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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China’s oil demand shifting to consumers, not falling, Wood Mac says

China’s oil demand isn’t really slowing — it’s just changing, and that will help global energy demand to exceed supply by the end of the years, says  energy research firm  Wood Mackenzie. The world’s second-largest economy is maturing,  increasingly supported by a growing middle class whose ap ...

Anadarko buying Gulf of Mexico assets for $2 billion

Anadarko Petroleum is planning to snap up offshore property in the Gulf of Mexico for $2 billion in a deal that doubles the company’s foothold in the Lucius deep-water field. The Woodlands-based oil explorer said Monday it expects the transaction with seller Freeport-McMoran to close in the fourth q ...

Creditors lose historic sums in oil bankruptcies, Moody’s says

For the lenders that bankrolled the shale boom, the oil-market crash may leave as much financial wreckage behind as the devastating telecom bust in the early 2000s, Moody’s Investors Service said. On average, banks and bond investors have recovered only about $1 of every $5 they poured into the U.S. ...

Spectra purchase ‘hugely strategic,’ Enbridge CEO says

Spectra Energy, one of Houston’s biggest pipeline and energy infrastructure firms, has agreed to sell itself to Canada’s Enbridge for $28 billion in a stock-for-stock transaction that would create the largest company of its kind in North America. In a statement Tuesday, the companies sai ...

Texas drillers added jobs in July for first gain in 19 months

Rigs aren’t alone in the long trek back to the Texas oil patch. Drillers across the state added about 100 new jobs in July, the first monthly gain since the Texas energy industry’s employment figures began falling dramatically in January 2015, economist Karr Ingham says. Texas upstream companies – o ...

15 percent of Gulf oil production shut in ahead of Hermine, feds say

Offshore safety officials say oil companies have shut in more than 15 percent of the crude production in the Gulf of Mexico and have evacuated workers from 10 production platforms and one drilling rig in the region as Tropical Storm Hermine approaches. That’s more than 242,000 barrels a day of oil p ...

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 ...

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