A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
Robert Parker Jr., the grandson of founder Gifford C. Parker and a former chief executive officer from 1991 to 2009, announced his resignation after 40 years as an employee of Parker Drilling, a Houston based onshore and offshore drilling company.
A federal appeals court is set to hear dueling arguments on whether a judge should have approved BP’s multibillion-dollar settlement for compensating victims of its 2010 oil spill in the Gulf of Mexico.
Companies that make biofuels from corn husks, soy and other materials are mounting a last-ditch lobbying campaign to prevent a weakening of the U.S. renewable-fuel mandate, saying a lower requirement would set back an industry that is ready to blossom.
Some of the world’s top climate scientists say wind and solar energy won’t be enough to head off extreme global warming, and they’re asking environmentalists to support the development of safer nuclear power as one way to cut fossil fuel pollution.
Lawyers say dozens of western North Dakota mineral owners have expressed interest in joining lawsuits seeking damages from oil drilling companies for natural gas that is lost when it is burned instead of being captured as a byproduct of oil production.
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