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

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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

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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

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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

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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

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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

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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

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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.
(AP Photo/Charles Rex Arbogast, File)

Oil breaks $40 barrier for first time in six years

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Fears that China’s economy may be sputtering and signals that global production is on the rise have driven oil lower for the past seven weeks, and barring a large recovery Friday, soon to be eight weeks.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Oil prices headed toward longest weekly losing streak since 1986

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Oil has slumped more than 30 percent since this year’s closing peak in June amid speculation the global surplus will persist.
A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

How much longer can Saudi Arabia’s economy hold out against cheap oil?

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Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade.