Category: Crude oil

Oil on track for biggest two-week gain in 17 years

Oil has rebounded as companies including Statoil ASA, BP Plc and Royal Dutch Shell Plc have reduced investments in response to the market’s collapse.  More »

Statoil deepens spending cuts amid oil price rout

Statoil said Friday its earnings were eroded by sagging oil prices and impairment losses linked to its international operations.  More »

Crude price gains erase declines to settle above $50

West Texas Intermediate gained 4.2 percent, erasing an earlier 2.3 percent decline.  More »

Plains All American announces two new pipelines but expects painful year ahead

The announcement for the two new lines followed bearish predictions for 2015 by the Houston-based pipeline and processing company.  More »

Weatherford to ax 3,000 more jobs as it cuts layers, execs say

Weatherford International executives say the oil field service firm has begun identifying 3,000 more positions it to cut in the first quarter, a day after the company announced it is axing 5,000 jobs.  More »

Siemens said to plan 7,400 job cuts as CEO reduces costs

The cuts, representing about 2 percent of Siemens’s global workforce, may be announced as early as this week.  More »

Adversity stirs innovation at hydraulic fracturing conference

About 90 companies and more than 2,100 engineers and corporate representatives will gather at the Woodlands hydraulic fracturing conference this week to show off new technologies they hope will save oil companies money after the second-biggest collapse in crude prices in three decades.  More »

Plains All American cuts growth forecast as prices fall

Houston-based Plains All American L.P. said it would cut its expansion capital spending from the $2.03 billion in 2014 by 9 percent to a 2015 total of $1.85 billion  More »

These 19 counties generate the most oil and gas taxes for Texas

Which parts of the state are generating the most in oil and gas taxes?  More »

Deloitte: We’ve seen bottom of oil prices

Crude oil prices continued an upward trend Tuesday but fell once again by Wednesday afternoon, when West Texas Intermediate was down $4.61 and trading at $48.44 per barrel.  More »

Crude rally cut short as stores build

The new crude in storage brought overall levels to 413.1 million barrels, the highest level for this week in at least 80 years, according to the EIA.  More »

Lucas Energy seeks merger with West Texas oil company

The two companies said they could make money on the expected $1.1 million in monthly revenue from oil production in the Eagle Ford Shale even if oil prices were at $50 a barrel.  More »

Spectra profit grows in fourth quarter

The pipeline and processing company’s distributable cash flow was about flat at $316 million in the final part of 2014.  More »

Libya Islamists seen capturing oil Field in quest for funding

The militia that captured the Al-Mabruk field Wednesday could be a local branch of Islamic State a spokesman of the national Petroleum Facilities Guard said.  More »

Petrobras CEO steps down amid Brazil’s biggest graft scandal

The scandal has also engulfed Brazil’s largest construction companies, which may bring public works projects to a halt.  More »