A crew cleans oil from the beach at Refugio State Beach on May 20, 2015 north of Goleta, Calif.  (Photo by David McNew/Getty Images)

Trucks will move oil stored after California pipeline break

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The Santa Barbara County Planning and Development Department endorsed the proposal, which lets Exxon Mobil run up to 30 truck trips a day for as long as six months to move the marooned crude.
(AP Photo/Stephan Savoia)

February starts with the national gasoline average below $1.80

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The Houston region and Texas overall averaged $1.58 a gallon on Monday — it’s lowest point since January 2009 — and $1.79 a gallon nationally, according to GasBuddy’s daily survey data. The price fell by 2.4 cents in the last week in Houston and by about 2.6 cents in the U.S. overall. The national average is down 20 cents just in the last month.
Pam Sharp, left, director of the Ofiice of Management and Budget, and Gov. Jack Dalrymple talk Monday at the state capitol in Bismarck, N.D.  Dalrymple on Monday ordered deep cuts to government agencies and a massive raid on state savings to make up for a more than $1 billion budget shortfall due to depressed crude prices and a drop in oil drilling. (Tom Stromme/The Bismarck Tribune via AP)

North Dakota governor orders cuts due to low oil prices

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The Legislature’s record-high $14.4 billion budget for the two years that began July 1 was built on oil prices and economic assumptions that have fallen “much greater than anyone would have predicted,” the governor said.
Categories: Crude oil
CenterPoint Chief Operating Officer Scott Prochazka has been named CEO, effective Jan. 1, 2014. (photo: CenterPoint Energy)

CenterPoint considers selling its pipeline business

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The Houston-based power line and electric distribution company also said it is considering converting all or part of its utility businesses into a real estate investment trust, or REIT, business model that’s rare for the energy sector.
U.S. Department of the Interior  logo

U.S. to halt approvals of hydraulic fracturing off California coast

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The government will study whether the practice is safe for the environment.
Westlake Chemical CEO Albert Chao has highlighted production rates in Kentucky. (Houston Chronicle)

Westlake Chemical fails in initial $1.4 billion takeover bid of Axiall

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The Houston petrochemical company made the offer public as part of a hostile takeover effort to woo Axiall’s shareholders.
A CenterPoint Energy employee in Houston on May 21, 2013. (Cody Duty / Houston Chronicle)

CenterPoint buys Continuum Energy’s retail business

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The deal will allow CenterPoint, which is known primarily as the power line and transmission company for most of the Houston region, to serve more residential and commercial customers outside of Texas.
Phillips 66 Chairman and CEO Greg Garland.  ( James Nielsen / Houston Chronicle )

Phillips 66 profits plummet 43 percent, still meet expectations

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Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
“It’s not the end of the world,” says  CEO Aldemir Bendine.  (AP Photo/Eraldo Peres, File)

Petrobras cuts managers to save $440 million a year

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“It’s a scenario of total stress,” CEO Aldemir Bendine said. “The company has to adapt.”
Categories: Latin America
API President Jack Gerard  (Bloomberg)

Oil industry throws support behind energy reform bill

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In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.