Fuel Fix

(Photographer: Andrey Rudakov/Bloomberg)

Shell to ax thousands of jobs amid $7 billion in spending cuts

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The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”

Shell to ax thousands of jobs amid $7 billion in spending cuts

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(Photographer: Andrey Rudakov/Bloomberg)
The company, which in April said it was confident prices would return to $90 a barrel in three years, on Thursday said that “today’s oil price downturn could last for several years.”
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: Outlook still uncertain for shale comeback

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Earlier in the year, before initial declines in service costs, Anadarko had estimated it would take $3 billion in capital expenditures to keep production levels flat. Now, Walker said, it would take about $2.7 billion, and there is still room for improvement.

(Johnny Hanson/Houston Chronicle)

IEA boosts 2014 global oil demand forecast on US recovery

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A “reasonably robust recovery” and lower gasoline prices in the U.S. are helping stoke demand in the world’s largest oil user, the IEA said.
Categories: Crude oil, Markets
A Chevron flag flies over company offices in Richmond, Calif.  (AP file photo/Ben Margot)

Chevron plans to cut spending in 2014

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Chevron plans to pull back the reins on its aggressive capital spending in the coming year, reducing its budget by $2 billion from its expected investments this year.

(Image: Fotolia)

Valero Energy Partners shares soar in trading debut

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Valero Energy Partners, a master limited partnership, was formed in July by refiner Valero Energy Corp. to own pipelines and other logistics assets.
(Image: Fotolia)

Oil falls on huge buildup in gasoline supplies

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Benchmark oil for January delivery dropped $1.07 to close at $97.44.
Categories: Crude oil, Gasoline
John Podesta, shown in 2009. (AP Photo/Eric Jamison, File)

New Obama adviser will not work on Keystone XL

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A new senior adviser to President Barack Obama will not be involved in deliberations on the Keystone XL oil pipeline, the White House said Wednesday.
Arne Haukeland, head of DNB Brazil. (Emily Pickrell/Houston Chronicle)

Financier: Brazil’s Libra auction reveals flaws in new law

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Brazil’s recent multi-billion dollar auction for its gigantic Libra field ended up with the needed bidders to complete the sale, but many investors are still calling it a failure for the country’s new contracting laws.
Categories: Latin America
(epSos.de/Flickr)

Oil industry spared big hits in budget deal

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The oil and gas industry dodged another bullet in the new congressional budget deal, which avoids spiking tax breaks long used by energy companies in favor of modest cuts to a government ultra-deepwater research program and a policy that let companies collect interest on royalty overpayments.
Categories: Politics/Policy