Fuel Fix

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

Paragon Offshore reaches creditor deal for bankruptcy filing

on
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

on
Categories: Crude oil, featured

Paragon Offshore reaches creditor deal for bankruptcy filing

on
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

on
The total rig count, which when including natural gas rig fell by 30, now stands at 541.
Categories: Crude oil, featured
Female pedestrians pass a wall mural depicting Ayatollah Ali Khamenei, Iran's supreme leader, left, and Ruhollah Khomeini, founder of the Islamic republic of Iran, on a street in Tehran, Iran, on Saturday, Aug. 22, 2015. Iran plans to raise oil production "at any cost" to defend the country's market share and backs calls for an emergency OPEC meeting to help shore up crude prices. Photographer: Simon Dawson/Bloomberg

IEA: Oil crash could get worse as Iran offsets falling U.S. output

on
Iran’s biggest competitors won’t likely sit by while the Islamic Republic carves out a piece of Asian and European markets.
(AP Photo/Hasan Jamali)

Kurdish oil producers defying $30 crude prompt “buy” bonanza

on
Genel Energy Plc and DNO ASA have buy ratings from more than 70 percent of analysts tracked by Bloomberg. The reason? A tight rein on costs and abundant output.
Categories: Crude oil, Middle East

Iran return, IEA report and China data has crude heading lower

on
It is national popcorn day, so plonk yourself down in a chair with a bucket of the stuff and prepare to be entertained; it is a frenetic day in financial markets, which is making for enthralling viewing. First up, the IEA has completed the trinity of monthly reports on the oil market (OPEC and EIA […]
Categories: Crude oil
Patrick Pouyanné, CEO of French oil company Total, speaks at the IHS Energy CERAWeek in Houston. (Billy Smith II / Houston Chronicle)

Total CEO says company will not cut jobs, will need workers “when the price goes up”

on
Total announced in September that the company would reduce 2016 spending, down to between $20 billion and $21 billion from the $24 billion spent in 2015.
A job recruitment advertisement hangs on the Petronas booth during the Offshore Technology Conference in Reliant Center on May 4, 2011. (Photo: Johnny Hanson/Houston Chronicle)

Petronas to cut spending by $11.4 billion over 4 years

on
The Malaysian state oil company will go through another round of cuts to capital and operating expenditure, the Wall St. Journal reported, citing an internal memo.
Categories: Asia, Crude oil
(AP Photo/Xinhua, Jin Liangkuai)

China offshore giant to cut oil output for first time since 1999

on
Total spending last year missed the company’s original target, highlighting how producers have struggled with oil’s plunge to a 12-year low.
Categories: Asia, Crude oil
This Nov. 3 file photo provided by Southern California Gas Co., shows equipment being used as SoCalGas crews and technical experts attempt to stop the flow of natural gas leaking from a storage well at the utility’s Aliso Canyon facility. (Javier Mendoza/SoCalGas via AP)

SoCalGas says huge LA gas leak to be stopped ahead of schedule

on
The burn-off plan is being abandoned over fears that it could not be done safely, SoCalGas, which is owned by Sempra Energy, said in a statement.
Categories: Accidents, Natural gas
MR, left to right: Matt_Enders.jpg, Dustin_Harris.jpg

Photo taken with the Canon EOS 1Ds Mark II camera.

Concho shakes up Permian holdings

on
Combined, the transactions will bring down the Midland-based producers’ net debt without impacting its 2016 capital budget or production outlook, executives said.
Categories: Crude oil
Chevron's Gorgon LNG project is shown when it was  under construction in Australia. (Photo: Chevron)

Chevron signs second China LNG deal as Gorgon production nears

on
The U.S. company is preparing to begin shipments from its $54 billion Gorgon project off northwest Australia.
Categories: Asia, Australia, LNG
A rig worker looks out across the North Sea aboard the Troll A natural gas platform, operated by Statoil ASA, in the North Sea, Norway, on Wednesday, Oct. 21, 2015. Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll's capacity. Photographer: Krister Soerboe/Bloomberg

How sub-$30 crude could be a blessing for Norway’s giant oil field

on
Given a choice, Statoil ASA and the other owners of the giant Johan Sverdrup oilfield would have preferred to avoid the collapse of crude prices that has upended the industry.
Categories: Crude oil, Europe, featured
(AP file photo/Hasan Jamali)

Saudi oil exports climb to seven-month high

on
The global oil surplus will persist at least until late 2016 as demand growth slows and OPEC shows “renewed determination” to maximize output, the International Energy Agency said last month.
Categories: Crude oil, Middle East
In this April 24, 2015 photo, pumpjacks work in a field near Lovington, N.M. (AP Photo/Charlie Riedel)

OPEC sees global flow of oil squeezed harder in 2016

on
In its monthly oil market report, OPEC predicted the oil bust will force global non-OPEC output to sink by 660,000 barrels a day this year, a 69-percent downward revision of its prior monthly forecast.