Ryan Lance, ConocoPhillips CEO, speaks during the opening panel discussion of the 2015 IHS Energy CERAWEEK. (Brett Coomer/Houston Chronicle)

ConocoPhillips to cut 10 percent of global workforce

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ConocoPhillips said Tuesday it is planning to cut roughly 1,800 employees, or 10 percent of its global workforce, in the next several weeks as it deals with low oil prices.
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ConocoPhillips starts up deep oil sands project in Canada

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ConocoPhillips says it’s bringing up its first barrels of oil in a large Canadian oil sands project that has been under construction for five years.
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W&T Offshore to sell Permian assets for $376 million

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W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

Dubai property prices fall most in the world amid cheap oil

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The decline in Dubai was larger than real estate prices in Ukraine, which has been by a separatist insurgency.
OIL GAS RIG

Penn West will scrap dividend, fire one-third of its workers

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The company is cutting more than 400 employees, including full-time workers and contractors, it said in a statement Tuesday.
Armed security stands near an oil pipe at the Bryan Mound facility of the Strategic Petroleum Reserve  in Freeport, Texas. (Photo: Brett Coomer/Houston Chronicle)

Guest commentary: Time to fix the Strategic Petroleum Reserve

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Two retired Air Force generals make a case for the importance of the country’s Strategic Petroleum Reserve.
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In this image released by the Saudi Interior Ministry’s General Directorate of Civil Defense, smoke billows from a residential complex in Khobar, Saudi Arabia, Sunday, Aug. 30, 2015. A fire broke out at the residential complex used by the state oil giant Saudi Aramco. (Saudi Interior Ministry General Directorate of Civil Defense via AP)

Fire at Saudi oil company residence kills 10

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A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia’s oil-rich east, killing at least 10 people.
The Tamar Lease natural gas rig, located 90 kilometers west of the city of Haifa in northern Israel. Recent discoveries of massive offshore natural gas deposits, set to begin flowing in the coming days, are turning into a mixed blessing for Israel. (AP Photo/Albatross Aerial Perspective, File)

Italy’s Eni finds ‘supergiant’ natural gas field off Egypt

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Eni said the discovery — made in its Zohr prospect “in the deep waters of Egypt” — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles).
The Maersk Developer drills an exploratory well into Statoil's Martin prospect, about 3,000 feet below the surface in the Gulf of Mexico. Two years ago, Statoil paid $157 million for the right to drill into a single 9-square-mile block at the site and the Norwegian company is now spending about $1.1 million a day to rent the Developer, supply the drilling rig and pay for other contractors. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk gets approval for $4.5 billion U.K. North Sea gas field

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The field, located in the central part of the British area of the North Sea, is expected to produce enough natural gas to meet 5 percent of the U.K.’s total demand in 2020 or 2021.