A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore reaches creditor deal for bankruptcy filing

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Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
( Johnny Hanson / Chronicle )

Rig count tumbles again

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The total rig count, which when including natural gas rig fell by 30, now stands at 541.
An oil & gas drilling rig is drilling a well for Pioneer Natural Resources in the Eagle Ford Shale formation near Yorktown. (Eddie Seal/Texas Tribune)

Pioneer Natural slashes budget, halts drilling amid oil-price crash

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The Texas shale explorer scrapped plans to increase outlays for drilling announced early last month, and instead will reduce spending about 9 percent from last year.
(Daniel Acker/Bloomberg)

Wyoming oilmen diversify to survive the bust

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Casper businesses were the hub for Wyoming’s oilfields during the boom years. Today, they are rewriting business plans, reassigning machines for jobs outside the oil patch and experimenting with new product lines.

Supreme Court Stays Clean Power Plan

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In a surprising moves to legal experts, the Supreme Court today in a 5-4 ruling stayed the implementation of the EPA’s Clean Power Plan (CPP) supporting greenhouse gas reductions at fossil fuel fired power plants.  The move was surprising because the Supreme Court rarely involves itself in the determination of whether or not a temporary […]
Anadarko Petroleum Corporation CEO Al Walker. (Nick de la Torre / Houston Chronicle)

Anadarko Petroleum cuts dividend 81 percent

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The cut will save the company $450 million annually.
(Andrew Burton/Getty Images)

IEA: Oil glut could still grow in second half of 2016

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The 13-member OPEC raised its daily output by 280,000 barrels in January as Saudi Arabia, Iran and Iraq bolstered production.
A Chesapeake Energy storage tank near Dilley, Texas. (Pat Sullivan/AP)

Chesapeake Energy rebounds after denying bankruptcy plans

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The Oklahoma City oil and gas producer has some $11.6 billion in debt and a $500 million note due next month, according to regulatory filings.
Motorists refuel at a Mobil gas station in Pittsfield, Mass., where regular gasoline is for sale at $1.99 per gallon, Tuesday Sept. 29, 2015. (Ben Garver/The Berkshire Eagle via AP) BERKSHIRE COURIER OUT, GREAT BARRINGTON RECORD OUT, RURAL INTELLIGENCER OUT, BERKSHIRES OUT; MANDATORY CREDIT

National gasoline average now below $1.75 a gallon

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Prices at the pump are currently at their lowest prices in seven years courtesy of bountiful supply and cheap costs of crude oil
In this Aug. 4, 2015 file photo, Gov. Mary Fallin talks with the media after meeting with members of the Coordinating Council on Seismic Activity in Oklahoma City. With both the number and power of earthquakes increasing in Oklahoma, the Republican-controlled Legislature may be ready to take steps aimed at curbing the quakes scientists have linked to the underground disposal of oil and gas wastewater. (AP Photo/Sue Ogrocki, File)

Uptick in quakes could prompt action from Oklahoma lawmakers

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According to the U.S. Geological Survey, Oklahoma this year has already had more than 90 earthquakes of magnitude 3.0 or greater, which is generally when most people start to feel them.