Fuel Fix

More oil rigs shut down this week

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Categories: Crude oil, featured, Markets
The number of U.S. rigs chasing oil fell to a total of 646 this week, according to a weekly tally by oil service company Baker Hughes.
Alan Sadler

Feds’ plan to boost biofuel targets draws fire from all sides

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In trying to balance the competing interests of oil companies and biofuel producers, the Environmental Protection Agency’s proposed renewable fuel quotas for 2014, 2015 and 2016 have pleased almost no one.

Penguins gather on the coast of Murrell Farm near the northeastern corner of the Falkland Islands. The Falklands have struck oil, potentially pumping billions of dollars into their treasury. One downside is the potential for a major spill in seas where penguins, whales, seals and other marine mammals are drawn to unspoiled coasts.   (AP Photo/Michael Warren)

Premier opens new oil zone off Falkland Islands, boosting shares

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Premier struck oil at the Isobel Deep well, about 30 kilometers (19 miles) from its Sea Lion discovery, the company said Thursday in a statement. Its stock jumped the most in two weeks, while partner Rockhopper Exploration Plc gained as much as 7 percent.
Categories: Crude oil, Offshore
Clean up crews removed oil-laden sand on the beach at Refugio State Beach, site of an oil spill, north of Goleta, Calif.  (AP Photo/Michael A. Mariant)

U.S. gives order for Plains to finish oil spill cleanup

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Government representatives said such an order is common in spills and is not in response to any inaction by Houston-based Plains All America.

The East Texas Electric Cooperative, the Trinity River Authority and other participants broke ground Wednesday on the new hydroelectric power plant at Lake Livingston. (ETEC)

Construction kicks off for hydroelectric plant near Houston

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The East Texas Electric Cooperative, or ETEC, broke ground Wednesday on the new 24-megawatt power plant will power about 12,000 eastern Texas homes and generate about $1 million annually for the city of Houston for the right to use city facilities at the lake.
Aubrey McClendon, owner of American Energy Partners (F. Carter Smith/Bloomberg )

American Energy Partners units seek bond deals amid oil slump

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The slump in oil prices has prompted the units to cut spending budgets and lower production estimates, significantly increasing their debt levels relative to earnings, according to Standard & Poor’s. They’re seeking financing deals after S&P warned earlier this month that their liquidity could deteriorate significantly next year.
Categories: General
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. (Susana Gonzalez/Bloomberg)

Investment into Mexico fell 49 percent last year, hastening need for oil and gas funding

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Investment in Mexico should pick up over the next few years as President Enrique Pena Nieto implements constitutional changes adopted in 2013 to end a seven-decade state monopoly on oil and gas, said Alexis Milo, chief Mexico economist at Deutsche Bank AG.
(Dado Galdieri/Bloomberg)

Petrobras abandons deepwater prospect in Brazil’s biggest oil field

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The decision to return the area underscores how exploration in the deepwater region where Petrobras has had its most success finding and producing oil still carries risks. Output at pre-salt fields has surged to more than 800,000 barrels a day, about a third of Brazil’s total output, since extraction started in 2010.
Categories: General
Original byline: Jim Blecha/

Analyst: More cuts to come as reality sets in for oil companies surprised by downturn

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Recovery from the oil slump will a slow, painful slog as companies caught unaware by the downturn will be forced to make deeper, more structural changes to survive, a new analysis finds.
Categories: Crude oil