The 29-week plunge in the oil rig count takes a break

NOV courting competitors amid downturn

on
National Oilwell Varco said Tuesday it expects to continue making acquisitions amid low oil prices that have strained profits in the oil service and equipment industry.
Categories: Crude oil
The head office of Statoil in Stavanger, Norway.  (AP Photo / Kent Skibstad, NTB scanpix, File)

Statoil profit beats estimates

on
Statoil and competitors such as Royal Dutch Shell Plc and Total SA are cutting investments and operational costs after oil prices fell by about 50 percent over the last 12 months.
BP Plc Results News Conference

BP posts $6.3 billion loss, warns of more layoffs ahead

on
BP lost $6.3 billion in the second quarter amid the ongoing oil slump and as it took charges on its recent Deepwater Horizon oil spill settlement with the U.S. government and Gulf states.
A Chinese man holds up oil residue found in his shrimp farm in the coastal Leting county in the Bohai Bay near northern China's Hebei province. China's oceanic agency has ordered ConocoPhillips China to do more to prevent and clean up offshore spills that occurred June 4 and June 17, 2011 in the Bohai Bay that have raised an outcry among fishermen and environmentalists. (AP Photo)

China accepts group’s case against ConocoPhillips, CNOOC

on
In June 2011, oil spills from an oilfield jointly owned by Houston-based ConocoPhillips’ Chinese subsidiary and CNOOC, China’s main offshore oil and gas producer, drained into the Bohai Sea and its bay.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Texas on track to beat 1972 oil production record

on
Even as oil companies pare their spending budgets and pull back from some drilling activity, production in Texas has unexpectedly continued surging toward all-time highs, Karr Ingham, an economist for the Texas Alliance of Energy Producers, said Monday at his twice-per-year assessment of the state’s oil industry.
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)

Texas manufacturing shows some positive signs in July, but sector still weak from oil-price shock

on
While factory activty continues to be tepid, the survey respondents gave a few signs that business picked up in July.
(Eddie Seal, Bloomberg News)

Goodrich Petroleum sells Eagle Ford land

on
Goodrich Petroleum Corp. said Monday it would sell nearly half of its Eagle Ford leases in a $118 million deal.

Commentary: The Latest Lifting of Fuel Subsidies in the Middle East

on
In recent days the United Arab Emirates (UAE) has announced it will be cutting fuel subsidies starting August 1. It joins a growing list of countries that are taking the opportunity from a precipitous drop in oil prices in the last year to unwind longstanding subsidies. While advantageous for the Gulf state’s finances, the brunt of […]
A General Electric Co. employee assembles a component for a gas turbine at the company's factory in Belfort, France. (Fabrice Dimier/Bloomberg)

GE books $2.5 billion African orders from oil to locomotives

on
GE expects to seek financing for projects worth at least $1.5 billion in Africa each year as it expands its footprint in a region increasing investment in infrastructure development, and exploitation of its natural resources.
Categories: Africa, Crude oil
Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

Oil majors delay $200 billion of spending, Wood Mackenzie says

on
Brent crude prices have dropped by half in a year after the Organization of Petroleum Exporting Countries decided to maintain output to defend market share amid a global supply glut.