Over thirty oil drilling rigs are idle in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, as rig counts drop in the Permian Basin, Monday, May 18, 2015. (Courtney Sacco/Odessa American via AP)

Nine U.S. oil rigs sidelined this week, Baker Hughes says

The U.S. Energy Information Administration estimates domestic crude production declined by 120,000 barrels a day in September and projects it will fall to an average 8.86 million barrels a day next year from this year’s peak of 9.6 million barrels a day in April.
drill rig

HRG Group to sell Louisiana, Texas gas assets

HRG’s properties in the sale include drilling rights across about 90,000 acres (36,000 hectares) and produce about 34 million cubic feet a day.
Penguins gather on the coast of Murrell Farm near the northeastern corner of the Falkland Islands. The Falklands have struck oil, potentially pumping billions of dollars into their treasury. One downside is the potential for a major spill in seas where penguins, whales, seals and other marine mammals are drawn to unspoiled coasts.   (AP Photo/Michael Warren)

Argentina accuses Noble Energy of illegally operating in Falkland Islands

Noble has brushed off the accusations, maintaining that its concession contracts are with the Falkland Islands Government, not Argentina.
In this Tuesday, Sept. 8, 2015, photo, Saudi groom Hisham Saleh Edris drives his decorated car as he arrives alone at the men's section of the wedding hall in Jiddah, Saudi Arabia. A drop in oil revenue is forcing Saudi Arabia to weigh its first cuts to welfare and investment in years. (AP Photo/Amr Nabil)

Wealth funds from Oslo to Riyadh raid coffers to offset oil drop

The halving of oil to less than $50 a barrel has the potential to alter one of the most powerful economic and political forces of the past half century: the rise of the petrostate.
In this March 25, 2014 photo, a worker oils a pump during a hydraulic fracturing operation at an Encana Corp. well pad near Mead, Colo. The first experimental use of hydraulic fracturing was in 1947, and more than 1 million U.S. oil and oil wells have been fracked since, according to the American Petroleum Institute. The National Petroleum Council estimates that up to 80 percent of natural oil wells drilled in the next decade will require hydraulic fracturing. (AP Photo/Brennan Linsley)

Encana to sell Colorado fields for $900 million

The Canadian oil company drills for hydrocarbons primarily in Texas and Alberta shale formations. In Colorado, it produces a daily haul of 14,800 barrels of oil and 52 million cubic feet of natural gas on the 51,000 net acres it plans to sell.
(LEON NEAL/AFP/Getty Images)

Libya’s oil export capacity rises as Zueitina Port reopens

Zueitina began Thursday loading 600,000 barrels of crude on the Sea Faith tanker. The shipment, bound for Italy, is the first since May
(AP file photo/Hasan Jamali)

Saudi Arabia said to order spending curbs amid oil price slump

With income from oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has put pressure on the nation’s finances.
(Spencer Platt/Getty Images)

Freeport’s oil exit risks creating money-losing crude explorer

Freeport-McMoRan Inc.’s oil and natural gas business may continue to bleed cash after it splits from the parent company because energy prices are too weak to prop up the offshore-drilling pioneer.
Ben van Beurden, chief executive officer of Royal Dutch Shell Plc, pauses as the company announce their fourth-quarter results in London, U.K., on Thursday, Jan. 29, 2015. Van Beurden pledged to do all he can to maintain payments to shareholders of Europe's largest oil company after crude prices fell by more than half in the past six months. Photographer: Chris Ratcliffe/Bloomberg  *** Local Caption *** Ben van Beurden

Shell CEO Ben Van Beurden says dividend will remain top priority amid low oil prices

Royal Dutch Shell Plc is “pulling out all the stops” to safeguard its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said.
Martin Craighead, president and CEO of Baker Hughes Incorporated, speaks at the facility located at 9110 Grogans Mill Road Monday, Feb. 3, 2014, in The Woodlands. (Melissa Phillip/Houston Chronicle)

Activist investor discloses plans for Baker Hughes

The San Francisco hedge fund, well known for muscling its way into companies and taking actions to boost stock prices, has since increased its stake in Baker Hughes to 5.3 percent and outlined a possible strategy for bumping the company’s stock value higher.