(Spencer Platt/Getty Images)

Freeport’s oil exit risks creating money-losing crude explorer

Freeport-McMoRan Inc.’s oil and natural gas business may continue to bleed cash after it splits from the parent company because energy prices are too weak to prop up the offshore-drilling pioneer.
WASHINGTON, DC - OCTOBER 06:  Energy Secretary Ernest Moniz testifies before the Senate Energy and Natural Resources Committee about the potential modernization of the Strategic Petroleum Reserve and related energy security issues in the Dirksen Senate Office Building on Capitol Hill October 6, 2015 in Washington, DC. Created in the wake of the 1973 energy crisis, the reserve is supposed to make sure the U.S. economy will not be hurt by an embargo or sharp price spike and Moniz estimates that $2 billion will be needed for distribution work and other technical upgrades.  (Photo by Chip Somodevilla/Getty Images)

Moniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles

Forty years after the U.S. created an emergency crude stockpile, it needs modernization to swiftly respond to oil supply disruptions, Energy Secretary Ernest Moniz told senators.
Ben van Beurden, chief executive officer of Royal Dutch Shell Plc, pauses as the company announce their fourth-quarter results in London, U.K., on Thursday, Jan. 29, 2015. Van Beurden pledged to do all he can to maintain payments to shareholders of Europe's largest oil company after crude prices fell by more than half in the past six months. Photographer: Chris Ratcliffe/Bloomberg  *** Local Caption *** Ben van Beurden

Shell CEO Ben Van Beurden says dividend will remain top priority amid low oil prices

Royal Dutch Shell Plc is “pulling out all the stops” to safeguard its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said.
(Spencer Platt/Getty Images)

Oil prices jump after reports of tanking U.S. production

West Texas Intermediate for November delivery rose 86 cents, or 1.9 percent, to $47.12 a barrel at 9:48 a.m. on the New York Mercantile Exchange.
(Jerry Lara/San Antonio Express-News)

IHS: North American oil hedges sink to 11 percent in 2016

The protective hedges used by 48 petroleum companies IHS examined will cover 60 percent less of their expected production than this year.
NEW YORK, NY - AUGUST 25:  Traders work on the floor of the New York Stock Exchange (NYSE) on August 25, 2015 in New York City. Following a day of steep drops in global markets, the Dow Jones industrial average rallied over 300 points in morning trading.  (Photo by Spencer Platt/Getty Images)

Ruminations about global oil market coordination

Thirty-seven years to the day after Benny and Frida from ABBA were married, and the recurring theme of ‘the winner takes it all‘ emerges once more in the global oil market. OPEC Secretary General Abdallah Salem El-Badri is on the wires today after rumors are stoked once more of a potential collaboration between OPEC and non-OPEC […]
Categories: Crude oil
Chevron CEO John S. Watson in Houston in April 2014. (Mayra Beltran/Houston Chronicle)

Chevron’s CEO calls for an end to the crude export ban

Watson has been a vocal proponent for lifting the ban, joining a chorus of oil executives – including ConocoPhillips’ Ryan Lance, Continental Resources’ Harold Hamm and Hess Corp.’s John Hess – weighing in on a national debate about the 1970s-era restriction.
Workers at the Weatherford rod-pump manufacturing plant prepare to move parts into the plant Thursday, June 26, 2014, in Katy. (Brett Coomer/Houston Chronicle)

Willbros makes $130 million sale amid NYSE compliance concerns

Willbros Group energy construction company said it will sell its pipeline engineering and services business for $130 million in cash to Massachusetts-based TRC Companies as part of the financially struggling company’s downsizing and reorganization.

The deal is part of Houston-based Willbros’ efforts to restore its viability in the wake of a spate of investor activism and the recent risk of having its listing removed by the New York Stock Exchange.

Motorists refuel at a Mobil gas station in Pittsfield, Mass., where regular gasoline is for sale at $1.99 per gallon, Tuesday Sept. 29, 2015. (Ben Garver/The Berkshire Eagle via AP) BERKSHIRE COURIER OUT, GREAT BARRINGTON RECORD OUT, RURAL INTELLIGENCER OUT, BERKSHIRES OUT; MANDATORY CREDIT

Houston gas prices finally hit $2 a gallon

Greater Houston gasoline prices are ranging from as low as $1.75 a gallon to highs of $2.99 per gallon. The spiked prices are within the Houston loop at Shell stations at 2220 Main St. and at 319 Shepherd Drive, according to GasBuddy.
(AP Photo/HO, Shell)

Shell starts Nigeria offshore expansion of up to 50,000 barrels

Shell has a 55 percent stake in Bonga and operates what it says were the first deposits to be developed in Nigeria’s deep waters in 2005.