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Exports of petroleum products climb

Exports of petroleum products climbed significantly last year, driven by increases in shipments of gasoline, propane, and distillate fuels, such as diesel and heating oil, the Energy Department said. Petroleum exports climbed nearly 500,000 barrels a day in 2015 from the previous year, the Energy De ...

Colonial Pipeline leads to record swings in regional gasoline inventories

The shutdown of the Colonial Pipeline last month, which cut supplies to the East Coast, led to record draw down of gasoline stockpiles in the Southeast, the Energy Department said Friday. The flow of gasoline from Gulf Coast refineries was halted by a leak in the pipeline near Birmingham, Ala.,  whi ...

Newfield completes $380 million sale

By Mike D. Smith Newfield Exploration Co. has completed its $380 million sale of oil and gas properties and undeveloped land in Texas. The independent energy company based in The Woodlands said Tuesday that its Eagle Ford Shale holdings will go to Protégé Energy III, LLC. An undisclosed recipient bo ...

Lucas Energy acquires Oklahoma, Texas properties

By Katherine Blunt Lucas Energy, a Houston oil and gas company, has finalized its acquisition of properties in Oklahoma and Texas, marking an expansion of operations concentrated in the Eagle Ford and Austin Chalk formations. Lucas Energy  purchased 114 producing wells that yield approximately 1,000 ...

Kinder Morgan to sell stake in southeastern pipeline system

By Lydia DePillis Kinder Morgan, the nation’s largest operator of natural gas pipelines, announced today that it is selling half of its southeastern pipeline system in an effort to pay down debt accumulated over the course of the prolonged energy downturn. The electrical and gas utility Southern Com ...

SEC charges Breitling Energy, CEO Faulkner, general counsel in fraud case

By Mark Curriden of The Texas Lawbook The U.S. Securities and Exchange Commission charged Dallas-based Breitling Energy Corp. and its CEO, “Frack Master” Chris Faulkner, of fraudulently spending tens of millions of dollars of investors’ money on lavish meals, expensive cars, strippers and esco ...

Oil market, prices stabilizing, says IEA

By David Hunn The oil market may finally be stabilizing, but don’t expect a boom in oil prices, according to a report released early Tuesday by the International Energy Agency. In its first forecast for 2017, the Paris-based agency said  global oil demand has been steadily rising and will cont ...

Tough year, but energy companies top Houston Fortune 500 firms

By Emma Hinchliffe Twenty-four Houston area firms, led by energy companies, made this year’s Fortune 500 list, released Monday. But the rankings, based on 2015 revenues, also showed that energy firms took a beating last year. The 62 energy companies on the list had a net loss of $44 billion on ...

Apache sues former executive over trade secrets

By Natalie Posgate of The Texas Lawbook Apache Corp. has filed suit against the former head of its Egyptian operations, alleging that the executive  misappropriated sensitive trade secrets earlier this year when he left the Houston oil and gas company to help create a start-up firm that would compet ...

Chesapeake and Total Settle Barnett Shale Royalty Disputes for $52.5 million

By Mark Curriden The Texas Lawbook Oklahoma-based Chesapeake Energy and Total E&P USA agreed Monday that they will pay $52.5 million to 13,000 people who claimed their royalties have been underpaid for leases in the Barnett Shale. As part of the agreement, Chesapeake will provide $29.4 million u ...

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