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

An LNG tanker. Photographer: Tomohiro Ohsumi/Bloomberg

Lake Charles LNG gets early environmental approval

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The finding is a sign that the Lake Charles project may clear the environmental hurdle when FERC commissioners make a final decision on the project in November.
(Eddie Seal/Bloomberg)

Oil firms may have to cut deeper than $126 billion, report says

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If Brent, the international crude standard, hangs around $60 a barrel for much longer, oil producers in the United States and elsewhere in the western world will probably have to make deeper cuts.

Noble Energy will drill exploration wells off the coast of the Falkland Islands, the company announced Wednesday.

Noble Energy doubles down in Falkland Islands

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The Houston-based oil company announced Monday that it has scooped up additional acres offshore the Falkland Islands and plans to start drilling there this year despite opposition from Argentina’s government.
Greenpeace activists approach the Blue Marlin before climbing aboard the heavy-lift vessel and camping out on the Polar Pioneer drilling rig. Shell has contracted the Polar Pioneer for a new round of Arctic drilling in the Chukchi Sea later this year. (Photo: Greenpeace)

Shell wins restraining order against Greenpeace

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WASHINGTON — Hours after stormy weather forced Greenpeace activists to climb off an Arctic drilling rig in the middle of the Pacific Ocean, Shell won a temporary restraining order blocking the group from similar protests. The ruling, by U.S. District Judge Sharon Gleason, bars Greenpeace and its activists from boarding, barricading or interfering with the […]
An Eagle Ford well near Kenedy, Texas. (Eric Gay/AP)

IHS: 1,400 wells drilled but not completed in Eagle Ford Shale

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There are nearly 1,400 wells in the Eagle Ford Shale that have been drilled but not completed, according to new analysis from the firm IHS. Oil prices are hovering around $50 per barrel, down by half since last summer. And some Eagle Ford oil producers have been drilling but not fracking wells.
Oil Barrels

Bullish bets on oil increase

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e funds boosted net-long positions on West Texas Intermediate crude by 30 percent in the seven days ended April 7, the biggest jump since October 2010, U.S. Commodity Futures Trading Commission data show
Greenpeace activists held a banner that said 'The People vs. Shell' as they scaled the Polar Pioneer drill rig in the Pacific Ocean. (Photo: Greenpeace)

Greenpeace protesters leave Arctic rig

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Rough seas prompted the decision, Greenpeace said in an email. The protesters rappelled off the rig and got into inflatable boats before returning to a Greenpeace ship stationed nearby.
Categories: Arctic, General
The Polar Pioneer, a drilling rig contracted by Shell for Chukchi Sea exploration in 2015, is transported across the Pacific on the heavy-lift vessel Blue Marlin. (Photo: Vincenzo Floramo / Greenpeace)

Feds launch review of Shell’s Arctic drilling plan

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Federal regulators have begun a 30-day review of a broad plan that forms a framework for Shell to resume Arctic drilling this summer. The company also must obtain permits for each proposed well.
Categories: Arctic, featured, General
(LM Otero/AP)

Exxon might be next in line for mega deal, analysts say

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Exxon Mobil Corp. could be the next big oil firm to pull off a major corporate takeover like Royal Dutch Shell’s $70 billion bid this week for BG Group, Morgan Stanley analysts say.
Categories: Deals, Offshore

Moody’s: Cheniere’s Corpus Christi plant a likely LNG survivor

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The Cheniere Energy plant planned for Corpus Christi is the most likely liquefied natural gas project to move forward this year, according to Moody’s Investors Services. A new report from Moody’s says that low oil prices and low LNG prices “will result in the cancellation of the vast majority of the nearly 30 liquefaction projects […]
Categories: Uncategorized
(Photo by Joe Raedle/Getty Images)

EPA to set overdue biofuel quotas in deal with oil industry groups

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The EPA will finalize biofuel quotas for 2014, 2015 and 2016 later this year, in an agreement settling an oil industry lawsuit.
(Photographer: Ty Wright/Bloomberg)

U.S. households to save $700 this year on gasoline

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Oil companies may be taking a beating amid a global crude collapse, but U.S. drivers are saving big on gasoline, pocketing enough cash at the pump this year to buy a robot vacuum, a cheap refrigerator or the latest iPad.
Categories: Gasoline, General
Marathon Bakken drilling

U.S. oil rig count down 42 as industry’s slowdown accelerates

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The number of rigs drilling for oil in the U.S. fell by 42 this week, a reversal from previous figures that suggested the industry’s pull back was slowing down.
(Victor Dubreuil)

EnCap raises $6.5 billion to pour into North American oil firms

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Private equity firm EnCap Investments has closed its tenth energy fund with $6.5 billion to back North American oil and gas producers, the latest firm to collect billions to pump into the shale business.

Laid off in the oil field? This industry wants to hire you.

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Laid off in the oil patch? The construction industry is hiring, and it wants former oil field workers to apply. The Associated General Contractors, the American Subcontractors Association, the Construction Leadership Forum, Bexar County and Texas Construction Careers will host a job fair from 9 a.m. to noon Wednesday. Admission is free for job seekers. The jobs […]
Categories: Uncategorized