Category: Crude oil

Drilling data shows U.S. oil production is slowing

Drillinginfo’s latest index shows 794,000 new barrels of oil equivalent per day were reaching the U.S. market in February.  More »

Anadarko buys into Colorado-to-Cushing pipeline project

The Woodlands-based firm said Wednesday it has purchased a 20-percent stake in the pipeline company building the 550-mile Saddlehorn pipe, which is expected to start piping oil from the DJ Basin to the oil hub in Cushing in the middle of next year.  More »

ConocoPhillips to lay off 200 Canadian workers

The Houston-based independent said the layoffs will affect 7 percent of the company’s Canadian workforce.  More »

Report: Texas housing more resilient to oil prices

Texas’ real estate market should be able to weather lower oil prices better than it did in the 1980s, but if prices fall further, the results could be much more dire, a Texas A&M real estate economist says.  More »

BG Group announces production from North Sea field

The Knarr oil field was discovered in 2008, and BG Group estimaes it has 80 million barrels of oil equivalent in gross recoverable reserves.  More »

Oil rallies on Fed news despite higher supplies

Analysts have worried that prices could move lower as the hub approaches its capacity of roughly 71 million barrels.  More »

Federal judge dismisses lawsuit targeting Exxon over Arkansas oil spill

It’s unknown whether the plaintiffs plan to appeal.  More »

Saudi crude exports in January reached highest in 11 months

The growth in January exports coincided with a 7.6 percent slide in the Brent crude price that month, signaling that cheaper oil may be stimulating demand amid a global surplus.  More »

Report: Oil firms’ rising debts add downward price pressure

Debts owed by energy firms have more than doubled since 2006, the Bank for International Settlements said in a report on Wednesday, following similar comments last month.  More »

Quicksilver Resources seeks bankruptcy

Quicksilver, which had around 340 employees in February 2014, has asked the federal bankruptcy court for approval to continue its business as normal and to keep paying employee wages and salaries and providing benefits.  More »

Oil producer Nexen cuts workforce by 400

Nexen is a wholly-owned subsidiary of CNOOC Limited, one of China’s major national oil companies.  More »

Dragon Oil gets buyout approach from Emirates National Oil

Emirates National has been seeking new oil supplies. Dragon produced an average of 78,790 barrels of oil a day last year with sales of $1.09 billion.  More »

Canada safety board says tank car standards needed sooner

A new standard was enacted in Canada after a fiery derailment in July, 2013 in the center of Lac-Megantic, Quebec, killed 47 people, but oil trains meeting the new standard continue to derail and catch fire throughout North America.  More »

Moody’s: North American oil companies cut capital spending 41 percent in 2015

North American exploration and production companies have collectively cut their capital budgets this year by 41 percent, according to a new analysis published Tuesday by Moody’s Investors Service.  More »

ConocoPhillps slashes spending plans for coming years

The largest independent producer of oil and gas had been signalling plans to spend an average of $16 billion per year, but earlier this year, the company whittled its 2015 capital expenditure budget by $2 billion to $11.5 billion.  More »