Category: Crude oil

Nabors posts $891 million net loss in fourth quarter

The charges included a $612 million impairment the company booked on its older rigs.  More »

Houston’s richest man got richer despite crashing oil prices

Forbes released its list of the richest people in the world Monday, and several of Houston’s billionaires saw their fortunes rise.  More »

Magellan Midstream and Plains All American plan crude line from Colorado

Plains and Magellan indicated that the new line would be supported by binding commitments from producers Noble Energy and Anadarko Petroleum Corp.  More »

How much more economic pain can Vladimir Putin take?

It looks like the one-two punch of sanctions and cheap oil are about to wreck Russia.  More »

Lawsuit alleges Exxon denied more claims than paid

Two batches of bad fuel produced at Exxon Mobil in mid-March 2014 caused some Baton Rouge area drivers to experience problems with their intake and valve systems.  More »

Buffett praises Exxon Mobil even after selling oil firm

Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire shareholders over the weekend.  More »

Pemex negotiates lower rig rates as crude collapse hurts profit

Pemex is in talks with oil service and jack-up rig providers to reduce daily rates after the board approved cutting more than $4 billion from its 2015 budget last week.  More »

Guest commentary: dealing with low energy prices

Many Texans have seen this movie before, and some of us have seen it several times. Until the commodity cycle turns, as it always does, refocus on the basic blocking and tackling of running a business. Take protective measures to guard against avoidable losses.  More »

Oil rig count falls by 33, as decline continues

The total rig count fell by 43, with 33 oil rigs and 9 gas rigs lost, according to data released Friday by oil service company Baker Hughes.  More »

Petronas turns to $2.7 billion fourth-quarter loss on oil slump

Petronas won’t generate enough cash from operations this year to cover capital spending and dividend commitments, said Vikas Halan, a Singapore-based vice president at Moody’s Investors Service Inc., estimating the shortfall to be at least 10 billion ringgit.  More »

Islamic State’s oil revenue cut by air raids, falling oil

The group’s capacity to extract oil, refine it and sell the products has “significantly diminished,” according to a new report.  More »

Oil train wrecks increase pressure for tougher safety rules

On Feb. 5, the Transportation Department sent the White House draft rules that would require oil trains to use stronger tank cars and make other safety improvements.  More »

Flood board to decide next week on ‘Big Oil’ lawsuit appeal

U.S. District Judge Nanette Jolivette Brown recently ruled that the board had no legal standing to bring the suit and that the energy companies had no legal duty to protect the board from the effects of coastal erosion.  More »

Alberta energy drillers pivot to natural gas as oil plunges

Alberta’s gas prices dropped 35 percent last year while oil fell 46 percent. U.S. crude prices have plunged below $50 from last year’s high above $107 after the Organization of Petroleum Exporting Countries resisted calls to cut output amid a surge of U.S. crude production.  More »

GDF Suez to lower spending on oil crash as 2014 profit falls

GDF Suez had lowered its 2014 profit forecast because two nuclear reactors in Belgium remained halted due to safety checks of cracks in their cores.  More »