Category: Crude oil

Occidental loses $3.4 billion on asset impairments

The company has cut its 2015 annual capital budget to $5.8 billion, down 33 percent from last year, as oil prices have been cut in half since June.  More »

Kinder Morgan charts course for growth, despite headwinds

Energy giant Kinder Morgan said it would reach its goals by expanding its myriad businesses and continuing to bet on natural gas, which it expects to continue to drive demand for pipelines and other transportation services.  More »

Oil falls after U.S. crude stockpiles surge to weekly record

Crude supplies rose 8.87 million barrels to 406.7 million, the most in records compiled since August 1982 by the Energy Information Administration.  More »

Hamm: Oil prices could rise sooner than you think

The market doesn’t understand just how quickly oil companies will scale back their activities as oil prices plunge — and as a result, prices could rebound faster than many observers expect, Continental Resources CEO Harold Hamm said Wednesday.  More »

Hess misses earnings estimate on lower oil prices

Hess announced Monday it would cut its capital spending plan for the year 16 percent to $4.7 billion.  More »

Now is the worst time to get off the oil & gas career rollercoaster

If you have any interest at all in this business beyond just the money, you are doing a disservice to your future if you throw in the towel now.  More »

Carrizo Oil & Gas to cut spending 35 percent, but produce more

S.P. Johnson, Carrizo’s President and CEO, said that the increase was made possible in part by a decline in service costs and more productive wells.  More »

BP turns to environmental impact, financial state in oil spill penalty trial

BP will continue to build its case for lower environmental fines Tuesday in the long-running legal fight over how much it should pay for fouling the Gulf of Mexico in 2010.  More »

Houston man accused of lying about blowout preventer tests

If convicted on two counts of making false statements to federal agencies, he could get up to 10 years in prison and $500,000 in fines.  More »

Hess cuts capital spending by 16 percent

Hess Corp. will cut its capital spending 16 percent to $4.7 billion, becoming the latest exploration and production company to announce big cuts to its 2015 budget.  More »

BP will freeze pay for most of its employees

The announcement came today in an internal message to employees, said BP spokesman Brett Clanton.  More »

Energy Transfer Partners to buy sister company in $11.2 billion deal

The purchase would bring together two companies both controlled by parent company Energy Transfer Equity, L.P. in a cash-and-stock deal.  More »

Spill trial: BP makes its case for lower pollution fines

BP’s fourth and final witness, Robert Cox, a practicing physician and toxicologist at the University of Mississippi Medical School, said he found the oil spill and the efforts to clean it up left no significant adverse human health impacts or threats to public health, based on his analysis of exhaustive state and federal data.  More »

Hedge funds bet oil will fall further

U.S. crude supplies rose by 10.1 million barrels to 397.9 million in the week ended Jan. 16 and the country will pump the most oil since 1972 this year.  More »

U.K. lawmakers urge fracking moratorium

Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.  More »
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