Fuel Fix

(Photo by Eddie Seal for Bloomberg News)

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.

U.S. oil rig count jumps up by a dozen, the first increase in 2015

on
(Photo by Eddie Seal for Bloomberg News)
The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.
(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
Categories: featured, Gulf oil spill

    Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

    Shale drillers’ safety net is vanishing

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    SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
    Categories: featured, Shale
(DEwira/AFP/Getty Images)

IEA: Crude demand returns, and OPEC steps up

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The world’s appetite for crude is making a comeback as economies improve and cheap oil draws out more buyers, the International Energy Agency says.
(Andrey Rudakov/Bloomberg)

Eurasia Drilling slumps as Russia fails to rule on Schlumberger deal

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Russia’s foreign-investment commission met Thursday yet didn’t make a decision on Schlumberger’s bid, Natural Resources Minister Sergei Donskoi said by phone, without giving a reason.
Categories: Deals, Europe

John Hess, chairman and CEO of Hess Corp. (Photographer: F. Carter Smith/Bloomberg )

Hess to sell $2.7 billion stake in Bakken pipes to private equity firm

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Oil producer Hess Corp.’s midstream venture will have a new partner in Global Infrastructure Partners at the cost of a cool $2.7 billion.
Categories: Deals, featured, Pipelines
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)

Pemex reports its largest oil find in 5 years in Gulf of Mexico

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The discovery won’t affect Pemex’s output forecast of 2.4 million barrels a day this year though will likely alter the company’s estimate to increase production by 500,000 barrels by 2018, CEO Emilio Lozoya said.
Charif Souki, CEO of Cheniere Energy speaks during an interview. (James Nielsen/Houston Chronicle)

Cheniere reveals plans for additional LNG projects

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Cheniere plans to expand its liquefied natural gas empire, adding two additional production units in Corpus Christi and partnering with a smaller Houston-based LNG company to build new projects in Louisiana.
Categories: LNG
Earthquake2-DaveSchumaker-flickr

Natural gas firm asked to show it’s not causing Texas quakes

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A natural gas extraction company controlled by energy giant Exxon Mobil sought to prove Wednesday that it is not to blame for a recent rash of small earthquakes in North Texas, telling a powerful state agency that it believes the earthquakes occurred naturally.
Workers remove the drill pipe on the drilling floor of Development Driller III, which drilled the relief well and pumped the cement to seal the Macondo well, the source of the Deepwater Horizon rig explosion and oil spill, in the Gulf Of Mexico, off the coast of Louisiana, Saturday, Sept. 18, 2010. (AP Photo/Gerald Herbert)

BP: U.S. overtakes Russia and Saudi Arabia as largest oil producer

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BP presented its findings at the company’s annual statistical review of world energy, where executives serve up a massive collection of data on the world’s energy production, energy demand and economic prospects.
Categories: Crude oil, featured