Fuel Fix

Ryan Lance, ConocoPhillips CEO, speaks during the opening panel discussion of the 2015 IHS Energy CERAWEEK. (Brett Coomer/Houston Chronicle)

ConocoPhillips to cut 10 percent of global workforce

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ConocoPhillips said Tuesday it is planning to cut roughly 1,800 employees, or 10 percent of its global workforce, in the next several weeks as it deals with low oil prices.

ConocoPhillips to cut 10 percent of global workforce

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Ryan Lance, ConocoPhillips CEO, speaks during the opening panel discussion of the 2015 IHS Energy CERAWEEK. (Brett Coomer/Houston Chronicle)
ConocoPhillips said Tuesday it is planning to cut roughly 1,800 employees, or 10 percent of its global workforce, in the next several weeks as it deals with low oil prices.
permian basin

W&T Offshore to sell Permian assets for $376 million

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W&T Offshore has agreed to sell its stake in a West Texas oil field to a private equity start-up company for $376 million, the latest oil deal geared toward supporting a seller’s financial books amid cheap oil prices.
Categories: Crude oil, Deals, featured, Texas
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 growth to slow as kingdom adjusts to cheaper oil

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Saudi Arabia’s gross domestic product will grow by 2.8 percent this year and 2.4 percent in 2016, the IMF said in e-mailed statement at the conclusion of its regular country consultation.
Categories: Crude oil
(Alexander Klein/AFP/GettyImages)

Algeria calls for non-OPEC output cut to stop oil price slump

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Algeria’s initiative to coordinate an OPEC response to tumbling crude prices had the backing of cash-strapped fellow members Libya and Venezuela.
Categories: Africa, Crude oil
Commercial vessels spray water on the fire aboard the West Delta 32 production platform. (Coast Guard photo)

Houston’s Black Elk Energy facing criminal charges for fatal Gulf explosion

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Houston-based Black Elk Energy faces six criminal counts for a blast at a Gulf of Mexico production platform that killed three workers and injured others.
Global consulting firm Accenture announced plans to buy Schlumberger's management consulting division.

Accenture to buy Schlumberger’s consulting business

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Houston-based consultant Accenture plans to buy up Schlumberger’s management consulting business for an undisclosed sum, sharpening Accenture’s ability to help navigate oil and gas companies through the downturn.
Categories: Bankruptcy, Deals, featured
(Photographer: Ty Wright/Bloomberg)

Texas gasoline prices drop as Midwest sees a price spike

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Average retail gasoline prices in Houston fell 3.1 cents per gallon in the past week, averaging $2.38 per gallon on Sunday, according to GasBuddy’s daily survey of 2,559 gas outlets in Houston.
David Green, software architect, is shown at Baker Hughes, 11211 FM 2920 Road, Thursday, Aug. 6, 2015, in Tomball. ( Melissa Phillip  / Houston Chronicle )

Service companies see re-fracking as new opportunity

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Re-fracking can be up to two-thirds cheaper than drilling a new well, which is an alluring possibility for cash-strapped U.S. producers who are straining to keep operational costs down and drilling operations intact.
(AP Photo/ Louis Lanzano)

NYSE warns Willbros Group of potential de-listing

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The New York Stock Exchange has warned oil engineering firm Willbros Group its stock could be de-listed unless it trades at an average $1 a share over a 30-day period.