Fuel Fix

Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

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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 single oil rig was shut down last week, extending six month decline

on
Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)
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.
Original byline: Jim Blecha/

Vanguard Natural Resources scoops up smaller Houston rival for $474 million

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The most recent deal comes on the heels of Vanguard’s announcement in April that it will acquire LRR Energy LP for more than $250 million.
Categories: Crude oil, Deals, featured, Shale

India taps ‘super-rich’ in budget

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Finance minister says growth needs to be revived closer to the 8% achieved before global economic crisis, but offers only piecemeal measures to do so
Categories: Uncategorized

Taiwan’s hunger for renminbi grows

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Strong uptake in retail savings accounts and offshore renminbi bonds as Taiwan becomes the second major market to clear the Chinese currency
Categories: Uncategorized

EU agrees to cap bankers’ bonuses

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The bonuse deal, if confirmed, is a major victory for the European parliament negotiators, who insisted on pay curbs as their price for passing Basel
Categories: Uncategorized

European Union caps bankers’ bonuses

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The deal, if confirmed, is a major victory for the European parliament negotiators, who insisted on pay curbs as their price for passing Basel
Categories: Uncategorized
Weatherford International CEO, Bernard Duroc-Danner. (Michael Paulsen/Houston Chronicle file photo)

Weatherford weathers $122 million loss for Q4

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Big earnings did not result in big profits for Weatherford in 2012, as it reported record revenue but losses both for fourth quarter and the year.
Categories: Finance/Earnings

Argentine bond litigation sparks default fears

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The appeals court is expected to issue its final ruling within weeks on the case involving the binding of third parties not to help the government avoid paying holdout creditors.
Categories: Uncategorized
President Barack Obama announces he is nominating Sally Jewell as the next Interior secretary. (AP Photo/Pablo Martinez Monsivais)

Senator meets with Interior nominee Jewell

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The two spoke about offshore drilling in Alaska’s Arctic waters.
Categories: Oil field services

Private team plans ‘fly by’ mission to Mars

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Tycoon Dennis Tito’s aims to send a married couple on a 17-month mission to the Red Planet on January 5 2018 in a project estimated to cost $1bn
Categories: Uncategorized

Stocks advance after Bernanke balm

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Equities advance after Federal Reserve chairman affirms commitment to monetary stimulus, but jitters remain over political gridlock in Italy
Categories: Uncategorized

Apple shareholders in protest vote on pay

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Chief sympathised with shareholders who found stock-price performance a ‘disappointment’, after it fell by a third since September
Categories: Uncategorized

Groupon shares tumble as losses rise

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Discount coupon company reported a wider net loss in the fourth quarter than consensus estimates, as sales outside the US dropped considerably
Categories: Uncategorized

JC Penney loses one-third of its sales

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Little evidence that Ron Johnson, chief executive who created Apple’s successful stores, is gaining traction with strategy that is now one year old
Categories: Uncategorized

Emerson to upgrade automation on Statoil North Sea platform

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Statoil has awarded Emerson Process Management a $33-million contract to upgrade safety and automation systems on the Visund oil platform in the Norwegian North Sea.
Categories: Offshore
(Johnny Hanson /Houston Chronicle file photo)

Centerpoint shares increase on MLP formation plan

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Centerpoint Energy Inc., a Houston-based energy distributor, rose the most in more than a year after it said it’s still considering forming a master-limited partnership.
Categories: Electricity

TDW completes two subsea pipeline pressure operations offshore Australia

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TDW Offshore Services has completed two pipeline interventions using its SmartPlug pressure isolation technology offshore Australia.
Categories: Offshore