McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

McDermott CEO sees Saudi contract as step in turnaround

Offshore engineering company McDermott International has landed a $1.5 billion-plus lump sum contract with Saudi Aramco.

Commentary: Oncor to Change Owners? Two BIG Reasons Why It Matters

If Oncor raises rates, more than 3 million Texas customers feel it. If Oncor can’t serve those homes and businesses, there’s nowhere else for them to turn.
(Jordan Blum/Houston Chronicle)

Getting a glimpse of Exxon Mobil’s new campus

The complex resembles a modern college campus with plenty of landscaping, about 20 buildings, three large parking garages, a wellness center and more.
In this March 31, 2015 photo, a supply vessel crosses an oil sheen drifting from the site of the former Taylor Energy oil rig in the Gulf of Mexico, off the coast of Louisiana. The New Orleans-based company has downplayed the leak's environmental impact, likening it to scores of minor spills and natural seeps that the Gulf routinely absorbs. (AP Photo/Gerald Herbert)

Details on fight against decade-long Gulf oil spill to be released under court deal

Details about a chronic oil leak in the Gulf of Mexico will be disclosed as part of the settlement agreement between Taylor Energy and environmental groups.

Commentary: Crude swept along with the improving mood in global markets

To celebrate Pee Wee Herman’s 63rd birthday, markets are having their own big adventure today. Overnight equity markets have been racing higher, catching up with yesterday’s effervescent rally in the US. Just as we saw a vicious cycle of selling earlier in the week, positive sentiment is traveling across the time zones like a game […]
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Niels Koppel touches a Cameron Evo 20K BOP, a blowout preventer, at Cameron's booth at the Offshore Technology Conference at Reliant Center Monday, May 6, 2013, in Houston. (Cody Duty / Houston Chronicle)

Analysts: Schlumberger’s bid for Cameron “makes sense”

Analysts now hail the decision by the two companies to form a joint venture called OneSubsea as the precursor to Schlumberger’s plans announced Wednesday to acquire Houston-based Cameron, a major oilfield equipment and technology company.
Categories: Deals, General
Ecuador's President Rafael Correa delivers a speech in Quito, Ecuador, Thursday, Aug. 13, 2015. (AP Photo/Dolores Ochoa)

Ecuador reveals the pain inside OPEC: It’s pumping oil at a loss

President Rafael Correa said on Tuesday that the South American nation is receiving as little as $30 a barrel for its crude, while production costs average about $39.
Oil rose to $39.31 a barrel in New York Mercantile Exchange trading Tuesday, but remains at six-year lows. (Stephen Hilger/Bloomberg News)

Oil prices move higher, market mood stays low

Domestic benchmark crude rose $1.07 to $39.31, but prices remain in territory not seen in six and a half years.
Categories: Crude oil, General
Leonardo Mendoza, of Key Energy Services, guilds a drill pipe from a well at an EnerVest oil field Tuesday, May 10, 2011, in rural Fayette County. ( Brett Coomer / Houston Chronicle )

Key Energy splits CEO and chairman jobs, names successors for both positions

The Houston-based, oil-field services company said Chairman and CEO Dick Alario is giving up the top board seat immediately and retiring next year. President and Chief Operating Officer Robert Drummond, who just joined the company in June, will assume the CEO role no later than the end of 2016. Independent board member Mark Rosenberg, whose background is in private equity firms, is the new chairman.
(AP photo/Brennan Linsley)

Encana sends Louisiana shale assets to private venture in $850 million deal

Encana Corp. said Tuesday it will sell $850 million of Louisiana shale play acreage to a partnership between a closely held Woodlands oil and gas driller and a private equity firm.