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gulf of mexico

permian basin

W&T Offshore to sell Permian assets for $376 million

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W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
(AP Photo/Charles Rex Arbogast, File)

EIA revises US oil production estimates lower; June output sank

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The federal government believes daily U.S. crude production fell to 9.3 million barrels in June, down by 100,000 barrels in the prior month, as low oil prices continue to discourage drilling.
In this Sept. 16, 2004 file photo, waves crash against a sailboat lodged under a bridge in Fort Walton Beach, Fla., after Hurricane Ivan struck the gulf coast. Federal regulators believe a persistent oil spill in the Gulf of Mexico that began after a drilling platform was toppled during Hurricane Ivan in 2004 will continue for 100 years or more if left unchecked. (AP Photo/John Bazemore, File)

Shale boom has made U.S. oil production less vulnerable to hurricanes

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Hurricanes no longer pose as much of a threat to domestic production as they once did since the shale boom reduced the United States’ reliance on oil and gas extracted offshore, according to a new federal analysis.

Crude retracing after a rampant rally

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On this final Friday in August, the crude complex is looking lower into the weekend after yesterday’s nutty 10% rally. The rollercoaster ride across financial markets continues apace, with Chinese equities rallying nearly 5% amid further market intervention from Chinese authorities to prop it up up. Overnight we have had a number of economic data […]
A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Hercules Offshore no longer listed on Nasdaq

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Nasdaq staff determined Hercules no longer met the requirements to continue being listed on the exchange and the Houston-based company did not appeal the decision. Its last trading day will be Sept. 7.
(AP Photo/Patrick Semansky)

2 crew members injured after pipeline ruptures in Gulf

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The cause of the rupture is under investigation.
In this March 31, 2015 photo, a supply vessel crosses an oil sheen drifting from the site of the former Taylor Energy oil rig in the Gulf of Mexico, off the coast of Louisiana. The New Orleans-based company has downplayed the leak's environmental impact, likening it to scores of minor spills and natural seeps that the Gulf routinely absorbs. (AP Photo/Gerald Herbert)

Details on fight against decade-long Gulf oil spill to be released under court deal

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Details about a chronic oil leak in the Gulf of Mexico will be disclosed as part of the settlement agreement between Taylor Energy and environmental groups.
Cobalt International Energy used the Petroserv SSV Catarina Rig to drill the Lontra #1 discovery well off the coast of Angola.  (Cobalt International Energy)

Cobalt sells its offshore Africa assets for $1.75 billion

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Cobalt is unloading its 40 percent stake in two sizable blocks offshore of Angola in the deal that is expected to close by Jan. 1, subject to customary Angolan government approvals.
(David Paul Morris/Bloomberg)

Chevron starts layoffs at Louisiana office

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Chevron spokesman Chris Merrifield said in an email to NOLA.com/The Times-Picayune the company has started to reduce the workforce at its Covington office, but he was “not in a position to provide detail” on the severity of the cuts.
An aerial view of the Ensco 8502 drilling rig in the Gulf of Mexico. (Jennifer Dlouhy/Houston Chronicle)

Low oil prices drive down bidding for Gulf of Mexico drilling rights

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With just five companies participating and only 33 leases sold, the turnout was the lowest western Gulf auction since area-wide leasing began in 1983, according to the Bureau of Ocean Energy Management.