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 Nat G CNG Solutions has opened its newest center in Converse. Nat G converts new and in-service vehicles to run on compressed natural gas, or CNG. The company also designs, builds and installs natural gas fueling stations for commercial and government clients. Nat G’s clients in the region include San Antonio-based Lewis Energy Group, [...]
There are 831 drilling rigs hunting oil and gas in Texas - 47 percent of U.S. rigs and 24 percent of drilling rigs worldwide, according to the latest Baker Hughes Rig Count. Most of the Texas rigs are working in five major fields. The Permian Basin in West Texas has the bulk of the state’s rigs (and more [...]
Texas manufacturers are asking state regulators not to adopt a proposed modification to the state’s electricity market that would pay generators for keeping additional capacity available at peak times, saying the change would be costly to consumers and would dampen state growth.
Splitting off from National Oilwell Varco will give a new distribution company more control of its cash as it plans to grow beyond its nearly $4 billion in revenues, the incoming CEO of the business said Monday.
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