Justice says two companies crucial to U.S. energy exploration have abandoned their planned merger WASHINGTON (AP) — Two companies crucial to the business of U.S. energy exploration have abandoned their planned $34 billion merger, according to the Justice Department. The department filed suit April 6 to block the merger of Halliburton and Baker Hughes. It … Continue reading Justice says two companies crucial to U.S. energy exploration have abandoned their planned merger →

Things are so bleak in the oil industry that an offshore-drilling company got a 90% discount on a $700 million rig In this July 22, 2010, picture, a swell partially obscures Development Drillers II (left) and III, which are drilling relief wells, at BP’s Deepwater Horizon oil spill site in the Gulf of Mexico off … Continue reading Things are so bleak in the oil industry that an offshore-drilling company got a 90% discount on a $700 million rig →

There’s no easy road for energy The energy sector is stuck in a potentially prolonged purgatory of low oil prices and itchy fingers looking to pump crude as soon as it’s even a little profitable, energy experts and executives said Monday. The grim picture painted at the first day of the massive, but shrinking, Offshore … Continue reading There’s no easy road for energy →

Painful transition for energy states as oil revenues evaporate From Alaska to Louisiana, the great American oil boom is coming to an end. For states that are top energy producers, the crash in oil prices has brought a major economic hangover, a loss of tax revenues and big budget shortfalls. That’s a swift reversal from … Continue reading Painful transition for energy states as oil revenues evaporate →

Report: Oil price slump costs Texas 65,000 energy jobs — and 250,000 overall AUSTIN — Declining oil prices have slowed the sprinting Texas economy to a very deliberate walk, according to a report issued Tuesday. This year, the state will increase total jobs by 1 percent, says the analysis by the business-backed Texas Taxpayers and … Continue reading Report: Oil price slump costs #Texas 65,000 energy jobs — and 250,000 overall →

$20 Oil No Longer Seen As Good For The Economy After flirting with breaking below $30 per barrel, oil decidedly broke that threshold at the end of last week, deepening the unrelenting losses the market shave witnessed so far in 2016. The reasons for the 20 percent decline in oil prices since the start of … Continue reading $20 Oil No Longer Seen As Good For The Economy →

Meet the Energy Funds That Made Money While Oil Fell The plunge in oil prices has dragged down much of the energy sector with it. Yet, some energy-focused hedge funds managed to avoid the carnage entirely. Lansdowne Partners — one of Europe’s largest hedge funds with $22 billion — gained 14.8 percent last year in … Continue reading Meet the Energy Funds That Made Money While Oil Fell →

Is This The Bottom? Balance In Oil Markets Closer Than Many Think Is the End in Sight? Following a week in which both Brent ($28.94) and WTI ($29.70) crude prices tumbled below $30 per barrel, it might seem premature to suggest that important preconditions for crude prices to stabilize in the first half of 2016 … Continue reading Is This The Bottom? Balance In Oil Markets Closer Than Many Think →

The Condensate Con: How Real Is The Oil Glut? My favorite Texas oilman Jeffrey Brown is at it again. In a recent email he’s pointing out to everyone who will listen that the supposed oversupply of crude oil isn’t quite what it seems. Yes, there is a large overhang of excess oil in the market. … Continue reading The Condensate Con: How Real Is The Oil Glut? →