Fuel Fix

An oil tanker docks at a Chevron oil refinery in the San Francisco Bay. (Kimberly White/Bloomberg News)

The tanker market is sending a big warning to oil bulls

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A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced. The world is pumping about 1.9 million barrels a day more crude than it needs, according to Goldman Sachs Group Inc.

The tanker market is sending a big warning to oil bulls

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An oil tanker docks at a Chevron oil refinery in the San Francisco Bay. (Kimberly White/Bloomberg News)
A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced. The world is pumping about 1.9 million barrels a day more crude than it needs, according to Goldman Sachs Group Inc.
A dynamic positioning and marine environment simulator used for simulation and training on exhibit in the Jelec booth at the Offshore Technology Conference at the NRG Center Tuesday, May 5, 2015, in Houston, Texas. (Gary Coronado / Houston Chronicle)

Major offshore vessel contractor could be in the market for acquisitions, CEO says

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The CEO of vessel contractor Tidewater says the oil bust could be an opening to scoop up smaller rivals in marine services as corporate consolidations could help offshore firms cope with the downturn.

Priyank Mehta tests a Aker Solutions operations chair created to control the drill equipment from the surface. Monday, May 5, 2014, in Houston. ( Marie D. De Jesus / Houston Chronicle )

The best oil and gas tech at OTC 2015

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The first two days of the annual mega conference featured some amazing tech, from simulators to turbines to giant ropes.
Categories: featured, OTC
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2 workers dead, 10 hurt in Mexico oil rig accident

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The Troll Solution rig was maneuvering to perform offshore maintenance at the time of the accident in the Bay of Campeche, Pemex said.

A worker climbs an EOG Resources oil rig in South Texas' Eagle Ford Shale. The Houston company predicts double-digit production growth   if oil prices stabilize at $65 a barrel.  (Gary Coronado / Houston Chronicle )

Oil hits $60 as rally from winter depths continues

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U.S. benchmark crude rose $1.47 to $60.40 a barrel in New York Mercantile Exchange trading Tuesday.
Categories: Crude oil, General, Markets
Halliburton's 2,000-horsepower hydraulic fracturing truck is parked at the Offshore Technology Conference in Houston this week.

In flood of subsea tools, shale-busting tech draws eyes at OTC

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High-horsepower pumps and big hydraulic fracturing trucks, the primary tools used to bust open U.S. shale rock, have carved out parking spaces of their own at the Offshore Technology Conference in Houston.
Protesters in kayaks paddle out to meet the Arctic offshore oil rig Polar Pioneer piggybacked atop the cargo deck vessel Blue Marlin as it arrives at Port Angeles, Wash., on  April 17.  (Keith Thorpe/The Peninsula Daily News via AP)

Seattle ruling won’t derail Shell’s Arctic quest, executive vows

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A ruling by the city of Seattle may throw a wrench into Shell’s Arctic drilling plans, but it won’t delay the company’s plans to bore two new wells in the Chukchi Sea this summer, a top executive vowed Tuesday.
Categories: Arctic
Vicki Hollub on Tuesday was named as Occidental Petroleum CEO Stephen Chazen's replacement after he steps down later this year. (Occidental)

Houston-based Occidental names Vicki Hollub to top job

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Occidental Petroleum executive Vicki Hollub will succeed CEO Stephen Chazen when he retires no later than next year.
funeral-museum

OTC: Houston’s museums offer a little bit of everything

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Here’s the sites the Houston Chronicle recommends for OTC attendees looking to get away from NRG Park for a day.
Categories: OTC