A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
The latest Beige Book from the Dallas Fed is out, and here’s what it says on everything having to do with the oil field. On the labor market – it’s a good time to work in at refining and petrochemical plants: “Refining and petrochemical contacts reported extreme difficulty finding engineers and construction laborers for current […]
Weatherford U.S., LP is partnering with Alamo Colleges to provide job training through a $1.5 million grant from the Texas Workforce Commission. The grant will be used for technical training for 673 new oil field workers. Those trained to operate oil field equipment will include field engineers, operators, technicians and mechanics. Texas Workforce Commission Chairman […]
BP ’s U.S. investors can’t pursue as a group claims that the company inflated its shares with misleading statements before and after the Gulf of Mexico oil spill, a judge ruled, citing a recent Supreme Court decision.
A federal judge has temporarily suspended BP oil spill settlement payments to businesses while he reconsiders the company’s arguments against compensating those that cannot trace losses directly to the nation’s worst offshore oil spill.
Phillips 66 said Friday it is planning to spend $2.7 billion next year to expand its midstream and chemicals businesses, as its once most lucrative business – petrochemical refining – has fallen on hard times.
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