Rig workers pause while mopping the decks on a Hercules rig. (Smiley N. Pool/Houston Chronicle)

Hercules Offshore files bankruptcy with plan to convert debt

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In court papers filed in Delaware federal bankruptcy court, the Houston driller said it had more than $1.3 billion in debt and about $546 million in assets. It said it expects to be in bankruptcy proceedings for 45 to 60 days and that it doesn’t anticipate it will halt daily operations.
The 29-week plunge in the oil rig count takes a break

U.S. rig count grows again despite the price of oil still dropping

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The U.S. oil rig count increased by six this week, largely buoyed by more rigs added in Texas’ Permian Basin, according to according to Baker Hughes, which tracked 29 weeks of decline in the count until July 2, when oil companies began sending rigs back to oil fields in Texas and elsewhere.
(Simon Dawson/Bloomberg)

Transocean profit falls 41 percent

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Transocean, which has its main U.S. offices in Houston, said its profit of $342 million, or 93 cents a share, was down from $587 million, or $1.63 a share, in the April-June period last year. Revenue fell from $2.3 billion to $1.8 billion.
John Hess, chairman and CEO of Hess Corp. (F. Carter Smith/Bloomberg )

Hess Corp. posts $567 million loss

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Hess, which has a major Houston presence, saw its income fall from a gain of $931 million during the same time last year. Excluding one-time expenses, Hess posted adjusted net income of a $147 million loss, or a loss of 52 cents per share, down from a $432 million gain last year, or $1.38 a share.
Total headquarters outside Paris. (AP file photo/Jacques Brinon)

Total SA avoids big earnings dip

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The Paris-based company said low oil prices were partially offset by a 12 percent increase in oil and gas production compared to last year, strong refining margins and the results of Total’s cost reduction program.
A drilling rig under contract to Shell arrives in Port Angeles, Washington en route to Alaska's Chukchi Sea, where Shell hopes to drill this summer. (Daniella Beccaria/seattlepi.com via AP, File) MAGS OUT; NO SALES; SEATTLE TIMES OUT; TV OUT; MANDATORY CREDIT

Senate bill would give oil companies a decade more to drill in Arctic

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Oil companies could get 10 more years to drill on their Arctic leases, under a provision in a broader offshore drilling bill advancing in the Senate.
This  April 17, 2015 file photo, with the Olympic Mountains in the background, a small boat crosses in front of an oil drilling rig as it arrives in Port Angeles, Wash., aboard a transport ship after traveling across the Pacific.  (Daniella Beccaria/seattlepi.com via AP, File)

Damaged Shell icebreaker arrives in Oregon for repairs

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Environmental activists in Portland are protesting the arrival of the Fennica, a vessel that Royal Dutch Shell plans to use in its Arctic offshore drilling project after it’s repaired.
Phil McNabb of Oceaneering International showing the WASP Atmospheric Diving System  during the Offshore Technology Conference at Reliant Center on Monday, May 6, 2002. The one-man submersible can go to a depth of 2300 feet(Melissa Phillip/Chronicle)

Oceaneering International profit falls 40 percent in second quarter

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Oceaneering International’s profit fell 40 percent in the second quarter as its fleet of more than 300 underwater robots found less work at offshore oil-industry projects compared to last year.
Subsea trees are shown at FMC Technologies, 1777 Gears Road, Wednesday, June 4, 2014, in Houston. ( Melissa Phillip / Houston Chronicle )

FMC Technologies plans further layoffs

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FMC Technologies executives say its joint venture with another subsea oil-equipment maker has been welcomed by operators but it will have to continue to cut its workforce in coming quarters as activity stagnates.
Workers on Ridgewood Energy's Vermilion 344 project.

Ridgewood launches huge deep-water Gulf fund, says it can find oil for $20 per barrel or less

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As other companies slow down their expensive deep-water Gulf investments, Ridgewood says it can find and develop oil there for cheap.