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

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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

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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

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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

Iris Smith, right to left, Michael Smith, Sig Cornelius, Charles Reimer, Hiroshi Ozaki, Yuji Kakimi, and Dennis Bonnen breaking ground at the Freeport LNG Liquefaction Project groundbreaking ceremony. (For the Chronicle/Gary Fountain, November 10, 2014)

Massive Freeport LNG project chugs forward with $12.5 billion in its back pocket

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Freeport LNG has secured the final piece of financing for its $12.5 billion liquefied natural gas export terminal, placing the company on track to begin producing within three years.
Categories: featured, LNG
Robert " Bob" Dudley, chief executive officer of BP Plc (Photographer: Simon)Dawson/Bloomberg

BP cuts hundreds of jobs as profits fall by nearly $1 billion

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BP said Tuesday it lost $375 million on cancellation fees for two deep-water rigs in the Gulf of Mexico.

(AP Photo/Bruce Crummy, File)

Investigators release records of fiery North Dakota derailment

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Federal investigators said in the documents that a broken train axle found after the derailment might have been prevented if BNSF railroad had inspected it more carefully and found a pre-existing flaw.
Categories: Accidents, Crude oil, Rail
OAO Lukoil's Leonid Fedun pauses during an interview at the company's headquarters in Moscow, Russia, on Wednesday, June 25, 2014. (Alexander Zemlianichenko Jr./Bloomberg)

Russia’s second largest oil company maintained its 1Q dividend, despite crashing crude prices

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The Moscow-based producer has cut spending for this year in response to the decline in oil, trimming expenditures on older Siberian wells and some international projects.
(Andrey Rudakov/Bloomberg)

Russia will meet with OPEC before the cartel’s next meeting in June

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Talks with the 12-nation group will take place on June 2-3, Energy Minister Alexander Novak said Tuesday in Moscow.
Patrick Pouyanné, CEO of French oil company Total, speaks at the IHS Energy CERAWeek in Houston. (Billy Smith II / Houston Chronicle)

Total’s profit fell 20 percent in first quarter, despite surging production

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CEO Patrick Pouyanne said Total is “demonstrating its resilience and profiting from its integrated model” in the face of a 50 percent drop in the average Brent crude oil price over the last year.
(Bloomberg Photo/Scott Dalton)

South Dakota hearing on Keystone XL pipeline delayed

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Pipeline opponents asked for the hearing postponement in South Dakota because they said the original schedule was too tight.
Categories: Keystone XL
(Jim Wilson/The New York Times)

Florida House passes legislation banning fracking bans

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Democrats opposed the bill, saying fracking should be banned in Florida because of the potential to contaminate groundwater.
(Michael Stravato/The New York Times)

International LNG import terminals head offshore, EIA says

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The floating regasification facilities can be developed more quickly than onshore facilities of comparable size and can be moved around to serve other areas once larger projects are in place.
Categories: LNG
(Matthew Lloyd/Bloomberg)

BP says oil spill bill over $2 billion would be “severe”

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Any fine above $2 billion against BP for the Deepwater Horizon disaster would be “extraordinary and severe,” double the highest-ever U.S. water-pollution fine and potentially crippling its American oil business, BP said in court documents.
Arthur Perales III works on a gear reducer at the Weatherford rod-pump manufacturing plant Thursday, June 26, 2014, in Katy. (Brett Coomer/Houston Chronicle)

Texas manufacturing slips again as oil and gas orders disappear

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The production index, a key measure of the manufacturing conditions, remained in negative territory for the second month in a row, with 3 out of 10 executives reporting seeing production fall between March and April, according to responses to the Federal Reserve Bank of Dallas’s monthly survey.
Categories: Crude oil, featured
(AP file photo/Paul Sakuma)

Gasoline prices jump 11 cents as crude rises

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Rebounding crude prices have caused gasoline prices to tick up again, but fuel still remains at its cheapest seasonal level in six years.
Categories: Crude oil, featured, Gasoline
Derailed oil tanker train cars burn near Mount Carbon, W.Va., Monday, Feb. 16, 2015. A CSX train carrying more than 100 tankers of crude oil derailed in a snowstorm, sending a fireball into the sky and threatening the water supply of nearby residents, authorities and residents said Tuesday. (AP Photo/The Daily Mail, Marcus Constantino)

Railroad union urges tougher safety standards on tracks

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While lawmakers and regulators focus on the strength of oil tank cars and volatility of crude oil, officials of the rail inspectors’ union say track flaws and train speed can be significant factors in accidents.
Categories: Crude oil, Rail
(AP Photo/Greg Baker)

PetroChina, Sinopec surge on industry merger speculation

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China National Petroleum Corp., the state-owned parent of PetroChina, hasn’t received any information from the government, nor has it spoken with Sinopec about a merger, Media Director Gong Kai said.
Categories: Asia, Crude oil
In this photo released by Saudi Press Agency, Deputy Crown Prince of Saudi Arabia, Prince Muqrin bin Abdulaziz Al Saud, front, receives Venezuelan President Nicolas Maduro, center, at the King Khalid International Airport in Riyadh, Saudi Arabia, Sunday, Jan. 11, 2015. (AP Photo/SPA)

Saudi prince sees ‘excellent’ oil market as kingdom meets demand

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“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said.
Categories: Crude oil, Middle East