A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days.
Honghua Group Ltd. (196), China’s biggest oil-drilling equipment exporter, is seeking to expand exploration services with U.S. partner Baker Hughes Inc. (BHI) and acquire a shale gas asset in China, Chairman Zhang Mi said.
A Pennsylvania judge, handing a victory to local media and health groups, ordered documents unsealed in a settlement between gas-drillers and homeowners who accused the companies of contaminating their water.
Representatives of an Indian tribe fighting to force the closure of a coal-fired power plant outside Las Vegas said Wednesday they uncovered evidence that from 2006 to 2011, the state’s dominant electric utility submitted “phony” reports to the state about pollution levels near the plant, and avoided any penalty when the problem was discovered.
A state appeals court was to hear two cases that pit the right of towns to control land use through zoning against the drilling industry and landowners who say state law trumps local authority when it comes to oil and gas development in New York.
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