Fuel Fix

Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

on
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.

A single oil rig was shut down last week, extending six month decline

on
Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
Original byline: Jim Blecha/

Vanguard Natural Resources scoops up smaller Houston rival for $474 million

on
The most recent deal comes on the heels of Vanguard’s announcement in April that it will acquire LRR Energy LP for more than $250 million.
Categories: Crude oil, Deals, featured, Shale

(Lucas Schifres/Bloomberg)

Update: Encana well under control, residents still evacuated

on
Encana Corp. on this morning said it has regained control of an oil well north of Karnes City in the Eagle Ford Shale. Encana lost control of the gas well on Tuesday afternoon and Karnes County officials evacuated homes nearby. The incident happened near the intersection of FM 792 and County Road 343 about four miles […]
Categories: Accidents, Texas
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

Canada oil patch to see massive consolidation, analyst predicts

on
Crude oil prices remain about 44 percent lower than in June even after rebounding somewhat from a six-year low in March. The lower prices have led oil-sands producers in Western Canada to reduce spending by billions of dollars and cut thousands of jobs.
Categories: Canada, Crude oil

U.S. Secretary of State John Kerry waits for the start of a meeting on Iran's nuclear program with officials from Britain, France, Germany, China, the European Union and Iran at the Beau Rivage Palace Hotel in Lausanne, Switzerland Tuesday, March 31, 2015. (AP Photo/Brendan Smialowski, Pool)

Kerry says energy industry will decide climate battle

on
Energy and related companies can create jobs, wealth and improved health and security for people by meeting their environmental responsibilities, Kerry said in a video message for executives at a climate and business conference in Paris.
Categories: Environment
(U.S. Energy Information Administration)

U.S. natural gas imports reach lowest level in 28 years

on
Domestic natural gas production has hit record highs during the ongoing shale boom, and the low natural gas prices have played a role in replacing imports. Nearly 98 percent of natural gas imports came from Canada, but Canadian natural gas represented 7 percent of total U.S. natural gas consumption last year, which was down from 11 percent in 2009, according to the EIA.
OIL GAS RIG

Canada adapting to cheaper oil to avoid going way of the auto industry

on
The Group of Seven’s biggest oil exporter may see drilling investment slashed by $23.2 billion in the coming 12 months, according to data compiled by Bloomberg. That’s a 29 percent reduction from the previous 12 months and the biggest since at least 2007.
Categories: Canada
Ruptured Pipeline Spills Oil Along Santa Barbara Coast

Plains All American says up to 105,000 gallons of oil may have spilled from California pipeline

on
The Plains All American Pipeline company says in a statement the current estimate remains 21,000 gallons, but it says that figure is under investigation.
Jack Welch, former CEO and Chairman of General Electric, in San Francisco on Monday, May 11, 2015.

Former GE CEO Jack Welch tells energy companies to think long term, keep their talent

on
Welch, who led GE for 20 years until 2001, said low oil prices are teaching energy companies to become more efficient and potentially more profitable in the long run.
Categories: Crude oil, General, People
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)

Gulf oil leak records cannot be kept secret, US judge says

on
An Associated Press investigation recently revealed evidence that the leak at the site of the toppled platform is worse than Taylor or government regulators had publicly reported.
Mexican President Enrique Pena Nieto applauds after signing into law a historic energy reform bill at the National Palace in Mexico City, Monday, Aug. 11, 2014. (AP Photo/Rebecca Blackwell)

Mexico aims smaller with its latest oil and gas property auction

on
The latest auction, unveiled last week by regulators, includes 26 mostly smaller properties onshore in the Burgos, Tampico-Misantla and Salinas-Sureste Basins.
Categories: Latin America
A crew in 2012 lowers a section of pipe into the ground with cradles near Winona, Texas. (AP Photo/Tyler Morning Telegraph, Sarah A. Miller)

Pipeline companies must operate more like the upstream sector, execs say

on
Houston-based Navitas Midstream, which was founded about 18 months ago, and many others are finding that they must think and act like the upstream sector even though their profits are not as directly linked to the prices of oil and gas, said Bryan Neskora, Navitas chief operating officer, while speaking at the KPMG Global Energy Conference in Houston.
Categories: Pipelines
APTOPIX California Oil Spill

Efforts underway to scrub spilled oil from California coast

on
Workers from an environmental cleanup company strapped on boots and gloves and picked up shovels and rakes to tackle the gobs of goo stuck to sand and rocks along Refugio State Beach on the southern Santa Barbara County coast.
(Photographer: Patrick Semansky/Bloomberg)

Crude slump leads to big profits for refiners

on
Refiners are pocketing big profits as they soak up vast supplies of cheap oil and transform it into higher priced petroleum products, a new government report finds.
Categories: General, Refining
U.S. refineries consumed 245,000 barrels per day more last week than the week before. (Jake Daniels/The Enterprise)

Oil inventories fall for third straight week, and crude price edges up

on
Total inventories stood at 482.2 million barrels of oil for the week ending last Friday, down 2.7 million from the previous reporting period.
Categories: Crude oil
(Lucas Schifres/Bloomberg)

Encana loses control of well in Karnes County, homes evacuated

on
The Karnes County Sheriff’s Department on its Facebook page said that FM 792 between FM 719 and Texas 80 is closed until further notice.
Categories: Accidents, Texas
BHP Chief Executive Officer Andrew Mackenzie speaks during a news conference in Sydney, Australia. (Ian Waldie/Bloomberg)

BHP Billiton to pay $25 million to settle SEC’s FCPA allegations

on
BHP Billiton Ltd. will pay $25 million to settle U.S. Securities and Exchange Commission claims that it violated the Foreign Corrupt Practices Act when it sponsored the attendance of foreign government officials at the 2008 Summer Olympic Games in Beijing.
Categories: Australia, Legal issues