Marathon Bakken drilling

U.S. oil rig count down 42 as industry’s slowdown accelerates

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The number of rigs drilling for oil in the U.S. fell by 42 this week, a reversal from previous figures that suggested the industry’s pull back was slowing down.
The Maersk Developer drills an exploratory well into Statoil's Martin prospect, about 3,000 feet below the surface in the Gulf of Mexico. Two years ago, Statoil paid $157 million for the right to drill into a single 9-square-mile block at the site and the Norwegian company is now spending about $1.1 million a day to rent the Developer, supply the drilling rig and pay for other contractors. (Jennifer A. Dlouhy / Houston Chronicle)

Statoil makes Gulf of Mexico discovery

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Statoil and its partners have struck oil in the Gulf of Mexico, but more work is needed before the Norwegian oil company can determine the size of the discovery.
Original byline: Jim Blecha/

The oil industry’s $26 billion life raft

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The swift decline in U.S. oil prices — $107.26 on June 20, $46.39 seven months later — caught market participants by surprise.
The Apache-operated Varanus Island Gas hub is located in western Australia (Apache Corp.)

Apache Corp. is exiting Australia with a $2.1 billion asset sale

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The assets produced the equivalent of about 49,000 barrels of oil a day in March.
SHELL STRATEGIC OIL

Will an M&A wave follow Shell-BG? Investors hope, dealmakers doubt

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Corporate dealmakers and analysts say they doubt it’s a sign that a new wave of oil and gas deals like the spending spree of the late-1990s is just around the corner, especially among financially healthy U.S. oil producers.
Categories: Crude oil, Deals, featured
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Ryan Lance, chairman and CEO of ConocoPhillips, addresses the audience during the Geopolitics of Natural Gas at Rice University, Friday, Feb. 21, 2014, in Houston. (Marie D. De Jesús/Houston Chronicle)

ConocoPhillips stresses shale through 2017

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Flexible spending and disciplined growth will help ConocoPhillips meet its 2017 goals, executives said Wednesday.
BG Group CEO Helge Lund (Andrey Rudakov/Bloomberg)

The CEO of BG just arrived in February, and could walk with $43 million

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Lund, who joined BG on Feb. 9 after heading Norway’s Statoil ASA, is entitled to liquidated damages equal to a year’s gross salary and 30 percent of base pay, the Reading, England-based company’s annual report showed.
(Kristian Helgesen/Bloomberg)

Shell’s BG deal adds to North Sea job concern after oil collapse

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Shell, employing about 2,400 across the North Sea, targets $2.5 billion of pretax “synergies” a year across the globe from the deal, including staff cuts.
Liquefied natural gas export terminals including Cheniere Energy's $18 billion Sabine Pass facility nearing completion  in Cameron Parish, Louisiana,  should boost demand for U.S. natural gas. (Cheniere Energy photo)(Cheniere Energy)

Cheniere cleared to expand Sabine Pass LNG

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Federal regulators approved plans to expand Sabine Pass LNG amid growing skepticism about the viability of such projects.
Saudi Arabian Minister of Petroleum and Mineral Resources Ali Ibrahim al-Naimi. (MLADEN  ANTONOV/AFP/Getty Images)

Saudi Arabia sees crude price rising as it boosts oil production

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OPEC kept output targets steady at its meeting in November, focusing on maintaining market share rather than supporting prices. The group meets next in June.