BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
BP Plc asked a U.S. judge to stop payments in the $2.3 billion seafood-industry portion of its settlement over the 2010 Gulf of Mexico oil spill, pending an investigation of a fraud claim against a plaintiffs’ attorney.
Noble Energy is planning to plough the lion’s share of its $4.8 billion planned capital investments in onshore plays in 2014, aiming to continue its double-digit production growth in these prolific unconventional fields both in the US and abroad.
Democratic Sen. Robert Menendez is warning the Obama administration not to give in to oil industry demands and lift a decades-old ban on crude exports. Menendez insists that easing the crude export ban would be “a win for Big Oil,” but would “hurt American consumers.”
Hydraulic fracturing creates an initial production spike that soon turns south. Behind the headlines boasting of a U.S. oil boom, producers have been grappling with rapid production declines at aging shale-play wells. The only answer: drill more and more wells.
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