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An oil tanker navigates the Houston Ship Channel in Houston, Texas. (Carter Smith/ Bloomberg News file photo)

Amid crude oil glut, ship owners are seeing a huge windfall

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Tanker analysts are predicting the rate boom will persist for many of the same reasons oil forecasters are bearish.
Categories: Crude oil
Sinopec, as China Petroleum & Chemical Corp. is known, said yesterday it was still investigating the cause of the blast, which happened after crude oil leaked from a 27-year-old pipeline into Qingdao’s municipal rainwater pipe network. (Jerome Favre/Bloomberg)

Sinopec plans to double Fuling shale gas capacity by 2017

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The Beijing-based company known as Sinopec Group has steadily produced 15 million cubic meters of shale gas a day at the site for more than a month, it said in an e-mailed statement on Tuesday.
(Spencer Platt/Getty Images)

U.S. oil states facing deficits heading into 2016

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Alaska, Louisiana and Oklahoma have seen tax collections diminished by the rout, which has put pressure on credit ratings and led investors to demand higher yields on some securities
(Tomohiro Ohsumi/Bloomberg)

Report: Shale gas surge will export benefits abroad, leaving marginal U.S. gains

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The analysis, posted on the Energy Department’s website Monday, comes as U.S. regulators consider an unprecedented number of proposals to export natural gas from booming shale fields.
FILE PHOTO: Saudi Arabia's King Abdullah bin Abdulaziz Al Saud enters a car on his arrival in Beijing, China, on Sunday, Jan. 22, 2006. King Abdullah has died and will be succeeded by his half-brother, Crown Prince Salman, at the helm of the world's biggest oil exporter. Photographer: Lucas Schifres/Bloomberg *** Local Caption *** King Abdullah

Saudi budget gap set at $87 billion as revenue seen falling

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The collapse in oil prices has slashed government revenue, forcing officials to draw on reserves and issue bonds for the first time in nearly a decade.
Workers perform maintenance on an offshore facility operated by Mexico's national oil company, Petróleos Mexicanos. (Susana Gonzalez photo/Bloomberg)

Pemex to announce job cuts with oil output at 25-year low

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The state-owned oil producer is set to announce the staff reduction as part of the plan to restructure the company and to synchronize itself to industry standards, interim Chief Financial Officer Rodolfo Campos said in a phone interview this week.
Categories: General
A Cabot Oil & Gas Corp. natural gas drilling rig operates in the Marcellus Shale in Pennsylvania. (Cabot Oil)

Christmas week gift doesn’t mean happy new year in oil patch

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Don’t be fooled by the ghost of oil prices past. The downturn will haunt the industry well into the new year.
Categories: Crude oil, featured, General
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Diamond Offshore loses to Statoil in Norway court clash

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Diamond Offshore plans to appeal the judgment, the Houston-based company said.
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ConocoPhillips exits Russia

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The company had been searching for a buyer for its 50 percent share of the Polar Lights field in northwestern Russia for more than 18 months as output slumped and international sanctions made it harder for U.S. companies to operate in Russia.
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Pemex oil production hampered by accidents, budget cuts

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Mexico’s 2015 oil production is the lowest since at least 1990, when the government began recording output, and is more than 100,000 daily barrels below the original 2.4 million daily barrels forecast for the year by Chief Executive Officer Emilio Lozoya.