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

BoE’s Tucker hints at further QE moves

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Sterling weakens after Paul Tucker, the Bank of England deputy governor for financial stability, signals that he is open to more quantitative easing
Categories: Uncategorized

Crude export ban no match for lightest U.S. shale oil

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A glut of shale oil in fields from Texas to North Dakota is forcing producers to find ways around the U.S.’s three-decade-old ban on crude exports in order to seek higher prices in foreign markets.
Categories: Crude oil

David Johnson poses in front of a Johnny Appleseed mural at his family's Apple Hills Farm on Thursday, Feb. 14, 2013, in Chenango, N.Y.  Johnson, who has a 30-acre pick-your-own apple farm on his mostly wooded 400 acres in Binghamton, said gas drilling money would allow him to replace some worn-out equipment like the tractor that he has to start with a screwdriver. (AP Photo/Mike Groll)

Dreams of gas riches fading for NY landowners

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When word spread about the potential natural gas riches of the Marcellus Shale, Kimberly More saw it as the hope for saving her horse farm.
Categories: Natural gas
(AP Photo/Greg Baker)

Sinopec’s U.S. shale deal struck at two-thirds’ discount

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China Petrochemical Corp.’s $1.02 billion deal with Chesapeake Energy Corp. (CHK) gives the second- largest Chinese energy producer a stake in a shale oilfield for less than one-third of its estimated value.
Categories: Deals, Natural gas
The liquefied natural gas tanker Inigo Tapias makes its way through Boston Harbor past downtown Boston on Jan. 24, 2004. (AP Photo/Michael Dwyer)

Chevron may consider expanding LNG export project in Canada

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Chevron Corp. (CVX), the second-largest U.S. oil company, may consider expanding its proposed liquefied natural gas export terminal off Canada’s Pacific Coast.
Categories: LNG, Natural gas
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China’s CNOOC completes $15B Nexen purchase

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Chinese oil company CNOOC says it has completed its $15.1 billion purchase of Canadian energy producer Nexen.
Categories: Canada, Deals
A drilling rig aims for oil in the Bakken Shale near Watford City, N.D. (AP Photo/James MacPherson)

ND exports increase by nearly $900M

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North Dakota exports increased by about $900 million in 2012 led by strong global sales of agricultural and construction machinery and a record volume of crude that was shipped to Canada before returning to the U.S. by pipeline.
Categories: Crude oil, Pipelines
Former BP America chairman and president Lamar McKay (AP file photo/Haraz N. Ghanbari)

Former BP America chief says company knew blowout was possible

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British oil giant BP had identified a deep-water blowout in the Gulf of Mexico as a “high-level” risk prior to the 2010 oil spill, the former chief representative of the company’s U.S. operations testified Tuesday at a civil trial over the disaster.

Final vote results confirm Italy deadlock

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While some politicians are already speaking of another poll, others express fear that the Five Star Movement will only gain in strength
Categories: Uncategorized

The Price of Solar Power

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All across Europe, feed-in tariffs and subsidies for solar power are being cut or even scrapped. In Portugal and Spain, these actions are justified with the debt crisis, even though they expand these states’ trade deficit. This month the Spanish govern…
Categories: Electricity

IFC issues landmark renminbi debt

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World Bank arm sells discount note to help broaden the market for short-term funding and increase renminbi use in cross-border trade settlement
Categories: Uncategorized

Rio Tinto warned of possible rating cut

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S&P cites rising debts, reinforcing the need for the Anglo Australian mining group to cut costs and make significant asset disposals this year
Categories: Uncategorized

Risk concerns raised over mortgage bonds

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Moody’s and Fitch warn new private-label mortgage-backed securities bonds include features that go beyond the limits set by regulators
Categories: Uncategorized
(Image: Fotolia)

AEP will close coal units in settlement with EPA

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American Electric Power Co., the largest U.S. coal user, said it will stop using coal to generate power at three plants, as part of a settlement with government regulators and environmental groups. It’s a sign of continuing pressure on coal-heavy utilities.
Categories: Coal, Solar, Wind

James Murdoch turns to ‘unfinished business’

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The media group’s deputy chief operating officer said he still wanted to “get credit” for minority investments such as its holding in BSkyB
Categories: Uncategorized