Acquisition contributes to Transocean loss
A net loss for the first quarter was attributed in part to the acquisition of rival Songa Offshore, which Transocean said supported its rig fleet. The rig company, which has Continue Reading
Shell Wants Deepwater Breakevens Below $40
Even though Brent Crude prices hit $75 a barrel on Monday, Shell continues to stick to disciplined spending and wants deepwater projects to break even at $40 a barrel or Continue Reading
U.S. crude output jumps to record 10.26 million barrels per day in February: EIA
U.S. crude oil production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Continue Reading
Offshore operators trying to make projects feasible at $50/bbl oil
Operators of offshore oil and gas projects have slashed costs during the oil-price slump, but they also are working to avoid the boom-bust cycles of the past, panelists told an Continue Reading
Boom time comes early to West Texas oil patch
In West Texas, rising oil prices are fueling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the Continue Reading
Russia Sends Oil to China at Europe’s Expense as Trades Upended
Shipments via Russia’s key western ports slump 19% this year Chinese imported pipeline deliveries are soaring from Russia Europe’s oil refineries are increasingly missing out on Russian crude as the Continue Reading
California Oil Dreams Fade as Beverly Hills Derrick Comes Down
Draped in flower-covered panels, the iconic derrick that towers over Beverly Hills High School has pumped crude for decades. Now, it waits to be dismantled, its demise mirroring the fate Continue Reading
Oil Markets React Stoically To Rising Rig Count
US drillers added 8-rigs to the total number of oil and gas rigs this week, according to Baker Hughes, adding 5 oil rigs and 3 gas rigs. Meanwhile, neighboring Canada Continue Reading
Big Oil Firms Hold Back on Drilling
The world’s biggest oil companies are awash in cash, thanks to rising crude prices. But few, if any, are going on spending sprees, even as the prospect of a global Continue Reading
Oil Boom Is Starting To Run Into Limits To Growth
Chevron, the world’s third-largest publicly traded oil producer, is spending $3.3 billion this year in the Permian and an additional $1 billion in other shale basins. Some growing physical limitations Continue Reading