Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Pemex reports its largest oil find in 5 years in Gulf of Mexico

The discovery won’t affect Pemex’s output forecast of 2.4 million barrels a day this year though will likely alter the company’s estimate to increase production by 500,000 barrels by 2018, CEO Emilio Lozoya said.
Workers remove the drill pipe on the drilling floor of Development Driller III, which drilled the relief well and pumped the cement to seal the Macondo well, the source of the Deepwater Horizon rig explosion and oil spill, in the Gulf Of Mexico, off the coast of Louisiana, Saturday, Sept. 18, 2010. (AP Photo/Gerald Herbert)

BP: U.S. overtakes Russia and Saudi Arabia as largest oil producer

BP presented its findings at the company’s annual statistical review of world energy, where executives serve up a massive collection of data on the world’s energy production, energy demand and economic prospects.
Pipelines run toward oil storage tanks stand at the Enbridge Inc. Cushing storage terminal in Cushing, Oklahoma, U.S., on Wednesday, March 25, 2015. (Daniel Acker/Bloomberg)

Oil prices rise to 2015 high after a big drop in crude storage

U.S. crude storage dropped dramatically from last week, contributing to oil prices closing Wednesday at a high for the year.
This photo provided by the Santa Barbara County Fire Department shows an oil slick from a broken pipeline off the central California coast near Santa Barbara on Tuesday.   (Mike Eliason/Santa Barbara County Fire Department via AP)

UPDATED: California oil spill cleanup costs $62 million

Costs are running at $3 million a day, and there is no timetable for when the cleanup will be complete, Plains All American Pipeline’s on-scene coordinator, Patrick Hodgins, told The Associated Press.
A crew cleans oil from the beach at Refugio State Beach on May 20, 2015 north of Goleta, Calif.  (Photo by David McNew/Getty Images)

California officials deny Exxon’s request to truck crude stranded after Plains pipeline breach

Exxon Mobil estimates it will fill onsite storage at a stranded processing plant in less than one month and need to cease both natural gas and crude production in the area.
Pipelines run toward oil storage tanks stand at the Enbridge Inc. Cushing storage terminal in Cushing, Oklahoma, U.S., on Wednesday, March 25, 2015. (Daniel Acker/Bloomberg)

Crude oil rises to one-month high as U.S. supply seen falling

U.S. output will decline after reaching the highest level since 1972 in May after drillers cut the number of oil rigs to the lowest level in four years. Production from prolific shale formations will fall next month to the lowest level since January.

OPEC’s push for market share is working, slowly but surely

The group’s production increases came ahead of OPEC’s decision at a gathering in Vienna last week to keep the flow of oil steady even in the face of the oil bust, a strategy it has used to capture more of the market as other producers retreat.
A crew makes its way to the shore from the site of the wrecked barge that leaked fuel into the Houston Ship Channel, Saturday, just off of the Texas City dike Monday, March 24, 2014, in Texas City.  ( Karen Warren / Houston Chronicle  )

Feds blame 2014 Houston Ship Channel collision, spill on tugboat

The National Transportation Safety Board also said in its report that the failure of a ship channel navigator and the Summer Wind master to set a safe speed in the fog-shrouded channel contributed to the accident.

Architectural renderings show abandoned oil tankers re-imagined as floating museums

The architect, Chris Collaris, told Fast Company that he’s targeting cities on the Arabian Penninsula like Abu Dhabi and Dubai, where there’s been an appetite for ambitious architecture. But he didn’t say whether any developers have taken him up on the idea.
Laborers' International Union of North America (LiUNA) members cheer in support of a speaker during a State Department public hearing on the Keystone XL pipeline in Washington, D.C., U.S., on Friday, Oct. 7, 2011. (Andrew Harrer/Bloomberg)

Activist investors win victory against Willbros Group board

The Laborers’ International Union of North America, or LIUNA, that led the push said that about 60 percent of voting shares approved the non-binding proposal to eliminate Willbros’ current system of staggered three-year terms for its board of directors. Investor groups contended that more accountability was needed to move past allegations of mismanagement and entrenched cronyism.