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.
Halliburton plans to be an active dealmaker when the unconventional oil and gas sector consolidates, but will be selective about the potential opportunities, a senior executive said Tuesday at a Houston energy conference.
The federal government collected a near-record haul in fees and royalty payments from oil and gas drilling on public lands and U.S. waters during the last fiscal year, the Interior Department announced Tuesday. All told, the federal government collected $14.2 billion from the activity; Texas’ share was $17 million.
A Manhattan lawyer who’s spent his career battling Chevron Corp. over pollution in Ecuadorsaid he may collect as much $600 million in fees if his court victory in the South American nation is enforced.
Bloomberg New Energy Finance says peak demand for fossil fuels could happen in 2030. The risk: Oil and coal companies worth more than $7 trillion may be sinking billions of dollars today into projects that will never make sense to finish.
For years, the joke in the auto industry was that a mass-produced car that runs on hydrogen was always a decade away. That will change next year when Hyundai starts selling a Tucson SUV powered by a hydrogen fuel cell.
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