Fuel Fix

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

Paragon Offshore reaches creditor deal for bankruptcy filing

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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

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Categories: Crude oil, featured

Paragon Offshore reaches creditor deal for bankruptcy filing

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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

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The total rig count, which when including natural gas rig fell by 30, now stands at 541.
Categories: Crude oil, featured
( Johnny Hanson / Chronicle )

Permian, Eagle Ford combine for 10 shut down rigs

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The oil-soaked Permian Basin in West Texas, which had remained a favorite among U.S. exploration and production companies despite the prolonged crude slump, showed continued signs of weakness this week.
Categories: Crude oil, featured, Texas
FILE - In this Dec. 1, 2015 file photo, a mural of Venezuela's President Nicolas Maduro covers the exterior of a home in the Petare neighborhood of Caracas, Venezuela. Maduro is doubling down on his existing economic policies with the appointment of a young hardliner to head the country's cratering economy, setting the stage for confrontation between the ruling socialist party and the newly powerful opposition. Maduro named other hardliners to top spots late Jan. 6, 2016 as part of a larger cabinet reshuffle he says is intended to protect the revolution during a new political era. (AP Photo/Ariana Cubillos, File)

Venezuela’s Maduro declares economic emergency

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The decree giving Maduro 60 days to enact sweeping reform was published Friday in the official gazette just hours before the president is expected to deliver his annual state of the union address.
Categories: Crude oil, Latin America
A column of smoke comes off the West Delta 32 complex in the Gulf of Mexico after an explosion on a Black Elk platform on Nov. 16, 2012. (U.S. Coast Guard)

Trial date set for Black Elk Energy over 2012 Gulf blast

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A court filing Thursday says the jury trial in New Orleans is scheduled to start on Jan. 17, 2017, and last approximately four weeks.
(Luke Sharrett/Bloomberg)

Obama administration halts new coal leases on federal land

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Interior Secretary Sally Jewell said Friday that companies can continue to mine coal reserves already under lease.
Categories: Coal, Politics/Policy
FILE - In this Dec. 22, 2014 file photo, an Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran. Oil prices that slumped steeply earlier this year may take another hit once a historic deal between the West and Iran allows that country to start pouring more crude into a market already brimming with supply. (AP Photo/Vahid Salemi, File)

Oil prices drop below $30 as Iran gets closer to crude exports

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Crude prices tumbled below $30 a barrel on Friday as traders watched for signs Iran will pass a final regulatory test to put its oil exports back into oversupplied global markets.
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

Most hated guy in oil patch gets busier as market gloom deepens

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A restructuring adviser’s tool box includes layoffs, canceled contracts, drilling cutbacks, asset sales and bankruptcy. How successful they are in helping companies survive for the long run depends a lot on whether management views them as saviors or undertakers.
Categories: Crude oil
(AP Photo/Stephan Savoia)

U.S. retail sales dipped in December; low gasoline prices a key factor

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The report shows consumer tastes shifting toward restaurants and online shopping. The extra savings from falling gas costs have yet to boost spending much in other retail categories.
Categories: Gasoline
(Dean Musgrove/Los Angeles Daily News via AP, Pool, File)

SoCalGas understated levels of cancer-causing chemical in leaking fumes

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The leak at the biggest natural gas storage facility west of the Mississippi River was reported Oct. 23.
Categories: Accidents, Natural gas
(Doug Kanter/Bloomberg News)

Obama administration will announce halt on new coal leases

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An administration official says companies will continue to be able to mine the coal reserves already under lease.
Categories: Coal, Politics/Policy
BHP Billiton CEO Andrew Mackenzie speaks at the IHS CERAWeek energy conference in Houston on March 4. (Houston Chronicle file)

BHP expects to book $4.9 billion writedown on U.S. shale assets

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‘”The dramatic fall in prices has led to the disappointing writedown,” Chief Executive Officer Andrew Mackenzie said.
Categories: Australia, Shale
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

Offshore driller Atwood warns of possible revenue declines, impairment charge

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Atwood Oceanics expects quarterly revenues to decline from the same time last year, and it may take a multi-million dollar impairment charge on another rig, as the lingering oil slump continues to batter offshore contractors.
Categories: Offshore
Mudlogger Kelly Leininger, 36, left, gets help removing a geolograph from drilling crew worker, Joe Garcia, 24, at a Price Drilling rig on a ranch owned by Richard Collier in Zavala County, Wednesday, Nov. 11, 2015. The area is in the edge of the Eagle Ford Shale which seen a decrease in activity due to the low oil prices. Collier owns a company that sells pipe to drilling companies and his business has also been affected. The geolograph records the depth of the penetration during the drilling of a site.

NYSE removes Goodrich Petroleum from listing

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Goodrich, which was trading below $1 a share for an extended period of time, was removed from the nation’s foremost stock exchange at the end of Wednesday for the “abnormally low” price levels.