Category: featured

Cash-strapped oil firms top Moody’s watch list

In the first quarter, a dozen oil companies including Energy XXI’s operating unit, Midstates Petroleum Co. and Halcón Resources Corp. tumbled into credit-rating territory reserved for the most financially unfit firms, according to Moody’s Investors Service.  More »

Halliburton, Baker Hughes shareholders OK $35 billion deal

Roughly 98 percent of the shareholder votes cast in both votes were in favor of the deal, which is expected to close in the second half of this year.  More »

Dow Chemical, Olin in $5 billion cash-and-stock deal

Dow has been under pressure from the hedge fund Third Point LLC to split its specialty chemical and petrochemical businesses.  More »

Frac sand exec to slumping oil producers: You’re not going to drill your way out of this

“Every so often we have to reinvent the oil industry again,” says an executive from frac-sand firm Trican Well Service.  More »

Report: Drilling activity could rebound as service costs fall

The number of wells will fall this year, but drilling should recover by next year as oil companies “seize their chance to drill at lower cost,” the report notes.  More »

Shell cuts staff numbers in North Sea operations

The price of Brent crude, an international variety of oil, dropped about 50 percent last year and the industry is scrambling to figure out how to address the price shock.  More »

DOJ: Schlumberger violated Iran sanctions, will pay $232 million fine

The deal marks the end of a six-year federal probe into the company’s activities in two Middle Eastern countries, which found the U.S.-based subsidiary “took steps to disguise” its overseas dealings for several years.  More »

North Dakota oil rig count drops below 100

North Dakota is the nation’s No. 2 oil producer behind Texas. North Dakota has been producing about 1.2 million barrels of oil daily.  More »

Eagle Ford producer leases Exxon’s old space

The Houston-based exploration firm plans to move into former Exxon Mobil space in the Five Greenspoint Place 19-story building at 17001 Northchase Drive.  More »

Iran is waiting to flood the market with as much as 35 million barrels of crude

If a deal on its nuclear program is reached, the Persian Gulf nation could add its stockpiles into an oversupplied oil market where prices have fallen more than 50 percent since June.  More »

Rick Perry: Crude export ban should be lifted

Former Gov. Rick Perry on Tuesday his support behind lifting a decades-old ban on crude exports, calling it a “major error” not to allow U.S. oil to be shipped overseas.  More »

Linn announces $1 billion equity deal

Oil producer Linn Energy signed a deal with Quantum Energy Partners, a private investor, to help fund up to $1 billion in oil and natural gas acquisitions, the companies said Tuesday  More »

U.S. drillers scrambling to thwart OPEC threat

Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere.  More »

FMC, Technip forming new firm to streamline subsea operations

Subsea equipment maker FMC Technologies and engineering firm Technip are forming a new company together, one they say will be able to help oil companies reach their first barrels of offshore crude faster, for cheaper.  More »

Cheniere settles investor suits over nearly $2 billion in pay

Cheniere CEO Charif Souki’s take home in 2011 climbed to $142 million, the highest amount for any U.S. public-company chief executive  More »
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