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Oil and Gas Exploration

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  • LOS ANGELES— More than a dozen areas in the United States have been shaken in recent years by small earthquakes triggered by oil and gas drilling, a government report released Thursday found. The man-made quakes jolted once stable regions in eight states, including parts of Alabama, Arkansas, Colorado, Kansas, New Mexico, Ohio, Oklahoma and Texas, according to...

  • April 23- Oil drilling contractors Patterson-UTI Energy Inc and Helmerich& Payne Inc reported higher-than-expected quarterly profits as demand for their hi-tech rigs remained resilient despite the slump in crude prices. The strong demand has helped Patterson-UTI and Helmerich& Payne offset a drop in drilling activities due to a near 45 percent fall in...

  • OKLAHOMA CITY— Legislation that prohibits cities and towns from regulating oil and natural gas drilling operations was approved by the House on Wednesday, one day after the Oklahoma Geological Survey said it is "very likely" that a swarm of recent earthquakes were triggered by the subsurface injection of wastewater from drilling operations.

  • April 21- Contract driller Nabors Industries Ltd said it reduced its global workforce by more than 18 percent since the end of 2014 as the slump in oil prices hurt drilling activity. Nabors said on Tuesday it cut its workforce by 41 percent in its U.S. drilling operations and 26 percent in Canada. The company's revenue fell 10.5 percent to $1.42 billion in the first...

  • OKLAHOMA CITY— The Oklahoma Geological Survey said Tuesday it is "very likely" that most of the state's recent earthquakes were triggered by the subsurface injection of wastewater from oil and natural gas drilling operations. A statement released by state geologist Richard D. Andrews and Dr. Austen Holland, state seismologist, said the rate of earthquakes and...

  • Employers cut jobs in 31 US states as growth slows Tuesday, 21 Apr 2015 | 10:24 AM ET

    The Labor Department said Tuesday that unemployment rates rose or were unchanged in 27 states and fell in 23 states. The biggest job cuts occurred in states with large oil and gas drilling, led by Texas, which lost 25,400 jobs, and followed by Oklahoma, which cut 12,900. Pennsylvania lost 12,700, the third largest loss. Pennsylvania has benefited in recent years...

  • Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said. Brent, the more widely-referenced benchmark, was up 10 cents at $63.55 a barrel by 11:53 a.m. EDT, after falling more than $1 earlier. "The market was bouncing around looking for...

  • LONDON, April 17- Argentina announced on Friday it had started legal proceedings in one of its own courts against five British and American companies drilling for oil and gas in the Falkland Islands, a move Britain denounced as bullying. Britain defeated Argentina in a 1982 war over the South Atlantic islands and administers them as an overseas territory, whose...

  • Protesters meet Arctic drill rig in Washington harbor Friday, 17 Apr 2015 | 10:36 AM ET

    PORT ANGELES, Wash.— Protesters in kayaks greeted a rig that could be used for oil drilling in the Arctic as it arrived Friday in Washington state following a journey across the Pacific that included being boarded by Greenpeace activists. Eric Ross of Shell No Action Coalition says kayakers are training for a "festival of resistance" in Seattle on May 16-18.

  • LONDON, April 17- Argentina has started legal proceedings against five companies, including three British ones, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty. Argentina's minister for the Falklands, known as Las Malvinas in Argentina, announced the start of the lawsuit in...

  • LONDON, April 17- Argentina has started legal proceedings against five companies, including three British firms, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty. Argentina's minister for the Falklands, known as Las Malvinas in Argentina, announced the start of the lawsuit in...

  • EZEIZA, Argentina, April 16- The cost of drilling wells in Argentina's vast but barely tapped Vaca Muerta shale oil and gas formation will fall at least 10 percent by the end of 2016, Miguel Galuccio, chief executive officer of state energy company YPF said on Thursday. The company, nationalized in 2012 as part of a production push aimed at erasing Argentina's...

  • TOKYO, April 16- Japanese stocks edged up on Thursday, as buying in oil and mining shares reversed early losses, offsetting profit-taking in recent gainers such as food stocks, while Sharp Corp surged on restructuring hopes. Rising oil prices lifted oil and mining stocks, with Inpex Corp soaring 5.4 percent and Japan Petroleum Exploration gaining 3.8 percent.

  • TOKYO, April 16- Japanese stocks slipped to more than a one-week low on Thursday morning as investors cut back on some recent outperformers including food companies and drugmakers, while Sharp Corp surged on restructuring hopes. Rising oil prices lifted oil and mining stocks, with Inpex Corp soaring 3.6 percent, Japan Petroleum Exploration gaining 2.1...

  • COLUMN-U.S. shale boom nears turning point: Kemp Tuesday, 14 Apr 2015 | 5:58 AM ET

    LONDON, April 14- Oil production from major U.S. shale plays will decline by almost 60,000 barrels per day between April and May according to new estimates from the Energy Information Administration. Only the Permian Basin is expected to post a small month-on-month increase in output. With the number of rigs drilling for oil in the United States down by almost 53...

  • LONDON, April 13- Brent rose towards $59 a barrel on Monday in a volatile market, continuing gains after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in U.S. drilling. Front-month Brent crude futures were up 82 cents at $58.69 a barrel by 0934 GMT, having earlier touched $59.54. "We found a bit of a momentum this morning,"...

  • WASHINGTON, April 10- The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials. The Interior Department could make the announcement as...

  • Are floodgates about to open for Australia M&A? Thursday, 9 Apr 2015 | 12:38 AM ET

    Shell's takeover bid for BG may be a harbinger of more deals for Australia's resources sector, which has taken a body blow from low commodity prices.

  • These firms consistently crush earnings forecasts Wednesday, 8 Apr 2015 | 10:33 AM ET
    Aluminum rods in a Alcoa plant.

    These 12 companies have torn past adjusted earnings forecasts by 10% or more for 4 straight quarters. USA TODAY reports.

  • Shell gambles on rocky Brazil, Petrobras with BG bid Wednesday, 8 Apr 2015 | 9:49 AM ET
    A Petrobas platform at the Brasfels shipyard in Angra dos Reis, about 115 miles west of Rio de Janeiro.

    Shell’s $69 billion bid for BG Group could increase its exposure to Brazil at a time when the country appears to be destabilizing and stagnating.