(Alexander Zemlianichenko Jr./Bloomberg)

Wood Mackenzie: Just 0.1 percent of global crude output shuttered by cheap oil

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Though crude is cheaper than during the financial crisis seven years ago, global oil prices haven’t fallen far enough yet to force oil producers to shut in more than 0.1 percent of the world’s daily supply.
European Union (EU) flags fly outside the European Council building in Brussels, Belgium, on Tuesday, Nov. 24, 2015. Authorities in Brussels extended the city's highest-level terror alert into next week as they maintained their warning Islamic State terrorists plan to attack highly populated areas like shopping malls and public transport systems. Photographer: Jasper Juinen/Bloomberg

EU signs off on Schlumberger’s acquisition of Cameron

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Schlumberger, the world’s largest oil field services company with headquarters in Houston, Paris and The Hague, has moved quickly to wrap up the acquisition of the large oil equipment and technology manufacturer since the deal was first announced at the end of August.
This Nov. 3 file photo provided by Southern California Gas Co., shows equipment being used as SoCalGas crews and technical experts attempt to stop the flow of natural gas leaking from a storage well at the utility’s Aliso Canyon facility. (Javier Mendoza/SoCalGas via AP)

Massive L.A.-area gas leak could be capped in a week

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The blowout at the largest natural gas-storage facility in the West has uprooted thousands of residents and spewed more than 2 million tons of climate-changing methane.
Linn Energy CFO Kolja Rockov (far left) and and then-Senior Vice President of Business Development David Rottino (far right) pictured with other Linn executives in front of the NASDAQ exchange in New York City in 2011. (Linn Energy handout)

Linn Energy considers filing for bankruptcy amid financial strain

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Linn, which borrowed billions of dollars to expand during the height of the shale oil boom, saw its stock value sink below $1 a unit for the first time in January.
Senate Energy and Natural Resources Committee Chair Sen. Lisa Murkowski, R-Alaska, left, accompanied by, from from left, Sen. Roger Wicker, R-Miss.,  Sen. John Thune, R-S.D., Senate Majority Whip John Cornyn of Texas, and Senate Majority Leader Sen. Mitch McConnell of Ky., talks to reporters about progress on the bi-partisan energy bill, Tuesday, Feb. 2, 2016,  on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)

Senate blocks energy bill, as debate rages around Flint

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The move throws into question a bill that sought to reform policies across the energy sector, from hydroelectric dams to home efficiency to defense against cyber attacks on the power grid.
Signage stands outside the Duke Energy Corp. Gallagher Station power plant in New Albany, Indiana, U.S., on Monday, July 27, 2015. Coal reclaimed its ranking as the top fuel for generating electricity at U.S. power plants in May, beating natural gas, which took the number one spot for the first time in April. Photographer: Luke Sharrett/Bloomberg

Duke Energy puts Houston-based international business up for sale

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North Carolina-based Duke, which is the nation’s top power generator, currently runs its Central and South American power plants from Houston.
(AP Photo/Kevork Djansezian, file)

Occidental posts losses of more than $5 billion

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The Houston-based oil and gas producer said it booked a total of $5.4 billion of after-tax charges, mostly due to cheap oil eroding the value of its assets.
Ryan Lance, chairman and CEO of ConocoPhillips ( Marie D. De Jesús / Houston Chronicle )

ConocoPhillips CEO: Oil downturn could stretch into 2017

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ConocoPhillips, the No. 3 U.S. oil company, announced a quarterly loss on Thursday and said it is cutting its shareholder dividend by two thirds.
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Weatherford to cut 6,000 jobs in first half of 2016

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The job cuts will have brought the company’s workforce down by 20,000 since the oil-market crash began in 2014.
The silhouettes of emissions are seen rising from stacks of the Duke Energy Corp. Gibson Station power plant at dusk in Owensville, Indiana, U.S., on Thursday, July 23, 2015. (Luke Sharrett/Bloomberg)

Transition to low carbon energy will be “extremely difficult,” energy official says

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The comments come as the United States and countries around the world work on cutting greenhouse gas emissions to the point the earth’s temperature does not rise more than two degrees Celsius.