The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

Lenders give Sabine Oil & Gas more time

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Sabine Oil & Gas says its lenders have agreed not to force a debt default Thursday while they continue to discuss the company’s options to fix its balance sheet.
(Brett Coomer / Houston Chronicle)

Moody’s forecast darkens for debt-laden U.S. producers

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Moody’s Investors Service believes 7.4 percent of U.S. oil producers could over the next year default on the risky debt that fueled the nation’s shale boom if crude stays cheap.
Brazil's President Dilma Rousseff (L) shakes hands with workers of Brazilian state-run oil giant Petrobras at Petrobras's shipyards in Rio de Janeiro, on September 11, 2013. (VANDERLEI ALMEIDA/AFP/Getty Images)

Brazil, Russia enter ring in U.S.-OPEC heavyweight fight

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Contenders in the battle for oil market share include Russian oil companies, Brazil’s state-run Petrobras and oil fields in China and Southeast Asia, which have all pumped thousands of barrels into a global crude glut.
Burning oil tank cars from a BNSF train that derailed at Heimdal, North Dakota lay askew along the railroad tracks on Wednesday afternoon, May 6, 2015. The train pulling 107 tank cars filled with crude oil was passing through the small town when six of the cars derailed. (Tom Stromme/The Bismarck Tribune via AP)

Oil in North Dakota derailment was treated to cut volatility

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Hess Corp. spokesman John Roper said the company’s oil complied with a state law that requires propane, butane and other volatile gases to be stripped out of crude before it can be transported. That conditioning process lowers the vapor pressure of the oil to reduce the chance of an ignition during a crash.
Exxon Mobil Corp. CEO Rex Tillerson speaks to 2015 IHS Energy CERAWeek. (Billy Smith II/Houston Chronicle)

Exxon profits fall 46 percent amid cheap crude

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The Irving oil giant made $4.9 billion, or $1.17 a share, in January-March period, compared to $9.1 billion, or $2.10 a share, in the same period the year before. Quarterly revenues plunged from $106.3 billion to $67.6 billion.
Robert " Bob" Dudley, chief executive officer of BP Plc (Photographer: Simon)Dawson/Bloomberg

BP cuts hundreds of jobs as profits fall by nearly $1 billion

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BP said Tuesday it lost $375 million on cancellation fees for two deep-water rigs in the Gulf of Mexico.
Twenty-two horizontal rigs are stacked in West Texas, a portion of the more than 300 rigs that have been sidelined in Texas in recent months. (courtesy of Charles Perry)

U.S. producers idle 31 more oil rigs

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The number of U.S. oil rigs fell once again this week, Baker Hughes said Friday, as producers kept cutting drilling in the face of low crude prices.
(Alexander Klein/AFP/GettyImages)

Oil prices retreat after OPEC reports 810,000-barrel boost in March

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OPEC predicted output from U.S. oil fields would stall out and eventually fall later this year as producers park hundreds of drilling rigs.
(AP file photo/Hasan Jamali)

Saudi Arabia adds half a Bakken to global oil market in a month

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Prices collapsed almost 50 percent last year as Saudi Arabia led OPEC in maintaining production in the face of a global glut.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC surge ahead of Iran exports could stall oil recovery

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The International Energy Agency says Russia, India and others gobbled more cheap crude last month but oil-exporting states including Saudi Arabia pushed out more crude than in almost two years, a bid to remain kings in the oil market as Iranian exports loom.