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Rig count drops to lowest level in two years

    Via Robert Grattan, FuelFix: Crude oil producers set aside another 49 oil rigs over the last week and brought the number of rigs looking for oil to its lowest level in two years, according to oil service company Baker Hughes’ weekly count. The total number of onshore and offshore rigs pursuing oil and […]  More »

EIA releases new Eagle Ford Shale maps

The U.S. Energy Information Administration this week updated its maps of the Eagle Ford Shale, along with something of a geology primer for the oil and gas field. The Eagle Ford was deposited in the Late Cretaceous period when most of Texas was a marine continental shelf. The primary target of the oil and gas […]  More »
In this photo taken Jan. 12,  crews dig up land at a saltwater spill site near Blacktail Creek outside Williston, N.D. A North Dakota health official called the 70,000 barrel spill the state's largest during the state's current oil boom. (AP Photo/Williston Herald, Zack Nelson)

Barriers set up, water tested at site of North Dakota spill

The berms were built to prevent potentially contaminated water from flowing into a bigger body of water that eventually leads into the Missouri River.  More »
Oil field workers drill into the Gypsum Hills near Medicine Lodge, Kan., in 2012. (AP Photo/Orlin Wagner, File)

Oil slips as U.S. crude stockpiles surge most in 14 years

Inventories rose 10.1 million barrels in the week ended Jan. 16, the biggest gain since March 2001, according to the Energy Information Administration.  More »

3 million gallons of oil field saltwater spills in North Dakota

Via The Associated Press: Nearly 3 million gallons of saltwater generated by oil drilling have leaked from a North Dakota pipeline, an official said Wednesday, the largest such spill since the state’s current oil boom began and nearly three times worse than any previous spill. Two creeks have been affected, but the full environmental effect […]  More »

USGS: Jan. 16 shaking was a quake near Jourdanton

The city of Jourdanton in Atascosa County was rattled Jan. 16 by an earthquake, according to the U.S. Geological Survey. The 2.8 magnitude quake was centered 2 miles west of Jourdanton. The quake occurred about 5 kilometers below the surface, or 3.1 miles, shortly after 12 p.m. Atascosa County Sheriff David Soward said his office […]  More »
Yellow oil barrels

Crude rebounds as U.S. drilling slows

West Texas Intermediate for March delivery gained $1.31, or 2.8 percent, to close at $47.78 a barrel on the New York Mercantile Exchange.  More »

BHP to cut 40 percent of its U.S. shale drilling

BHP Billiton Petroleum, one of the biggest producers in the Eagle Ford Shale, said this week it will cut 40 percent of its U.S. shale drilling activity this year in reaction to lower oil prices. The company will pare its number of drilling rigs in shale fields from 26 to 16. BHP has two fields in the […]  More »

Baker Hughes to lay off 7,000

Via Robert Grattan, FuelFix: HOUSTON — Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter. The announcement came shortly after the oil service company reported that its net income for the […]  More »

Halliburton suggests North American layoffs could come

Via Ryan Holeywell, FuelFix: HOUSTON — Halliburton officials say they’re bracing for a tough year as falling oil prices are prompting their customers to slash their budgets. As oil prices have fallen more than 50 percent from their summer peaks, Halliburton’s customers have cut their budgets by an average of 25 percent to 30 percent, […]  More »

The plunging number of Texas drilling rigs

With oil prices crashing below $50 per barrel, the number of drilling rigs hunting oil in Texas also is starting to take a dive. The number of rigs working in Texas dropped this week by 44, to 766 according to the Baker Hughes Rig Count, released today. Over the last two weeks, the state has […]  More »
U.S. Vice President Joe Biden (R) speaks with Mexican Finance Secretary Luis Videgaray  in Washington this month. Videgaray said Thursday it is likely oil bidding will be delayed for so-called unconventional exploration projects. (JIM WATSON/AFP/Getty Images)

Mexico considers delaying some oil exploration bidding

Global oil prices have plummeted, including Mexican crude.  More »
Oil Barrels

Oil falls as OPEC reduces demand forecast

WTI for February delivery fell $2.23, or 4.6 percent, to end at $46.25 a barrel on the New York Mercantile Exchange.  More »
Yellow oil barrels

Crude prices rise but bear market may not be over

WTI for February delivery rose $2.59 to settle at $48.48 a barrel on the New York Mercantile Exchange.  More »

Lewis Energy cuts jobs in wake of oil price crash

San Antonio-based Lewis Energy Group, one of the earliest companies to drill in the Eagle Ford Shale, is trimming its workforce by about 20 percent. The company released this statement today: “Similar to other oil and gas companies, Lewis Energy Group is adjusting its drilling and operations program for 2015 to address the current decrease in […]  More »
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