Phillips 66 Chairman and CEO Greg Garland.  ( James Nielsen / Houston Chronicle )

Phillips 66 cuts its capital budget nearly 20 percent

Phillips 66 also will move forward with a $2 billion share buyback program. Nearly 80 percent of Phillips 66’s growth capital is directed toward its midstream expansions in pipelines, storage and export terminals.
NEW YORK, NY - AUGUST 25:  Traders work on the floor of the New York Stock Exchange (NYSE) on August 25, 2015 in New York City. Following a day of steep drops in global markets, the Dow Jones industrial average rallied over 300 points in morning trading.  (Photo by Spencer Platt/Getty Images)

Oil investors gain over $70 billion in best week since 2008

Oil has rebounded this week with the U.S. benchmark going past $50 for the first time since July as output from the world’s biggest consumer drops and Shell and Pacific Investment Management Co. said the worst may be over.
Wind farm

Commentary: New technologies push clean energy boundaries

Innovative systems of collecting energy from the environment are pushing the boundaries of the current renewable energy landscape, fueling the growth of the market and overall acceptance of green energy as a form of energy production. From pocket-sized wind turbines to solar-paneled bike paths, the green energy movement is reaching new heights of innovative technologies […]
(AP Photo/Pat Sullivan, File)

Schlumberger won’t extend pursuit for $1.7 billion deal for Eurasia Drilling stake

The company said it does not intend to extend the agreement beyond the current extension’s Sept. 30 expiration date. Instead, Schlumberger will focus on other opportunities for mergers and acquisitions, the company said in a statement.
(Kristian Helgesen/Bloomberg)

Norway cuts rates to record low to save economy from oil slump

Governor Oeystein Olsen is easing to unprecedented levels, following colleagues in Stockholm and Frankfurt, as the collapse in oil prices is taking its toll on the $500 billion economy.
Total headquarters outside Paris. (AP file photo/Jacques Brinon)

Total cuts oil output target

The measures, laid out by the French energy company on Wednesday before an investor day in London, signal that the belt-tightening among global oil producers to protect dividends will extend into 2017 and hurt future growth.
Lawrence Ullmann, a general operator for Baker Hughes, works on the catwalk at an oil rig site on May 22, 2015 in Hallettsville, Texas. (San Antonio Express News)

German firm sues Baker Hughes over steel used underground gas storage field

The defective equipment represents “a grave risk of harm with potentially catastrophic consequences,” because a rupture might result in the release of natural gas into the atmosphere and a potentially large fire, the Germany company said in the complaint.
Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Despite market buzz, Russia unlikely to team up with OPEC to raise oil prices

Kremlin officials were quick to dismiss the prospect of joint action.

Crude is swayed by overnight data from China, Europe

As the US returns to work after a long weekend, it is under the influence of various overnight releases from Europe and Asia. Brent crude is rallying strongly after seeing downside yesterday, while WTI is still playing catch-up and selling off towards mid-forty dollardom. At first blush a revision to Japanese GDP for Q2 was better […]
A worker at Valero Energy's refinery in Three Rivers, Texas, Oct. 12, 2012. (Michael Stravato/The New York Times)

This summer’s high gas demand could lead to a heavier maintenance season for refineries

The summer saw high gasoline demand and ever-cheapening prices at the pump, but the fall is expected to see up to 1.3 million fewer barrels of crude oil a day processed into gasoline by refineries while some plants are temporarily shut down, said analyst Brad Heffern of RBC Capital Markets.