Fuel Fix

(Photo by Eddie Seal for Bloomberg News)

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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(Photo by Eddie Seal for Bloomberg News)
The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.
(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
Categories: featured, Gulf oil spill

    Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

    Shale drillers’ safety net is vanishing

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    SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
    Categories: featured, Shale
A contractor with Michels Corp. carries pieces of wood used to prop up sections of pipeline as they are assembled during construction of the Flanagan South crude oil pipeline outside Goodfield, Illinois, U.S., on Tuesday, Oct. 8, 2013. The approximately 600-mile, 36-inch crude oil pipeline is being constructed by Enbridge Energy Co., Inc., a subsidiary of Enbridge Inc., CanadaÕs largest oil transporter, and will originate in Flanagan, Illinois and terminate in Cushing, Oklahoma. (Daniel Acker/Bloomberg)

Enbridge will shift Canadian pipelines, wind projects in $15.2 billion restructuring

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Calgary, Alberta-based Enbridge will move its Canadian liquids pipeline business and four wind projects into its affiliated Enbridge Income Fund. In exchange, the income fund will pay its parent companies C$18.7 billion ($15.2 billion) and take on C$11.7 billion ($9.53 billion) in debt.
Categories: Crude oil, Pipelines
Oil field workers in 2012  drill into the Gypsum Hills near Medicine Lodge, Kan.   U.S. Steel said Tuesday it will lay off about 750 employees from two plants that make tubular steel, which is used in oil and gas drilling(AP Photo/Orlin Wagner, File)

Saratoga Resources seeks bankruptcy protection

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Saratoga Resources says it is seeking chapter 11 bankruptcy protection, the fifth U.S. oil producer this year to have to restructure its balance sheet in court proceedings

A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi Arabia’s test for U.S. shale drillers isn’t over yet, Goldman says

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Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.
(AP Photo/Mikhail Metzel)

BP to pay Rosneft $750 million for part of Siberian oilfield

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Europe’s two biggest oil companies are looking for increased access to Russia’s vast energy reserves and their proximity to the markets of China and Japan
Categories: Crude oil, Deals
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

The shale industry could be swallowed by its own debt

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The problem for shale drillers is that they’ve consistently spent money faster than they’ve made it, even when oil was $100 a barrel.
(David Paul Morris/Bloomberg)

Kinder Morgan will fight Georgia regulator’s Palmetto denial

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In a court filing submitted Wednesday, Houston-based pipeline giant Kinder Morgan argues that the Georgia Department of Transportation used an improper process and came to the wrong conclusion when it denied the Palmetto Pipeline a certificate of public convenience and necessity — a critical permit which allows the pipeline to secure its route.
Categories: Crude oil
The capping stack -- part of Shell's "Arctic Containment System" for a blown-out well -- is tested in waters near Washington state. Here, it is lifted by an A-frame before being lowered 150 feet into the water. (Photo: Bureau of Safety and Environmental Enforcement)

Feds say Shell completed test for blown-out well response ahead of Arctic drilling

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The exercises, conducted Tuesday and Wednesday in waters near Washington state, focused on Shell’s capping stack, designed to sit atop a damaged well and choke off flowing oil and gas.
Categories: Arctic, Politics/Policy