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(Andrey Rudakov/Bloomberg)

Russian crude output hits another post-Soviet record

Output has kept growing even as the Organization of Petroleum Exporting Countries chose to defend market share rather than cut output amid a supply glut last year.
Lee Tillman, of Marathon Oil Company, delivers remarks in  the Unconventional Impact Pane during the Offshore Technology Conference at NRG Park on May 5, 2014, in Houston, Tx. (Mayra Beltran/Houston Chronicle)

Marathon Oil cuts dividend 76 percent

The move signals that oil producers’ priorities may be shifting again as the downturn drags on another year.
(Norm Betts/Bloomberg)

Devon cuts 200 employees in Canada

The Devon cuts add to about 36,000 oil and natural gas jobs lost in the country since the price crash began more than a year ago, according to an estimate this month from the Canadian Association of Petroleum Producers.
John Hess, chairman and CEO of Hess Corp. (F. Carter Smith/Bloomberg )

Hess slashes 2016 drilling budget by 27 percent

Hess’s exploration and production unit lost $188 million during the quarter as a 53 percent plunge in the price the company received for each barrel of crude more than offset a 19 percent jump in production.
This undated file photo from the US Department of Energy Internet site shows the Bryan Mound storage facility in Brazoria County, Texas. (U.S. Department of Energy/AFP/Getty Images)

U.S. plans to sell down strategic oil reserve to raise cash

The proposed sale, included in a bill posted on the White House website, equates to more than 8 percent of the 695 million barrels of reserves, held in four sites along the Gulf of Mexico coast.
(Andrey Rudakov/Bloomberg)

Kazakhstan could fine BG, Eni $2 billion for project

That would be roughly in line with penalties the government threatened to impose in a 2010 dispute that ended with the state taking a 10 percent stake in the project.
The Maersk Developer drills an exploratory well into Statoil's Martin prospect in the Gulf of Mexico. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk cutting up to 12 percent of oil jobs

The move will help Maersk Oil reach its goal of cutting expenses by 20 percent by the end of 2016 and brings the total number of job cuts this year to about 1,250.
(Ty Wright/Bloomberg)

EQT suspends natural gas drilling in parts of Pennsylvania and West Virginia

The Pittsburgh-based company won’t drill new wells in central Pennsylvania and in the Upper Devonian shale basin, which sits atop the Marcellus reservoir in the western part of the state, the company’s CEO said.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Oil’s big slump looks like the 1980s ‘Lost Decade’

Crude oil’s collapse is bringing back memories of the decade of low prices that started in 1985 when Saudi Arabia began targeting market share.
(AP Photo/Scanpix, Statoil)

Monster gas field revival sets Norway up for output record

Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited the capacity for the country’s biggest field.