Fuel Fix

A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore reaches creditor deal for bankruptcy filing

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Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
( Johnny Hanson / Chronicle )

Rig count tumbles again

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Categories: Crude oil, featured

Paragon Offshore reaches creditor deal for bankruptcy filing

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A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)
Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
( Johnny Hanson / Chronicle )

Rig count tumbles again

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The total rig count, which when including natural gas rig fell by 30, now stands at 541.
Categories: Crude oil, featured
(Eddie Seal/Bloomberg News)

Carbo Ceramics suspends dividend in move to preserve cash

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As the oil crash continues to pinch budgets and spur a retreat from the oil patch, several companies have announced plans to decided to temporarily stop distributing a portion of earnings as they look for new ways to protect their bottom lines.
Categories: Oil field services

Crude market share battle between Saudi Arabia and Iran to heat up

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One hundred and thirty-one years after the first rollercoaster was patented by L.A. Thompson, and the crude complex is aboard the big dipper once more. As global equity markets look set to enter bear market territory, and fears persist that the oil market could ‘drown in oversupply’, crude continues to tumble lower and lower. And […]
Categories: Asia, Crude oil, Middle East
A pedestrian walks past an electronic stock board displaying an advertisement for Chinese stocks outside securities firm in Tokyo, Japan, on Thursday, Jan. 7, 2016. Japanese stocks fell for a fourth day, extending a global slide that's seen shares post their worst start to a year since 2000, after China again cut the reference rate for the yuan and trading in the world's second-biggest equity market was halted. Photographer: Tomohiro Ohsumi/Bloomberg

Global stocks routed again as oil slide seems bottomless

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Benchmark U.S. crude for March delivery was down 87 cents, or 3.1 percent, at $27.59 per barrel in electronic trading on the New York Mercantile Exchange.
Categories: Asia, Crude oil
Equipment is housed at National Oilwell Varco's distribution center in La Porte, Texas. (NOV)

National Oilwell Varco closing Louisiana facility

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The Louisiana Workforce Commission tells The Advocate the layoffs at the facility started Monday.
Categories: Crude oil, Workforce
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, BG Group job cuts will rise to 10,000

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Shell had already announced some 7,500 in layoffs last year.
The Securities and Exchange commission charged a Houston oil-and-gas exploration and production company with making false claims about its oil reserves.

SEC looking into Flotek

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Flotek Industries, a supplier of equipment and materials for hydraulic fracking, said the U.S. Securities and Exchange Commission is investigating its FracMax software and the efficacy of one of the company’s chemicals.

Categories: General
The Jim Day semisubmersible rig (Photo: Noble Corp.)

Noble Drilling stacks another Gulf rig, lays off scores of workers

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This is Noble’s second stacked rig in the Gulf in less than two months.
A woman walks past a Sinopec neon sign in Hong Kong 30 October 2006 .

Sinopec sees oil sands venture improving on larger suncor stake

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Suncor secured a deal to buy Canadian Oil Sands for about C$4.2 billion ($2.9 billion) by sweetening its offer after earlier bids were rejected.
Categories: Asia, Crude oil
Original byline: Jim Blecha/

Meet the energy hedge funds that made money while oil plunged

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The energy sector had a few strong performers despite the overall turmoil.
FILE - This June 12, 2014 file photo shows an oil rig and pumps in Watford City, N.D. State data shows the number of rigs drilling in North Dakota's oil patch has dropped below 60 for the first time since 2009. Fifty-nine rigs were operating in western North Dakota's oil-producing region on Monday, Jan. 4, 2016. That's down from 171 rigs on the same day one year ago due to slumping oil prices. (AP Photo/Charles Rex Arbogast, File)

North Dakota sour crude wells could stop with poor prices

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North Dakota Petroleum Council President Ron Ness said if sour crude prices were to hold at just a couple of dollars a barrel, the wells will likely be shut down until prices rebound.
Categories: Crude oil
Brantley Roskey, left, and Lawrence Ullmann work on the catwalk at an oil rig in Hallettsville, Texas on May 22, 2015.

Raymond James: $30 oil is worse than anyone expected

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The investment bank’s bleak outlook means there could be plenty of pain in early 2016 for producers.
Categories: Crude oil
(AP file photo/Reed Saxon)

Occidental to receive about $1 billion from Ecuador

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Occidental Petroleum Corp. said it expects to receive about $1 billion from the Republic of Ecuador this year as part of an arbitration claim against the government following a longstanding dispute over the seizure of its oil field a decade ago.
Categories: Crude oil, Markets