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 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.
Houston-based Eagle Rock Energy Partners is selling 8,100 miles of gathering pipeline and several processing plants for $1.3 billion, a move to transform into a pure upstream firm, the company said Monday.
BP’s latest full-page newspaper ad suggests the departure of two senior officials who administered payments to victims of the 2010 Gulf of Mexico oil spill is evidence of “mounting problems” at the settlement program.
A joint venture of Kinder Morgan Energy Partners LP and Magellan Midstream Partners LP has entered into a long-term agreement to move Eagle Ford Shale liquids for Anadarko Petroleum Corp. Kinder Morgan Crude and Condensate LLC and Double Eagle Pipeline LLC, a 50-50 joint venture between Magellan Midstream Partners LP and Kinder Morgan Energy Partners, [...]
Pipeline giant Kinder Morgan Energy Partners will spend nearly $1 billion to move into the tanker business after agreeing to buy two companies that ship oil between U.S. ports, the companies said Monday.
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