Fuel Fix

(Photographer: Andrey Rudakov/Bloomberg)

Shell to ax thousands of jobs amid $7 billion in spending cuts

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The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”

Shell to ax thousands of jobs amid $7 billion in spending cuts

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(Photographer: Andrey Rudakov/Bloomberg)
The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: Outlook still uncertain for shale comeback

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Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.

(AP Photo/Richard Drew)

Baker Hughes lost $188 million in second quarter

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The company, which is set to sell itself to larger rival Halliburton by the end of the year, saw its biggest revenue decline in North America, with sales falling 26 percent below first-quarter revenue.
FILE - In this Sept. 22, 2014 file photo, Energy Secretary Ernest Moniz speaks  during the general conference of the International Atomic Energy Agency, IAEA, at the International Center in Vienna, Austria.  Moniz, the eccentric MIT professor-turned-U.S. Energy secretary, by all accounts played a pivotal role in reaching the historic nuclear accord. Now with his diplomatic legacy on the line, President Barack Obama is turning to Moniz to help sell the deal to a highly skeptical Congress.  (AP Photo/Ronald Zak, File)

Obama’s unlikely Iran deal MVP: Energy Secretary Moniz

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Ernest Moniz, the eccentric MIT professor-turned-U.S.-Energy-secretary, by all accounts played a pivotal role in reaching the historic nuclear accord.

(Photo by Eddie Seal for Bloomberg News)

Wall Street lenders growing impatient with U.S. shale revolution

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Bank regulators have issued warnings on the risks involved in lending to U.S. drillers, threatening a cash crunch in an industry that’s more dependent than ever on other people’s money.
Derailed oil tanker cars lie off track near Culbertson, Mont., Friday, July 17, 2015. The tank cars were hauling fuel from North Dakota and derailed Thursday in rural northeastern Montana, authorities said. (AP Photo/Richard Peterson)

Officials: Oil train didn’t speed before Montana derailment

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A train that derailed and spilled 35,000 gallons of oil in northeastern Montana was traveling within authorized speed limits, federal officials said Monday as they continued to probe the accident’s cause.
Categories: General
(Photo by Andrew Burton/Getty Images)

Crude oil slips below $50 in midday trading

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Crude oil had held near $60 per barrel in May and June as traders hoped lower prices would curtail some oil production. But drillers have managed to keep pumping in the U.S. and across the globe, and prices have once again started sliding.
Categories: Crude oil, featured, Markets
A Tenaris Conroe employee lines up a stack of pipes so a Petibone forklift can pick the up to put into another pile waiting to be finished for sale Tuesday, April 13, 2010, in Conroe.  (Nick de la Torre/Chronicle)

TimnkenSteel to lay off 39 Houston workers

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The Canton, Ohio-based company, which manufactures steel bars and pipes, cited a “significant downturn in business” as the reason for the layoffs.
A coalition of groups led by Utah Tar Sands Resistance and Peaceful Uprising speak during a news conference outside the Department of Natural Resources Tuesday, June 30, 2015, in Salt Lake City. Residents and groups opposed to Utah's first tar sands mine are calling on state regulators to withhold approvals for the project because new evidence shows water in the area will be negatively impacted. (AP Photo/Rick Bowmer)

Canadian company’s tar sands mine approved in Utah

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Utah Division of Oil, Gas and Mining director John Baza said Monday the decision addresses concerns raised by opposition while acknowledging that U.S. Oil Sands, the Canadian company building the mine, has complied with regulations.