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.
Baker Hughes, the world’s third largest oilfield services provider, is reducing its workforce in Brazil after losing contracts with Petroleo Brasileiro SA to competitor Halliburton Co., an oil union said.
A group of manufacturers argued Tuesday that the U.S. government is moving too slowly to approve new export facilities for natural gas and coal, potentially exposing the nation to legal action from members of the World Trade Organization.
BP picked up new allies in its fight against a suspension from new government contracts, as oil industry and business groups filed a legal brief labeling the punishment an “overreach” by the Obama administration.
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