Fuel Fix

An oil & gas drilling rig is drilling a well for Pioneer Natural Resources in the Eagle Ford Shale formation near Yorktown. (Eddie Seal/Texas Tribune)

Pioneer Natural slashes budget, halts drilling amid oil-price crash

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The Texas shale explorer scrapped plans to increase outlays for drilling announced early last month, and instead will reduce spending about 9 percent from last year.

Pioneer Natural slashes budget, halts drilling amid oil-price crash

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An oil & gas drilling rig is drilling a well for Pioneer Natural Resources in the Eagle Ford Shale formation near Yorktown. (Eddie Seal/Texas Tribune)
The Texas shale explorer scrapped plans to increase outlays for drilling announced early last month, and instead will reduce spending about 9 percent from last year.
(Daniel Acker/Bloomberg)

Wyoming oilmen diversify to survive the bust

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Casper businesses were the hub for Wyoming’s oilfields during the boom years. Today, they are rewriting business plans, reassigning machines for jobs outside the oil patch and experimenting with new product lines.
Janet Yellen, chair of the U.S. Federal Reserve, waits to begin a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, Feb. 24, 2015. (Andrew Harrer/Bloomberg)

Pulled down by storage report, oil traders shrug off rate hike

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Domestic crude prices could inch slightly lower if the Federal Reserve hikes interest rates as expected this afternoon, but any movement in oil markets will likely be muted since traders have been anticipating the decision.
Categories: Markets, Politics/Policy
A boat passes a refinery standing along the Houston Ship Channel.  (Scott Dalton/Bloomberg)

No export ban? No problem for U.S. refiners getting tax break

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The House and Senate on Tuesday evening reached a deal on tax and spending plans that included an end to the oil-trade limits that were implemented in 1975 after the Arab oil embargo.
A pipeline sign marks  the main U.S. oil pipeline and storage hub at Cushing, Oklahoma. (Bloomberg photo)

U.S. crude inventory build sends oil prices down

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The U.S. Energy Information Administration said domestic oil tanks last week took in an additional 4.8 million barrels of crude, boosting inventories to 490.7 million barrels. That’s the largest amount of oil the nation has had in reserve since a record-setting supply bulge in April.
Categories: Crude oil, General, Markets
MR, left to right: Matt_Enders.jpg, Dustin_Harris.jpg

Photo taken with the Canon EOS 1Ds Mark II camera.

Export news little comfort for U.S. drillers drowning in crude

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U.S. oil production is also declining, meaning that the flood of oil that could have left the country’s shores is slowly drying up.
Ryan Lance, chairman and CEO of ConocoPhillips, addresses the audience during the Geopolitics of Natural Gas at Rice University, Friday, Feb. 21, 2014, in Houston. (Marie D. De Jesús/Houston Chronicle)

Big Oil among biggest winners from budget deal

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Speaker Paul Ryan, R-Wis., welcomed the tax side of the massive deal but is lowering expectations about GOP victories in the $1.1 trillion spending bill.
A worker cycles through the China Petroleum & Chemical Corp. (Sinopec) Yanshan refinery in Beijing. The world’s second-largest economy, which gets more than half of its crude from overseas, plans to build emergency reserves equivalent to 100 days of net imports by 2020, China Petrochemical Corp., the nation’s top refiner and parent company of Sinopec, said in 2009, citing the plan approved by the State Council. (Nelson Ching/Bloomberg)

Saudi to increase its refining presence in Asia

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Sixty-nine years after the birth of ABBA’s Benny Andersson, and the name of the game for the crude complex today is to navigate the tricky business of a weekly inventory report and the conclusion of the US Federal Reserve FOMC meeting. Last night’s API report has put the wobbles on expectations for today’s weekly EIA […]
Categories: Crude oil
A lineman at the Houston Ship Channel. LNG company NextDecade is hoping to build an export facility in nearby Galveston to take advantage of the shipping lane. Photo by Lou Vest.

Here’s why the U.S. will export oil for first time in decades

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The lifting of the embargo is part of a spending deal expected to be pushed through the House and Senate by the end of the week.
Categories: Crude oil, Workforce
Inside the Honeywell's control center demo site, Experion Orion Console, Tuesday, Nov. 24, 2015, in Houston. Visitors can see the future of technologies at refineries, petrochemical plants and large industrial facilities. (Steve Gonzales/Houston Chronicle)

Honeywell sees 2016 profit rising as much as 9.8 percent on cost cuts

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Under Chief Executive Officer Dave Cote, Honeywell has closed factories, reduced its workforce and invested in new products such as refrigerants that are more environmentally friendly.
Categories: Crude oil
After rushing from a news conference, House Speaker Paul Ryan of Wis., waits in his ceremonial office on Capitol Hill in Washington, Thursday, Dec. 10, 2015,  for the arrival of Israeli President Reuven Rivlin. White House and congressional negotiators searched for compromise Thursday on huge tax and spending bills with a combined price tag of well over $1 trillion, with leaders hoping to clinch agreements and let Congress adjourn for the year next week. "Not everybody gets what you want when you negotiate in divided government," Ryan told journalists earlier. (AP Photo/J. Scott Applewhite)

Fiscal deal will end crude oil export ban, Ryan says

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Republican leaders predicted the package would come to a vote in the House and Senate on Thursday, allowing lawmakers to head home for the holidays having completed their needed tasks.
Charif Souki, former CEO of Cheniere Energy speaks during an interview. (James Nielsen/Houston Chronicle)

Ousted Cheniere CEO says he is staying on board of directors

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Charif Souki said he intends to stay on Cheniere Energy Inc.’s board of directors for the time being and that the company doesn’t have the authority to remove him until at least June.
Categories: General, LNG, People
MOSCOW - JANUARY 28: (RUSSIA OUT) A visitor views "Revolution Perestroika? by Russian painter Erik Bulatov, estimated at GBP120,000, at an exhibition for potential buyers and art experts of Sotheby's January 28, 2007, in Moscow, Russian Federation. The auction, completely devoted to the Russian art of the XX-XXI centuries, will take in place at Southeby's in London on February 15, 2007. (Photo by Oleg Nikishin/Epsilon/Getty Images)

Russian art is latest oil casualty as auction houses pull back

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The Russian economy has been battered by a slump of more than 60 percent in the price of oil in the past two years.
Categories: Consumers, Crude oil, Europe
U.S. regulators expect their review of the proposed Halliburton-Baker Hughes merger to last into the new year.  (AP Photo)

Chances for Halliburton-Baker Hughes deal down to a “coin flip,” analyst says

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The pair of Houston-based oil field services giants said they have been unable to resolve the Justice Department’s concerns over the deal by today’s deadline.