Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

Oil majors delay $200 billion of spending, Wood Mackenzie says

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Brent crude prices have dropped by half in a year after the Organization of Petroleum Exporting Countries decided to maintain output to defend market share amid a global supply glut.
Halliburton CEO Dave Lesar (Melissa Phillip/Chronicle)

Paychecks rose for some Houston energy CEOs in 2014

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The 10 highest-paid executives in Houston last year all work in the energy industry, despite domestic oil’s long and lingering swoon.
Drivers fill up their vehicles at a Sunoco station on Wednesday, Feb. 4, 2015, in Cohoes, N.Y.   (Paul Buckowski / Times Union)

Energy Transfer Partners to shift retail business in $1.94 billion swap

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The so-called drop down deal will sharpen Dallas-based Energy Transfer Partners’ focus on the midstream sector, while also concentrating Energy Transfer’s retail and convince store business in Sunoco LP.
Siemens CEO Joe Kaeser (Getty Images)

Siemens said to need service sales boost to meet margin goal

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Chief Executive Officer Joe Kaeser, who is focusing Siemens on energy generation and distribution, last year spent $7.6 billion on acquiring oil and gas specialist Dresser-Rand Inc. to boost the company’s installed base of equipment and gain the associated lucrative service contracts.
(Paul White/(AP photo)

Repsol’s CEO courts skeptical investors after $13 billion deal

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Based on analysts’ target prices, Repsol is expected to underperform the 18-member Bloomberg Intelligence Global Integrated Oil Index. That’s despite it being only one of five companies where profits are predicted to rise next year.
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Efficiency gains in the oil patch could be short lived, consultants say

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Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
(Ty Wright/Bloomberg)

Willbros continues to sell off business units after spate of investor activism

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The move comes after Willbros last week agreed to annual elections for everyone on its board of directors instead of the current system of staggered, three-year terms. Investor groups contended that more accountability is needed to move past allegations of mismanagement and entrenched cronyism.
Furmanite service technicians install a custom-engineered leak sealing enclosure to prevent their client from having to shut down a process unit. (Furmanite)

Furmanite looks to make peace with activist investors after proxy battle

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Furmanite set its annual meeting for June 30 in Houston after resolving an invective-filled proxy battle in May that ended with major concessions made to activist investors. The meeting was originally delayed from April, when investors complained it was being held in Delaware to avoid a confrontation. Then, it was delayed again from May 7 when a settlement agreement was reached.
An Exterran Partners midstream compressor. (Exterran)

Exterran poaches Houston boss from GE Oil & Gas to head spinoff

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Way, the CEO of drilling and surface production for GE in Houston, will become the president and CEO of the unnamed spinoff that is supposed to launch in the third quarter of the year.
(Nabors photo)

Nabors shareholders OK executive pay after overhaul

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Investors have given Nabors Industries its first symbolic nod of approval on its executive compensation, a sign the land driller’s efforts to rein in large paydays have paid off.