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
(Photo courtesy of Shell Oil Co.)

Shell keeps Arctic drilling on table for 2015

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The future of oil exploration in some U.S. Arctic waters may rest with federal courts, but Royal Dutch Shell’s CEO said Thursday the company is undaunted by the legal logjam.
G. Steven Farris, chairman and chief executive officer of Apache Corp. ( Cody Duty / Houston Chronicle )

Apache profits down 50 percent, announces plans to sell stake in two LNG projects

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Apache Corp., the Houston-based exploration and production company, saw its profits fall 50 percent in the second quarter following a year in which it shed many of its assets.
Categories: Finance/Earnings

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Northern Courier Approval Highlights Pipeline Politics

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In stark contrast to the continuing delay of the Keystone XL pipeline project, Trans Canada’s Northern Courier pipeline project has gone from initial application to regulatory approval in a mere 16 months. The Northern Courier project is actually two parallel pipelines, one to carry bitumen and another to carry diluent from the Fort Hills mine […]
(Flickr/SalFalko)

Company hired to offload crude no longer obligated to perform the job

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The company hired to offload a disputed load of Kurdish crude is off the hook from carrying out that contract.
Categories: Crude oil
Exxon Mobil has about 86 percent of its oil and gas production in what rating agencies consider less risky OECD countries, according to the analysis.(Carlos Javier Sanchez/ Special to the Chronicle)

Exxon reports higher earnings, lower production

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Exxon Mobil Corp., the world’s largest energy company, fell after reporting worldwide oil and natural gas production declined to the lowest level in almost five years.
Ryan Lance, chairman and CEO of ConocoPhillips ( Marie D. De Jesús / Houston Chronicle )

ConocoPhillips’ profit rises as production increases

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Surging U.S. oil production helped lift ConocoPhillips’ profit by 1.5 percent in the second quarter as the company reported significant increases in output from the Eagle Ford and Bakken shales.
Categories: Finance/Earnings
Royal Dutch Shell offices in London. (Laura Goldberg/Houston Chronicle)

Shell beats estimates, takes gas writedown

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Royal Dutch Shell, Europe’s biggest oil company, beat analyst second-quarter earnings estimates while pushing ahead with a restructuring program that saw it write off about $1.9 billion in U.S. gas assets.