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.
Skepticism over major possible changes to the Texas electricity market spilled into the governor’s race Thursday when Democrat Wendy Davis joined bipartisan scolding of state energy regulators who haven’t shown signs of backing down.
Helicopters are the leading cause of death for offshore oil and gas workers, far outpacing fatalities from explosions and heavy rig equipment. Houstonia magazine goes inside the underwater escape training course that offshore workers complete before taking their first trip.
Royal Dutch Shell said Thursday it is abandoning plans for a massive gas to liquids project envisioned for Louisiana, citing poor economics for the project that was expected to cost more than $20 billion.
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