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

Royalties from oil production on state lands is pushing Texas' Permanent University Fund toward a record $1 billion in annual revenue. (AP Photo/Hasan Jamali)

West Texas Intermediate wanes as oil benchmark

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A lingering gap between the prices of West Texas Intermediate crude and oil produced elsewhere is complicating the reliability of the longtime benchmark as the standard for pricing a barrel of black gold.
Categories: Crude oil
(AP Photo/Greg Baker)

Sinopec to buy Chesapeake Energy assets for $1.02 billion

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China Petrochemical Corp., the nation’s second-largest energy company, will pay $1.02 billion to buy 50 percent of Chesapeake Energy Corp. (CHK)’s Mississippi Lime assets, seeking to benefit from surging U.S. crude output.
Categories: Crude oil, Deals, Natural gas

The Luminant Lake Hubbard natural gas power plant, a subsidiary of Energy Future Holdings Corp., stands in Dallas, Texas. Matt Nager/Bloomberg

Biggest LBO failure is Energy Future purgatory for KKR

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Five years after their record- setting leveraged buyout of Energy Future Holdings Corp., KKR & Co. and TPG Capital are moving closer to a possible new milestone: the biggest bankruptcy of a private equity-backed company since the failure of Chrysler Group LLC.
Categories: Deals

CME pushes for talks with Deutsche Börse

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German group’s response to discussions is said to be ‘lukewarm’ as it is still bruised from its failed attempt to merge with NYSE Euronext
Categories: Uncategorized
A worker repairs an oil pipeline at Rumaila oil fields, near the southern city of Basra, Iraq. (AP Photo / Nabil al-Jurani)

Iraqi groups fail to agree oil payments, lawmaker says

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Iraq’s political factions failed to agree on the amount of money due to international oil companies working in the semi-autonomous Kurdish region, said Ammar Tohme, a lawmaker from the ruling coalition.
Categories: Crude oil
Northeastern Alberta is a major oil sands production area. (Karen Warren / HOUSTON CHRONICLE)

Vt. towns mull oil sands, assault weapons ban

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While Vermonters debate school budgets and whether to spend money on new equipment on Town Meeting Day, some communities also will take up resolutions opposing the transport of tar sands oil through Vermont and recommending a ban on assault weapons, following the mass school shooting in Connecticut.

Sterling hits two-year low after downgrade

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Pound slides to fresh two-year low against the dollar after UK loses its prized triple A rating and fresh data show bets against the pound increasing
Categories: Uncategorized
A shrimp boat is used to collect oil with booms in the waters of Chandeleur Sound, La. (AP Photo/Eric Gay)

BP fires back: Gulf spill caused by multiple failures, not only its own

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Promises BP made to its investors drove the company’s decisions to choose speed over safety, a lawyer for plaintiffs suing the British oil giant said as a civil trial began Monday. As a result, BP rushed its Gulf of Mexico well, leading to the 2010 oil spill disaster.

Scientists claim 72 is the new 30

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Progress in lowering risk of death has been so rapid since 1900 that life expectancy has risen faster than it did in the previous 200 millennia
Categories: Uncategorized

Royalty Pharma in $6.6bn bid for Elan

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Investment group seeks to take control of Dublin-based group for access to future income from Elan’s multiple sclerosis drug Tysabri
Categories: Uncategorized

Japan to raise up to $10bn from tobacco share sale

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Government could raise up to $10.3bn from sale, to help pay for reconstruction of earthquake and tsunami-devastated northeastern region of Japan
Categories: Uncategorized

Risk of instability hangs over Italy poll

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With a decisive outcome far from certain, the prospect of a minority government and a return to the polls within the year looms large
Categories: Uncategorized

MasterCard moves into mobile payments

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Credit card company is to offer digital wallet and online checkout in an attempt to capitalise on the explosion in retail apps on mobile devices
Categories: Uncategorized

Chevron adds heft to Australian shale

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US oil group will pay up to US$349m for stakes in two shale prospects, the latest vote of international confidence in the country’s fledging sector
Categories: Uncategorized

Castro to step down, but not until 2018

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Raúl Castro says he will retire at the end of second five-year term as Cuba’s president, potentially bringing an end to Castro domination of country
Categories: Uncategorized