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
(ALEXANDER KLEIN/AFP/Getty Images

OPEC seen backing Saudi Arabia’s plan to keep supplies elevated

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Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
(Carla Gottgens/Bloomberg)

EIA: Clean Power Plan could return CO2 emissions to 1980 levels

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The Clean Power Plan is intended to reduce emissions from power plants and its rules give states the option of pursuing several strategies to do so, according to the EIA.

(AP Photo/HO, Shell)

DOJ: No charges for Houston company in FCPA investigation

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The company said in a 2013 release that the investigation would look into “whether Hyperdynamics’ activities in obtaining and retaining the concession rights and its relationships with charitable organizations potentially violate the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes.”
Categories: Africa, Legal issues
Laboratory analyst, Syed Ali, takes some measurements in a lab in the research and development building, at the Baker Hughes facility. (Todd Spoth/For the Chronicle)

Dallas Fed: Texas manufacturers slumped to Great Recession-level output in May

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The Dallas Fed says factories churning out equipment and products in Texas slowed their output this month to levels unseen since the national recession in 2009.
Categories: Crude oil, Markets, Texas
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

Once vilified, BP now getting credit for gulf tourism boom

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Five years after the BP disaster, the petroleum giant that was vilified during heated town hall meetings for killing a way of life is now being praised by some along the coast for spending more than $230 million to help lure visitors back to an area that some feared would die because of the spill.
Categories: Gulf oil spill
In this Wednesday Jan. 11, 2012, file photo, people line up to buy fuel at a government petrol station on the third day of nation wide strike following the removal of a fuel subsidy in Lagos, Nigeria. Nigerian airlines grounded flights Saturday, May 23, 2015, as a months-long fuel shortage worsened, aggravated by a strike disrupting fuel deliveries in Africa's biggest oil producer. Vehicles also were grounded. Normally bustling roads in Lagos, a metropolis of 20 million, were half-empty and gas stations closed Saturday. (AP Photo/Sunday Alamba, file)

Nigeria paying $800 million to oil suppliers to end crisis

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The Independent Petroleum Marketers Association of Nigeria said the finance minister agreed Monday to pay a debt of $800 million to oil suppliers. It said companies started pumping oil again Tuesday and unpaid tanker drivers stopped striking.
Categories: Africa, Gasoline
Vanguard Natural Resources

Low oil and gas prices spur Vanguard’s two big acquisitions

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Low oil and gas prices contributed to Vanguard Natural Resource’s decision to make two significant acquisitions in less than 40 days, the Houston company’ chief financial officer said Tuesday morning.