Fuel Fix

Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

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As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.

A single oil rig was shut down last week, extending six month decline

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Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
Original byline: Jim Blecha/

Vanguard Natural Resources scoops up smaller Houston rival for $474 million

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The most recent deal comes on the heels of Vanguard’s announcement in April that it will acquire LRR Energy LP for more than $250 million.
Categories: Crude oil, Deals, featured, Shale

( Jason Alden/Bloomberg)

Texas grid can handle the heat, operator says

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Texas power plants should be able to meet spring and summer electricity demand, the state’s grid operator said Monday.
Categories: Electricity, General
Photographer: Daniel Acker/Bloomberg

Magellan Midstream and Plains All American plan crude line from Colorado

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Plains and Magellan indicated that the new line would be supported by binding commitments from producers Noble Energy and Anadarko Petroleum Corp.
Categories: Crude oil

(Markus Schreiber/Associated Press)

Russia, Ukraine hold emergency gas talks as cutoff looms

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The European Union, which is mediating the talks in Brussels hoping to keep gas flowing despite the dispute, imports around 40 percent of its gas from Russia, half through conflict-torn Ukraine.
Categories: Europe, Natural gas
T-14 IntRel 2-28-15.2

Cleanup crews respond to Hilcorp pipeline spill in Alaska

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The Alaska Department of Environmental Conservation says responders were able to reach the site at about 6 a.m. Sunday after severe blizzard conditions overnight Saturday halted response efforts.
Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

How much more economic pain can Vladimir Putin take?

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It looks like the one-two punch of sanctions and cheap oil are about to wreck Russia.
Categories: Crude oil, Europe
Secretary of Agriculture Tom Vilsack, right, speaks during a news conference at the Iowa Choice Harvest in August 2014. (AP Photo/Charlie Neibergall)

Vilsack Q&A: Biofuels have a ‘bright’ future

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Agriculture Secretary Tom Vilsack sees big opportunities for biofuels in foreign markets and fueling airlines — especially if the sector beats back stiff oil industry opposition.
Exxon-Same-Sex-Benefits

Lawsuit alleges Exxon denied more claims than paid

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Two batches of bad fuel produced at Exxon Mobil in mid-March 2014 caused some Baton Rouge area drivers to experience problems with their intake and valve systems.
Categories: Crude oil, Legal issues
(Daniel Acker/Bloomberg)

Buffett praises Exxon Mobil even after selling oil firm

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Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire shareholders over the weekend.
(AP file photo/David J. Phillip)

Lawmakers may end tax break on jet fuel, to Delta’s dismay

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A bill filed in the House would cut the exemption at Atlanta’s Hartsfield Jackson Airport. Supportive lawmakers say it would help the state get federal money for aviation improvements throughout the state.
Categories: Transportation
Gov. Tom Wolf speaks to members of the media after he signed an executive order restoring a moratorium on new drilling leases involving public lands, Thursday, Jan. 29, 2015, at the Benjamin Rush State Park in Philadelphia. The executive order ends a short-lived effort by his predecessor to expand the extraction of natural gas from rock buried deep below Pennsylvania's state parks and forests. (AP Photo/Matt Rourke)

Wolf administration to show how it’ll challenge gas industry

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Next week, Wolf’s Department of Environmental Protection is preparing to release its plans to update various rules over the drilling industry, including how it must prevent methane leaks and how it must handle toxic wastewater.
(Susana Gonzalez/Bloomberg)

Pemex negotiates lower rig rates as crude collapse hurts profit

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Pemex is in talks with oil service and jack-up rig providers to reduce daily rates after the board approved cutting more than $4 billion from its 2015 budget last week.
California Gov. Jerry Brown (AP Photo/Rich Pedroncelli)

California energy chief calls Jerry Brown’s fuel target a ‘moon shot’

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California has been setting the pace for U.S. policy on climate change and greenhouse gases.
John Melko (photo: Gardere Wynne Sewell)

Guest commentary: dealing with low energy prices

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Many Texans have seen this movie before, and some of us have seen it several times. Until the commodity cycle turns, as it always does, refocus on the basic blocking and tackling of running a business. Take protective measures to guard against avoidable losses.

Climate Skepticism: Today’s Witch Hunt and McCarthyism

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Although the Salem witch trials took place in the 1690s, witch hunts are still used as a tactic of social persecution and a means to censure and demonize those who do not conform to the climate orthodoxy. From Salem to McCarthyism to today’s increasingly strident attacks on so called “climate skeptics,” witch -hunts are a […]
Categories: General
Balance and inspection of compressor and steam turbine rotors at Dresser-Rand. (Norman J. Quinn/Houston Chronicle)

Dresser-Rand to cut 8 percent of its workforce

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Diesel engine and gas turbine maker Dresser-Rand Group is cutting 8 percent of its 8,100-employee workforce around the world in coming weeks, it said Friday, trimming operating costs as falling crude prices have crushed profits in the oil service sector.