The Maersk Developer drills an exploratory well into Statoil's Martin prospect in the Gulf of Mexico. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk Oil cuts $1 billion in spending

aersk Oil is following the rest of the industry in cutting jobs and lowering investments after crude prices dropped about 50 percent over the past 12 months.
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

Investors flee biggest U.S. crude oil fund as volatility surges

Investors withdrew from the fund as oil’s trading volatility reached the highest since March last week.
(Jason Alden/Bloomberg)

BP investors’ $2.5 billion class-action lawsuit can move forward, appeals court rules

BP Plc must face institutional investors’ claims for more than $2.5 billion in market losses caused by the plunge in share prices after the 2010 Gulf of Mexico oil spill, a federal appeals court ruled.
A Petrohawk Energy Co. drilling site at the Eagle Ford Shale in McMullen County. (Jake Lacey)

Texas expected to pump record amount of oil this year, despite industry slowdown

The state is pumping out 15 percent more oil than it did the same time last year, pushing Texas closer to breaking its 1972 record for crude output, according to the Texas Alliance of Energy Producers.
(RJ Sangosti/The Denver Post via Getty Images)

Researchers say fracking on UT lands poses health, environmental risks

SAN ANTONIO — Drilling and hydraulic fracturing in more than 4,000 wells on University of Texas lands in West Texas have created environmental and health risks, according to a report released Tuesday. The report by Environment Texas Research and Policy Center and Frontier Group asks the UT system to study best practices around the country […]
In this April 24, 2015 photo, a worker empties oilfield wastewater from a tank truck into storage tanks on Carl and Justin Johnson's ranch near Crossroads, N.M. The salty water was pumped from oil wells in the area and will be taken to an injection well that pumps it back underground. (AP Photo/Charlie Riedel)

States rarely punish companies for oil wastewater spills

Regardless of the damage done, the no-penalty policy is standard practice across the country after oilfield wastewater accidents by companies of all sizes.
(DEwira/AFP/Getty Images)

Indonesia will rejoin OPEC after seven-year absence

The Asian nation suspended membership in January 2009 after becoming a net oil importer.
Categories: Asia, Crude oil
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Iran says Mexico to help if OPEC tries to manage oil market

The Latin American nation isn’t a member of the Organization of Petroleum Exporting Countries, though it has cooperated with OPEC before by cutting output in efforts to buttress prices.
California Gov. Jerry Brown. (AP file photo/Nick Ut)

California’s climate fight comes down to late negotiations

The Democratic governor has to break through a logjam in his own party in the final week of the legislative session.

A damaged barge is moored along the Kentucky shore of the Mississippi River at Columbus-Belmont State Park in Columbus, Ky., Thursday, Sept. 3, 2015. A tow traveling north on the river struck the barge as it was traveling south across the river. The Mississippi River has been closed to barge traffic because the damaged barge leaked clarified slurry oil. (AP Photo/Stephen Lance Dennee)

Stretch of Mississippi River in Ky. reopens after oil spill

On Saturday morning, the Coast Guard said vessel traffic on the affected part of the river was open, with a safety zone in effect from mile marker 938 to 934.