Category: Crude oil

Producers collect $7.8 billion as Wall Street rushes back to oil

Wall Street investors in the past two months have pumped $7.75 billion into 16 separate stock-market equity fund-raises for oil companies like Noble Energy, Newfield Exploration, Encana Corp. and Oasis Petroleum, according to Tudor, Pickering, Holt & Co. and Credit Suisse.  More »

Oil rig count falls by 64

The number of rigs searching or drilling for oil fell by 64 to 922, according oil service company Baker Hughes’ weekly count.  More »

Changing Seasons in Energyland™

As the seemingly permanent blanket of snow in my yard lifted this week to reveal the green, green grass below (albeit briefly), I am reminded that seasons change. But it is not just clocks and landscapes that are undergoing a shift, but also a veritable variety of elements in energyland™. So here are some such […]  More »

Train carrying Bakken crude derails, burns in Illinois

The derailment occurred 3 miles south of Galena in a wooded and hilly area that is a major tourist attraction and the home of former President Ulysses S. Grant.  More »

BNSF freight train with crude oil derails near Illinois city

According to railroad officials, the train derailed around 1:20 p.m. Thursday in a rural area where the Galena River meets the Mississippi.  More »

Statoil agrees to pay $2 million for illegal well in North Dakota

Authorities say the well was drilled in December 2011 on unleased federal land about two weeks after Statoil Oil & Gas Services Inc. acquired Brigham Oil & Gas L.P.  More »

Libya says 11 oil fields non-operational after Islamic State attacks

The National Oil Corporation blamed authorities in the Libyan-capital of Tripoli, set up by Islamist-backed militias, for failing to protect the oil fields.  More »

Volatile Bakken crude expected to keep flowing through Texas

AUSTIN – Despite falling oil prices, production cutbacks and persistent safety concerns, rail officials plan to continue shipping millions of gallons of volatile crude oil from the Bakken region of North Dakota through Texas, according to updated records provided by state officials on Wednesday. Average weekly volumes reflect little change from a first batch of […]  More »

Senator wants tougher rules for volatile oil moved by rail

Sen. Charles Schumer wants federal regulators to require crude to be stripped of volatile compounds before it is loaded into rail cars criss-crossing the country.  More »

Exxon CEO: Get used to lower oil prices

Speaking at the company’s annual investor meeting in New York, Tillerson cautioned that geopolitical turmoil could unexpectedly send prices higher.  More »

Exxon Mobil raises $8 billion in its largest bond offering

Exxon holds top triple-A credit ratings from Moody’s Investors Service and Standard & Poor’s, making it one of only three U.S. corporations that stand on nearly equal footing with governments in debt markets.  More »

Crude inventories at their highest level in decades after another build

Total crude oil inventories now stand at 444.4 million barrels, a modern-era high.  More »

Exxon Mobil to cut 2015 budget by 12 percent

Despite the cuts, Exxon said it expects to increase daily production to 4.3 million oil-equivalent barrels through 2017.  More »

Libyan official: Islamic State militants attack oil field

The militants swept down from the central city of Sirte and attacked the al-Dhahra oil field to the south, trading fire with guards and blowing up residential and administrative buildings before eventually retreating.  More »

Saudi Arabia pledges to pump as much oil as its customers need

The country won’t cut output unless customers refuse to buy its crude, Oil Minister Ali Al-Naimi said in Berlin on Wednesday.  More »
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