Fuel Fix

A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore reaches creditor deal for bankruptcy filing

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Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.

Paragon Offshore reaches creditor deal for bankruptcy filing

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A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)
Under the plan, the oil services provider will be able to reduce more than $1.1 billion of debt and loosen some covenants, the company said.
( Johnny Hanson / Chronicle )

Rig count tumbles again

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The total rig count, which when including natural gas rig fell by 30, now stands at 541.
Categories: Crude oil, featured

Senate Energy and Natural Resources Committee Chair Sen. Lisa Murkowski, R-Alaska, left, accompanied by, from from left, Sen. Roger Wicker, R-Miss.,  Sen. John Thune, R-S.D., Senate Majority Whip John Cornyn of Texas, and Senate Majority Leader Sen. Mitch McConnell of Ky., talks to reporters about progress on the bi-partisan energy bill, Tuesday, Feb. 2, 2016,  on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)

Senate blocks energy bill, as debate rages around Flint

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The move throws into question a bill that sought to reform policies across the energy sector, from hydroelectric dams to home efficiency to defense against cyber attacks on the power grid.
Signage stands outside the Duke Energy Corp. Gallagher Station power plant in New Albany, Indiana, U.S., on Monday, July 27, 2015. Coal reclaimed its ranking as the top fuel for generating electricity at U.S. power plants in May, beating natural gas, which took the number one spot for the first time in April. Photographer: Luke Sharrett/Bloomberg

Duke Energy puts Houston-based international business up for sale

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North Carolina-based Duke, which is the nation’s top power generator, currently runs its Central and South American power plants from Houston.
T. Boone Pickens speaks at the 2014 LNG Conference Jan. 22, 2014, in Houston.  (Eric Kayne/For the Chronicle)

T. Boone Pickens cashes out on oil, awaits time to get back in

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Pickens has sold all his oil holdings and is waiting for the best moment to get back in, he said Thursday in an interview on “Bloomberg Go.”
The head office of Statoil in Stavanger, Norway.  (AP Photo / Kent Skibstad, NTB scanpix, File)

Statoil reports larger 4th quarter loss after oil price drop

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CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.
A Saudi man walks past a pump at a petrol station on December 28, 2015 in the Red Sea city of Jeddah. Saudi Arabia said it plans to review the prices of heavily-subsidised power and fuel as part of new measures introduced in the face of low oil prices.   AFP PHOTO / AMER HILABIAMER HILABI/AFP/Getty Images

Saudi crude oil exports show continued strength to US, Asia

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Thirty-nine years after Fleetwood Mac’s second album was released, and ‘rumours’ of a production cut and fears of a worsening US economy are pushing and prodding the crude market around today. Commodities are also getting whipsawed around by currency moves. As the US dollar continues to weaken due to growing pessimism about the US economy, […]
Categories: Asia, Crude oil, Middle East
(AP Photo/Kevork Djansezian, file)

Occidental posts losses of more than $5 billion

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The Houston-based oil and gas producer said it booked a total of $5.4 billion of after-tax charges, mostly due to cheap oil eroding the value of its assets.
Ryan Lance, chairman and CEO of ConocoPhillips ( Marie D. De Jesús / Houston Chronicle )

ConocoPhillips CEO: Oil downturn could stretch into 2017

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ConocoPhillips, the No. 3 U.S. oil company, announced a quarterly loss on Thursday and said it is cutting its shareholder dividend by two thirds.
In this Monday, April 7, 2014 file photo, a flag bearing the company logo of Royal Dutch Shell flies outside the head office in The Hague, Netherlands. (AP Photo/Peter Dejong, File)

Shell prepares to remake itself into gas giant after BG Group deal

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The Anglo-Dutch oil major’s upstream earnings fell 71 percent to $493 million, though the company said lower costs offset the plunge.
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Weatherford to cut 6,000 jobs in first half of 2016

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The job cuts will have brought the company’s workforce down by 20,000 since the oil-market crash began in 2014.
President Barack Obama arrives to speak on March 22, 2012 at the TransCanada Stillwater pipe yard in Cushing, Oklahoma. (AFP PHOTO/Mandel Ngan)

After Keystone victory, environmentalists pushing Obama on Atlantic drilling

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Activists on Wednesday delivered 2 million petitions to the White House opposing the proposed sale of drilling rights from Virginia to South Carolina.
(Dean Musgrove/Los Angeles Daily News via AP, Pool, File)

Prosecutor smells crime, charges utility for huge gas leak

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LA County’s District Attorney Jackie Lacey filed misdemeanor criminal charges Tuesday against Southern California Gas Co. for failing to immediately report the natural gas leak that has been gushing nonstop nearly 15 weeks.
The silhouettes of emissions are seen rising from stacks of the Duke Energy Corp. Gibson Station power plant at dusk in Owensville, Indiana, U.S., on Thursday, July 23, 2015. (Luke Sharrett/Bloomberg)

Transition to low carbon energy will be “extremely difficult,” energy official says

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The comments come as the United States and countries around the world work on cutting greenhouse gas emissions to the point the earth’s temperature does not rise more than two degrees Celsius.