Collin Eaton joined the Houston Chronicle's team of energy reporters in 2013, after covering the financial industry for another publication. He writes mainly about U.S. oil companies and developments in international oil markets.

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IEA says global oil demand growth could sink

HOUSTON – The International Energy Agency says global markets have absorbed the excess oil that has weighed on crude prices for two years, but now oil demand growth, one pillar supporting prices, is in decline. In its monthly oil market report released Thursday, the IEA said it believes oil demand g ...

Oil services firms face $110B in debt — and the bill is coming due

HOUSTON – Oil equipment companies have a lot riding on the sputtering market recovery. During the next five years, they’ll have to pay off about $110 billion in maturing debt. So unless energy prices and drilling rebound in time, many of them will probably fail, Moody’s Investors Service said in a n ...

Maersk Drilling to cut another 120 jobs after Gulf rig contract canceled

Another high-tech drilling rig has lost its contract work in the deep-water Gulf of Mexico more than a year before its agreement expired. Danish rig contractor Maersk Drilling says it’s planning to shed 120 more local jobs, after ConocoPhillips and Marathon Oil canceled rig work for its vessel, the ...

U.S. drillers add 3 oil rigs back to the field

U.S. drillers put three oil rigs back in the field this week, Baker Hughes said Friday, still pushing the nation’s rig count higher even as crude prices fall back toward $40 a barrel. Companies have dispatched 58 oil rigs back into the field since Baker Hughes’ oil rig count hit bottom at 316 in lat ...

Texas oil job cuts eased in June, economist says

HOUSTON – Texas drillers have handed out pink slips to 1 of 5 employees since last June, but lately, the pace of the industry’s job cuts has slowed. Energy producers and oil service companies across the state cut 900 jobs last month. That’s not a big loss compared with the 7,000 to 8,000 jobs elimin ...

Shell to cut 25 percent of deep-water Gulf jobs

HOUSTON — Royal Dutch Shell says it’s cutting one-quarter of its deep-water Gulf of Mexico workers, the oil company’s latest bid to reign in costs amid anemic crude prices. The move to shed 200 out of its 770 Gulf of Mexico employees and contractors, located across the United State ...

Southwestern Energy to nearly double 2016 spending

HOUSTON – Natural gas driller Southwestern Energy plans to nearly double its annual spending to $775 million, recalculating how much drilling it can afford this year after a big secondary stock sale and as energy prices rise. The Houston company’s $1.3 billion public equity raise last month could en ...

ConocoPhillips to shed 1,000 jobs

HOUSTON —  ConocoPhillips says it’s planning to shed another 1,000 jobs, about 6 percent of its global workforce, its latest effort to cut costs as crude prices languish around $45 a barrel. The Houston oil explorer has finished assembling some major upstream projects, and now has ...

U.S. drillers to cut $150 billion from budgets by 2017, Wood Mac says

Oil producers across the continental United States have snipped more out of their drilling budgets than their rivals in other countries, with plans to shed $150 billion by 2017, Wood Mackenzie says. The energy research firm says that’s three times more spending than producers in any other region hav ...

Many laid-off oil field workers have left industry behind, survey finds

Click through the gallery above to see how the oil crash affects the wider economy. HOUSTON – Many of the laid-off mechanics and roustabouts that ran drilling rigs during the oil boom have found new jobs in construction, retail and other sectors and may not come back even if the industry recovers. A ...

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