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The J. W. McLean offshore drill rig, operated by Transocean Ltd., stands anchored in the Cromarty Firth beyond the prow of the offshore pipelay vessel Deep Energy, operated by Technip SA, in Invergorgon, U.K., on Wednesday, Aug. 6, 2014. (Photographer: Simon Dawson/Bloomberg)

Rolls-Royce to cut 400 marine jobs as oil hits ship sales

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The cuts announced Monday follow the elimination of 600 factory posts at the division announced in May, mostly focused on Norway, where Rolls-Royce’s marine manufacturing operations are based.
McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

Saudi Aramco cuts crude pricing to Asia, U.S. amid weak demand

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Middle Eastern producers are competing increasingly with cargoes from Latin America, North Africa and Russia for buyers in Asia. Producers in the Persian Gulf region sell mostly under long-term contracts to refiners.
Photographer: Simon Dawson/Bloomberg

Lukoil says it will sign deal with Iran to start drilling

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Oil companies are eyeing projects in Iran, which has the world’s fourth-largest reserves, after the nation came to an agreement with the U.S. and other world powers to curb its nuclear program in exchange for an end to economic sanctions.
Chesapeake CEO Doug Lawler speaks at the IHS CERAWeek energy conference in Houston on March 4, 2014. (Mayra Beltran/Houston Chronicle)

Chesapeake Energy renegotiates $4 billion line of credit, sparking bondholder selloff

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Earlier this week, the company eliminated 740 jobs and let go of about one in six of its employees, as part of Chief Executive Officer Doug Lawler’s plan to combat the weak energy market by reducing headcount, selling assets, spinning off business lines and halting a 14-year run of dividend payouts to stock investors.
Traffic moves through downtown Anchorage, Alaska, U.S., on Wednesday, Nov. 5, 2014. (David Ryder/Bloomberg)

Alaska money blizzard may end as oil’s plunge threatens payouts

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Alaska is poised to alter its social contract with people like Paul Alexie for the first time in its 56-year statehood. Oil riches have ensured that the 23-year-old Yupik Eskimo from Bethel doesn’t pay state sales or income taxes. Instead, Alaska pays him. He’ll use $2,072 that lands in his bank account today to defray […]
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran aims to boost oil output by 2 million barrels from projects

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Iran will need $30 billion of investment over five years to boost oil production, starting with about 350,000 barrels of new output next year, Goldman Sachs Group Inc. said in a report Thursday.
A well is drilled at an Apache Energy site in the Permian Basin in Midland, Texas, Feb. 14, 2012. (Jim Wilson/The New York Times)

Obama administration’s new fracking rules blocked by U.S. judge in Wyoming

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The ruling by U.S. District Judge Scott Skavdahl puts on hold the most closely-watched effort by the Obama administration to ensure that fracking doesn’t contaminate water supplies.
FILE - In this Dec. 22, 2014 file photo, Iranian oil workers gather at the Tehran's oil refinery south of the capital Tehran, Iran. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Vahid Salemi, File)

Iran approves model oil contract aimed at ramping up production

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Iran is preparing to bounce back from sanctions that strangled its economy and choked off investment in its oil and gas industry.
A crude oil drill rig stands in the distance of a single family home under construction in Williston, North Dakota, U.S., on Monday, Feb. 13, 2012. North Dakota will hold its Republican presidential caucus on March 6. Photographer: Daniel Acker/Bloomberg

Real estate crisis emerging in North Dakota’s man camps

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The frenzied drilling that made North Dakota No. 1 in personal-income growth and job creation for five consecutive years hasn’t lasted long enough to support the oil-fueled building explosion.
A  2010 file photo shows a sign at a BP  station in London. (AP Photo/Alastair Grant, File)

BP has big defense against hostile takeover attempt

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potential buyer might be forced to accelerate the payment of up to two thirds of the $18.7 billion in penalties the company agreed to pay the U.S. and several states, according to company filings. As it stands, BP has more than 15 years.