of liability for the Gulf spill, Halliburton, which provided cementing services at the Deepwater Horizon well site, drew a ratings upgrade today. FBR Capital Markets equity analyst Robert Mackenzie upgraded Halliburton’s rating from “perform” to “outperform” and brought back its $44 price target for the stock, the [...]  More »

It goes without saying that the Deepwater Horizon oil spill is a terrible tragedy. The ecological damage that will come from this accident is, at this point, so large and so extensive that it is almost unimaginable. Once the public wraps its mind around the horrible realities of the ramifications for our Gulf of Mexico [...]  More »

The moratorium on new offshore drilling as a result of the Deepwater Horizon accident is stalling a number of projects in the Gulf and could result in job cuts. Bloomberg noted that BP, Petrobras, Cobalt International Energy and Plains E&P are just some of the oil and gas exploration firms that have had projects in [...]  More »

Devon Energy said yesterday it is laying off some workers in its Houston-based offshore division as it finalizes the sale of that unit. The sale is part of the company’s plans — announced in November — to divest all offshore and international assets to focus on exploration in North America. Devon spokesman Chip Minty declined [...]  More »

A Venezuelan natural gas exploration rig, the Aban Pearl, sank in the Caribbean Sea early this morning. News of the accident was posted by President Hugo Chavez on Twitter. The post said all of the workers on the platform had been evacuated, the WSJ said. “To my sorrow, I want to inform that the natural [...]  More »

By 2050, almost a quarter of the world’s electricity can come from solar power, according to the International Energy Agency. Solar power currently accounts for 0.5 percent of global supply, Reuters said. The IEA says that number needs to grow in order to reduce greenhouse gas emissions and dependence on fossil fuels. “Without decisive action, [...]  More »

Woodlands-based Anadarko may take a bigger financial hit from the Gulf spill than BP, Bloomberg reported today. Anadarko owns a 25 percent stake in the well involved in the Deepwater Horizon disaster. Bloomberg said “pound for pound” Anadarko may have to pay more than BP. ING Bank NV estimated that costs of the spill may [...]  More »

As Chevron Canada has begun drilling the country’s deepest offshore oil well in the North Atlantic off Newfoundland, Canadian national and provincial energy regulators are reviewing safety requirements for offshore drilling to prevent a disaster similar to the Deepwater Horizon accident. The provincial government of Newfoundland and Labrador announced yesterday that it will be assessing [...]  More »

Transocean will file in federal court today to petition to limit its liability in the Deepwater Horizon disaster to just under $27 million, the WSJ said. Transocean, owner and operator of the Deepwater Horizon, is filing the request in U.S. District Court in Houston under an old maritime law. Under the Limitation of Liability Act [...]  More »

Houston companies Enterprise Products Partners and Duncan Energy announced yesterday that they’re expanding their jointly-owned Shoup and Armstrong processing and fractionation facilities in South Texas. The upgrades are part of a plan to expand the facilities to handle more natural gas production from the Eagle Ford Shale play, the news release said. At the Shoup [...]  More »

• BP has new option to use against leak, a riser insertion tube. • Offshore inspection process flawed, investigation finds. • States scramble for boom to protect coastline. • Failed pressure tests, hydraulic leak preceded rig blast. • Spill puts high-profile BP and Shell projects on hold. • BP’s blowout preventer safety tests often falsified, [...]  More »

Map of spill, May 13  More »