Fuel Fix

(Photographer: Andrey Rudakov/Bloomberg)

Shell to ax thousands of jobs amid $7 billion in spending cuts

on
The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”

Shell to ax thousands of jobs amid $7 billion in spending cuts

on
(Photographer: Andrey Rudakov/Bloomberg)
The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: Outlook still uncertain for shale comeback

on
Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.

(Johnny Hanson/Houston Chronicle file photo)

Halliburton, Baker cut workforces deeper, bringing layoffs to 27,000

on
Halliburton has cut nearly 14,000 jobs and Baker Hughes has laid off 13,000 employees since they began trimming their headcounts last year to cope with the oil-market crash, officials said Monday.
A General Electric Co. employee assembles a component for a gas turbine at the company's factory in Belfort, France. (Fabrice Dimier/Bloomberg)

GE books $2.5 billion African orders from oil to locomotives

on
GE expects to seek financing for projects worth at least $1.5 billion in Africa each year as it expands its footprint in a region increasing investment in infrastructure development, and exploitation of its natural resources.
Categories: Africa, Crude oil

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)

Oil majors delay $200 billion of spending, Wood Mackenzie says

on
Brent crude prices have dropped by half in a year after the Organization of Petroleum Exporting Countries decided to maintain output to defend market share amid a global supply glut.
This  April 17, 2015 file photo, with the Olympic Mountains in the background, a small boat crosses in front of an oil drilling rig as it arrives in Port Angeles, Wash., aboard a transport ship after traveling across the Pacific.  (Daniella Beccaria/seattlepi.com via AP, File)

Damaged Shell icebreaker arrives in Oregon for repairs

on
Environmental activists in Portland are protesting the arrival of the Fennica, a vessel that Royal Dutch Shell plans to use in its Arctic offshore drilling project after it’s repaired.
(Photographer: Eddie Seal, Bloomberg)

Return to drilling sends rig count up by 21

on
U.S. drillers put more oil rigs to work this week than they have since last April, according to Friday’s Baker Hughes rig count.
Categories: Crude oil, featured
A wind farm under construction off the southeast side of Block Island R.I., July 21, 2015. A few miles off the coast, a small flotilla has been gathering: crane vessels, tugboats and barges that began this week installing the 840-ton foundations of the nation’s first commercial-scale offshore wind farm. (Gregg Vigliotti/The New York Times)

First U.S. offshore wind farm raises hopes for industry revolution

on
While there’s plenty of potential energy to harness, offshore wind has been mostly stymied by high costs. Onshore turbines are some of the cheapest sources of electricity, with an average cost of about $85 a megawatt-hour, according to data compiled by Bloomberg. Coal costs about $90.
Categories: Wind
NuStar Energy LP has invested millions of dollars to transform the only refinery in San Antonio’s city limits, which was once owned by AGE Refining. Photo: Photo By Robin Jerstad/Special T / SA

NuStar Energy’s net income declines

on
Pipeline partnership NuStar Energy LP on Friday reported second-quarter 2015 net income applicable to limited partners of $42.4 million, or 54 cents a unit, compared with $43.6 million, or 56 cents a unit, for the same period a year ago.
Categories: Crude oil