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(Kristian Helgesen/Bloomberg)

Former Arctic engineering exec to direct Houston deep-water research center

Bill Maddock, an expert in offshore operations and engineering, has been tapped to lead a Houston-based deepwater offshore energy research center established in the aftermath of the Deepwater Horizon spill.
(Spencer Platt/Getty Images)

ION Geophysical to cut 25 percent of workforce

ION Geophysical Corp., a local seismic services firm, announced Wednesday it would shed another quarter of its employees by the end of the month to cut costs amid cheap crude prices.
(Jerry Lara/San Antonio Express-News)

Explorers in need of cash are selling oil fields as last resort

Having exhausted other ways to raise cash amid depressed prices, a slew of producers announced more than $2.4 billion in asset sales last month
Lee Tillman, of Marathon Oil Company, delivers remarks in  the Unconventional Impact Pane during the Offshore Technology Conference at NRG Park on May 5, 2014, in Houston, Tx. (Mayra Beltran/Houston Chronicle)

Despite spending cuts and cost savings, Marathon Oil posts $386 million loss

A collapse in crude prices trumped other efforts by the Houston-based exploration and production company to balance its budget, including boosting its production and paring back its budget.
(Photo by Eddie Seal for Bloomberg News)

2015 already a record year for writedowns, IHS says

Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.
A crowd gathers on the floor of the Offshore Technology Conference.

Lower Tertiary contains vast potential, challenges, Chevron executive says at OTC

In the years Chevron has spent chasing crude in the coveted Lower Tertiary, the company uncovered a number of hurdles the oil industry will have to overcome to ensure future development of this highly coveted frontier play, a Chevron executive said Wednesday.
Noble Energy will drill exploration wells off the coast of the Falkland Islands, the company announced Wednesday.

Noble Energy doubles down in Falkland Islands

The Houston-based oil company announced Monday that it has scooped up additional acres offshore the Falkland Islands and plans to start drilling there this year despite opposition from Argentina’s government.
ExxonMobil CEO Rex Tillerson (left) talks to Russian Prime Minister Vladimir Putin during a  signing ceremony in Russia in 2011. (AP photo/RIA Novosti, Alexei Druzhinin, pool)

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.

Premier oil suspends dividend after posting full-year loss

First oil from its Solan project in the North Sea west of Shetlands is now expected in the second half instead of the second quarter because of poor weather conditions, the company said.
(AP file photo/Reed Saxon)

Occidental pledges to $500 million oil exploration project in UAE

Abu Dhabi, the largest emirate in the United Arab Emirates, is seeking to boost oil production capacity to 3.5 million barrels a day by the end of 2017.