El Niño and Chinese oil imports

With a lack of overnight economic data to consume, we are left to reflect on yesterday’s Federal Reserve decision to keep interest rates at 0.25%. While their justification to do so seems understandable – a lack of inflation remains concerning as does economic weakness in emerging markets – what is most curious is the negative response […]
(Daniel Acker/Bloomberg)

An Oklahoma of oil at risk amid shaky finances for U.S. shale drillers

As much as 400,000 barrels a day of oil production is at risk as U.S. shale companies like Samson Resources Co. run out of money and are forced to slow drilling.
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Samson bondholders said to contest Cerberus-led takeover plan

Under the plan now in place, Cerberus and other lenders including Silver Point Capital LP and Anschutz Investment Co. would cancel the debt Samson owes them in exchange for ownership.
In this Thursday, Jan. 28, 2010 file photo, A worker walks past tanks at a Petrochina storage base in Suining, in southwest China's Sichuan province. (AP Photo)

China is stockpiling its own Strategic Petroleum Reserve

The Asian nation has accumulated about 200 million barrels of crude in its reserve so far and aims to have 500 million by the end of the decade.
Federal Reserve Chair Janet Yellen pauses while speaking at the Federal Reserve's Wilson Conference Center September 17, 2015 in Washington, DC. The Federal Reserve held its key interest rate locked at zero Thursday, pointing to the downturn in the global economy even as US growth remains steady. But members of the policy-making Federal Open Market Committee made clear, in projections accompanying their announcement Thursday, that they still expect rates to rise by the end of the year. AFP PHOTO/BRENDAN SMIALOWSKIBRENDAN SMIALOWSKI/AFP/Getty Images

Oil markets muted as Fed declines to hike rates

Oil traders shrugged off news Thursday that the Federal Reserve would not raise interest rates, a move that would’ve sent crude prices lower and pinched energy companies already struggling with the downturn.
A very large smokestack flare burns off flammable product after an explosion in a processing facility at the ExxonMobil refinery in Torrance, Calif. on Wednesday, Feb. 18, 2015. A small ground fire was quickly extinguished and the facility's flare system was triggered for safety reasons. Two workers suffered minor injuries. (AP Photo/Daily Breeze, Chuck Bennett)

Exxon Mobil California refinery faces more delays after acid leak

Democratic California congressional members Ted Lieu and Maxine Waters wrote to the U.S. Chemical Safety Board on Wednesday asking for the Sept. 6 acid leak to be included into the broader investigation of Exxon Mobil’s operations as the refinery.
Halliburton Chairman and CEO Dave Lesar, joined by members of the Halliburton Executive Team ring the Opening bell at the New York Stock Exchange on November 18, 2014 in New York City. (Photo by Ben Hider/NYSE)

Deloitte: More oil and gas deals coming if crude prices stay low

As the hedges roll off, credit tightens and the realization that high prices are far off settles in, many companies will need to offer assets for sale and stronger ones will find good deals.
(Photo by Andrew Burton/Getty Images)

3 plead guilty in murder-for-hire plot in North Dakota oil patch

Three men have pleaded guilty in federal court in the murder-for-hire slaying of a Spokane businessman that arose from business dealings in the North Dakota oil patch.
FILE - In this Oct. 24, 2013 file photo, House Energy and Commerce Committee Chairman Rep. Fred Upton, R-Mich. speaks on Capitol Hill in Washington. Congressional Republicans are waging war against a hapless Web Site and hoping it leads to the destruction of Obamacare, the health care program they loathe yet can’t stop talking about it. As a tactic, it’s no more likely to succeed than this autumn’s self-wounding decision by Republicans to force a partial government shutdown and flirt with default on the national debt. Or their specious, long-ago claim that the program included death panels. (AP Photo/ Evan Vucci, File)

House panel votes to lift 40-year-old US ban on oil exports

The House Energy and Commerce Committee approved the legislation, 31-19, with three Democrats joining 28 Republicans to back the bill.
Toronto based Trinidad Drilling Ltd. floorhand Julio Serrato (cq) works on the first drilling of the Reveille 1H Chesapeake Energy natural gas site in Fort Worth, Texas, USA, Monday, November 23, 2009. Chesapeake Energy drills on much of the Barnett Shale over North Texas and Oklahoma.


KKR’s Samson Resources files for bankruptcy amid oil bust

Samson’s filing is among the biggest energy bankruptcies in the U.S. this year, but it probably won’t be the last.