Category: featured

Pemex negotiates lower rig rates as crude collapse hurts profit

Pemex is in talks with oil service and jack-up rig providers to reduce daily rates after the board approved cutting more than $4 billion from its 2015 budget last week.  More »

Dresser-Rand to cut 8 percent of its workforce

Diesel engine and gas turbine maker Dresser-Rand Group is cutting 8 percent of its 8,100-employee workforce around the world in coming weeks, it said Friday, trimming operating costs as falling crude prices have crushed profits in the oil service sector.  More »

Oil train wrecks increase pressure for tougher safety rules

On Feb. 5, the Transportation Department sent the White House draft rules that would require oil trains to use stronger tank cars and make other safety improvements.  More »

CenterPoint officials say they aren’t worried about Houston’s economy

CenterPoint Energy, the monopoly utility company serving Houston-area electric companies, reported a 55.8 percent increase in profits in the fourth quarter Thursday.  More »

Transocean could take only a week to shelve out-of-work rigs, execs say

Transocean reported a loss in the fourth quarter as it took a $992 million goodwill impairment charge on the sinking value of its drilling business and other charges, it said late Wednesday.  More »

EIA: U.S. crude inventories grow again

The inventory report included a number of figures that have worried analysts in the past.  More »

Oil demand seen rising by Saudi’s al-Naimi as markets calm

Brent crude futures, a benchmark for more than half of the world’s oil, gained 3.6 percent this year, after plunging 48 percent in 2014.  More »

Obama vetoes Keystone XL bill

The fight over the $8 billion project is far from over, with Republicans vowing to try again to force construction and a White House spokesman stressing that Obama’s veto does not foreclose an eventual permit for TransCanada’s proposed border-crossing pipeline.  More »

Tenaris to lay off 230 in Conroe

The company attributed the move to falling oil prices that have resulted in less drilling activity.  More »

Texas oil tool companies cutting more than 1,100 jobs

Oil field service company Archer Ltd. says it’s cutting roughly 1,000 jobs, or 11 percent of its workforce, as it faces a sharp slowdown in drilling activity in the United States and the North Sea.  More »

Steelworkers strike expands to Port Arthur and beyond

The United Steelworkers union has expanded its strike to the Motiva Enterprises refinery in Port Arthur.  More »

Steelworker strike: Talks ongoing as tensions mount on picket line

The Houston Police Department was investigating whether an unidentified off-duty officer who works for another law enforcement agency threatened to shoot picketers early Friday morning, HPD public information officer Jodi Silva said.  More »

U.S. rig count falls by 48 as market watches for signs of slowing output

This week’s count brought the number of active U.S. rigs down to 1,310, a figure that has plummeted by more than 460 compared to last year.  More »

Union rejects latest offer in national oil workers strike

The walkout, now in its third week, affects 11 refineries and petrochemical plants, five in the Houston area.  More »

Three more oil service firms cutting hundreds of jobs, wages

Oil field service companies have announced more than 40,000 layoffs and oil producers have cut more than 5,000 jobs so far.  More »
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