Category: Crude oil

Linn Energy to cut spending in half this year

The cut also comes after it jettisoned assets last year in the Granite Wash, which is in North Texas and Oklahoma, and most of its property in the Midland Basin in West Texas.  More »

Russia pumps most oil since Soviet era despite sanctions

The previous post-Soviet oil production record was 10.64 million barrels a day in October, CDU-TEK data show.  More »

Exxon Mobil seeks to bar pipeline files

Exxon Mobil says it shouldn’t have to release any further information on a proposed but abandoned pipeline intended to run alongside the Pegasus pipeline that ruptured in 2013 in central Arkansas.  More »

Midland Basin oil worker talks crude prices, fracking bans in Reddit AMA

The worker answered dozens of questions from Redditors on life as a roughneck and the feelings among workers as dropping crude prices threaten to halt drilling.  More »

Hamm’s $1 billion alimony bill looks bigger as oil stock sinks

As measured by the Bloomberg Billionaires Index, Harold Hamm’s net worth has been reduced by a third to $10.6 billion. Hamm said Arnall will now get a larger share of their combined wealth than intended by the judge.  More »

Oil falls once again, looks to end 2014 at new lows

Behind the early fall was news that inventories at the oil trading hub of Cushing, Oklahoma rose by nearly 2 million barrels, according to U.S. Energy Information Administration data for the week ending Dec. 26.  More »

Small oil company to quit drilling amid falling crude

The move makes American Eagle Energy, worth $17 million on the stock market Wednesday, the first U.S. oil producer to completely stall its drilling plans in the face of the 50-percent slide in crude prices since this summer.  More »

Mexico oil production hits record low

Mexico is headed for its lowest annual oil production on record as state-owned Petroleos Mexicanos prepares for an influx of foreign investment.  More »

U.S. opening door to more oil exports seen foiling OPEC strategy

Saudi Arabia led the Organization of Petroleum Exporting Countries to maintain its production quota at a meeting last month even as a shale boom boosted U.S. output to the highest in more than three decades.  More »

Oil set for biggest slump since 2008 as OPEC battles U.S. shale

Oil’s slump has roiled markets from the Russian ruble to the Nigerian naira and squeezed government budgets in producing nations including Venezuela and Ecuador.  More »

Oil gains on speculation Libya disruption may ease glut

Oil has slumped 45 percent this year, set for the biggest annual decline since 2008, as the highest U.S. production in more than three decades contributed to a global surplus estimated by Qatar at 2 million barrels a day.  More »

Fewer workers expected at the oil patch next year, lodging firm says

An oil field lodging company’s job cuts in North America is the latest harbinger of a downturn and a dwindling number of inhabitants in Texas and North Dakota’s oil patches.  More »

One oil & gas young professional’s look back at 2014

Time is going to pass anyways, so you may as well put in the work now, and – much faster than you realize it – you will get to reap the spoils.  More »

Brazil, Roiled by Petrobras Probe, Makes for World’s Most Volatile Equities

The rallies and routs in Sao Paulo, including two bear markets and a 38 percent surge in between, were more extreme than in nations including Nigeria and Israel.  More »

Oil trades near lowest since ’09 with supply at year-end record

Oil has slumped 46 percent this year, set for the biggest annual decline since 2008, as the highest U.S. production in more than three decades contributed to a global surplus estimated by Qatar at 2 million barrels a day.  More »