(Photo by Eddie Seal for Bloomberg News)

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has struck a deal to settle all federal, state and local claims against it for its role in the Deepwater Horizon oil spill for $18.7 billion. It would pay out that sum over 18 years, BP said Thursday.
(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
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)

Shale drillers’ safety net is vanishing

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SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
Floor hands David Vannapha, left, Mario Ramos, center, and Jose Garza make a pipe connection on the drill string on the Orion Perseus drilling rig near Encinal in Webb County, Texas, U.S., on Monday, March 26, 2012. The Perseus is drilling for oil and gas in the Eagle Ford Shale, a sedimentary rock formation underlying an area of South and East Texas. Photographer: Eddie Seal/Bloomberg *** Local Caption *** David Vannapha; Mario Ramos; Jose Garza

Chesapeake sells Oklahoma oil land for $840 million

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The oil land sold off in the deal covers 250,000 net acres in west Oklahoma near the Texas Panhandle, with about 1,500 wells pumping oil and gas from subterranean reservoirs called the Cleveland, Tonkawa and Marmaton formations that straddle the state border.
An oil pump jacks sits on a Osage County ranch in Oklahoma. (Mayra Beltran/Houston Chronicle)

Crude prices tank after oil supply added nearly 2 million barrels

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Crude oil prices opened lower and continued to fall in Wednesday trading, as the markets parsed new data showing the oversupply of crude isn’t about to evaporate.
old lady paying bill

Low-income Texans expected to receive $50 electric bill discounts

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The Texas Coalition for Affordable Power, a leading advocate for House Bill 1101, called the legislation the most important this year for electric customers.
CB&I Chairman and CEO Philip K. Asherman, May 23, 2014 in The Woodlands, TX. (Eric Kayne/For the Chronicle)

CB&I jumps on $1.5 billion Houston petrochem project with Oxy

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The ethylene cracker project is being constructed by Occidental’s OxyChem subsidiary and Mexichem in the Ingleside Ethylene joint venture near Corpus Christi.
drill rig

Rig rout puts smaller drillers in front as oil majors scale back

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Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy toward the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
Pemex Refinery in the Hidalgo State in Mexico

Pair of companies to build 700,000-barrel crude oil storage near Houston

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The two companies said they will build about 700,000 barrels of new crude oil storage and a pipeline near Seabrook, Texas, about 30 miles southeast of Houston.