Leonardo Mendoza, of Key Energy Services, guilds a drill pipe from a well at an EnerVest oil field Tuesday, May 10, 2011, in rural Fayette County. ( Brett Coomer / Houston Chronicle )

Key Energy splits CEO and chairman jobs, names successors for both positions

The Houston-based, oil-field services company said Chairman and CEO Dick Alario is giving up the top board seat immediately and retiring next year. President and Chief Operating Officer Robert Drummond, who just joined the company in June, will assume the CEO role no later than the end of 2016. Independent board member Mark Rosenberg, whose background is in private equity firms, is the new chairman.
Linn Energy CFO Kolja Rockov (far left) and and then-Senior Vice President of Business Development David Rottino (far right) pictured with other Linn executives in front of the NASDAQ exchange in New York City in 2011. (Linn Energy handout)

Linn Energy CFO steps down

The company has struggled after oil prices plummeted in 2014, and is once more under pressure following this month’s slide back below $40 per barrel.
(Photo by Andrew Burton/Getty Images)

Oil plunge has gone too far, Morgan Stanley says

China, the world’s second-biggest oil consumer, will keep buying extra barrels to fill its strategic reserve this year, according to Goldman Sachs Group Inc.
Oil workers operate drill sections while working on the drilling floor beneath the travelling block on a derrick operated by Salym Petroleum in Russia,. (Andrey Rudakov/Bloomberg)

Oil companies cheaper to buy than assets after rout, Exxon partner says

Oil and gas producers on Monday declined to their lowest level in almost four years as collapsing markets in China raised concern demand will falter and exacerbate a glut.
(Photographer: Ty Wright/Bloomberg)

Gasoline prices hit 11-year seasonal low

Monday’s national average price of gasoline is $2.59 per gallon, which is the lowest average for late August since 2004, AAA stated, despite record-high demand and ongoing refinery problems. The Houston area averaged a lower $2.33 a gallon, according to GasBuddy’s daily survey of 2,559 gas outlets in Houston.
Shirley Fuller drives for Uber Friday, Aug. 7, 2015, in Houston. Fuller was laid off from her job at a valve manufacturing company March 25. She is one of a growing number of people who struggle to earn enough money as low oil prices push energy companies to lay off workers. ( Jon Shapley / Houston Chronicle )

Shock of layoffs still stings oil and gas workers

The prolonged slump in crude oil prices has forced thousands of people out of work across the country.
Cobalt International Energy used the Petroserv SSV Catarina Rig to drill the Lontra #1 discovery well off the coast of Angola.  (Cobalt International Energy)

Cobalt sells its offshore Africa assets for $1.75 billion

Cobalt is unloading its 40 percent stake in two sizable blocks offshore of Angola in the deal that is expected to close by Jan. 1, subject to customary Angolan government approvals.
(AP Photo/Richard Drew, File)

Oil settles below $40 per barrel amid wider rout

U.S. benchmark oil was down about $1.40 and hovering near $39 per barrel at 10 a.m. Houston time. The contract fell as low as $37.75 per barrel in earlier trading before paring losses.
(Photo by Eddie Seal for Bloomberg News)

US oil rigs increase by two as drillers prop up vertical units

U.S. drillers put two oil rigs back to work this week, Baker Hughes said Friday, marking the rig count’s fifth consecutive weekly gain.
(David Paul Morris/Bloomberg)

Chevron starts layoffs at Louisiana office

Chevron spokesman Chris Merrifield said in an email to NOLA.com/The Times-Picayune the company has started to reduce the workforce at its Covington office, but he was “not in a position to provide detail” on the severity of the cuts.