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Oil and Gas Exploration

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  • *OPEC increases January output to 30.37 bpd- survey. The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94- or 7 percent- this week. Brent settled up $3.86 at $52.99 a barrel, after running to as high as $53.08.

  • U.S. oil surged $3.18 to $47.71 a barrel. Baker Hughes reported that the number of rigs drilling for oil in the U.S fell by 94 in the past week to 1,223. That's down 199 from this time last year. OPEC has declined to cut back on its production, putting pressure on U.S. companies to curtail drilling as oil prices fall to a level that makes some production unprofitable.

  • NEW YORK, Jan 30- U.S. stocks pared earlier losses to trade little changed Friday afternoon amid a rebound in the energy sector as oil prices surged on expectations for a supply decline due to a falling rig count. The rebound came as crude futures rose 8 percent following a survey that showed that the number of rigs drilling for oil in the United States fell by 94 this...

  • Mayors of several New Jersey shore towns are joining with members of Congress from the state to oppose allowing oil drilling in the Atlantic Ocean. While some officials in the region closest to the drilling support the concept, officials from New Jersey are vigorously opposing it, arguing that the U.S. should be pushing for more renewable energy and that it's...

  • NEW YORK, Jan 30- U.S. stocks pared earlier losses to trade little changed Friday afternoon amid a rebound in the energy sector as oil prices surged on expectations for a supply decline due to a falling rig count. The rebound came as crude futures rose 8 percent following a survey that showed that the number of rigs drilling for oil in the United States fell by 94 this...

  • In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53, its highest in more than three weeks, after Baker Hughes data showed the number of rigs drilling for oil in the United States fell by 94- or 7 percent- this week. Some "short covering was expected and the rig count number sparked the...

  • Sasol choking on oil glut—holds $14B expansion Thursday, 29 Jan 2015 | 11:48 AM ET
    Gas prices at a Costco station in Westminster, Colorado, December 23, 2014.

    South African energy company Sasol delayed its $14 billion expansion in Louisiana amid falling oil prices, the New York Times reports.

  • Occidental reports 4Q loss Thursday, 29 Jan 2015 | 8:43 AM ET

    HOUSTON _ Occidental Petroleum Corp. on Thursday reported a fourth-quarter loss of $3.41 billion, after reporting a profit in the same period a year earlier. The Houston- based company said it had a loss of $4.41 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

  • Shell aims to restart Arctic drilling this year -CEO Thursday, 29 Jan 2015 | 5:25 AM ET

    LONDON, Jan 29- Royal Dutch Shell is planning to restart oil drilling in the Arctic this year, Chief Executive Ben van Beurden said on Thursday. Van Beurden said he aimed to restart the campaign this year, pending approval of the necessary permits and the conclusion of various legal challenges. "Yes, we are minded to drill in the Chukchi Sea," he told reporters at a...

  • BISMARCK, N.D.— A pipeline that ruptured recently in North Dakota and spilled nearly 3 million gallons of saltwater produced during oil drilling wasn't inspected by the state before being installed, according to state regulators. Alison Ritter, a spokeswoman for the North Dakota Industrial Commission, which oversees the state's oil and gas industry, said...

  • Jan 28- Cenovus Energy Inc Canada's No. 2 independent oil producer, cut its 2015 capital budget by C $700 million on Wednesday, blaming plunging crude oil prices. The savings will come from suspending the bulk of Cenovus's conventional drilling program in southern Alberta and Saskatchewan, and delaying some long-term expansions and new projects in the oil...

  • Obama to propose oil drilling off Atlantic Coast Tuesday, 27 Jan 2015 | 9:07 AM ET
    Environmentalists fear another BF Deepwater Horizon oil spill disaster as the Obama administration is set to propose opening up offshore drilling on the east coast from Virginia to Georgia.

    The Obama administration will announce Tuesday a proposal to start drilling in Atlantic Coast waters, The New York Times reports.

  • PARIS, Jan 27- Airbus Helicopters is betting on military deals with Poland, Qatar and Kuwait to boost orders this year as the plunge in the price of crude pressures civil demand from oil exploration companies, its chief executive said on Tuesday. Whilst total deliveries fell last year, they included a record 101 heavyweight helicopters- 53 NH90s and 48 Super Pumas-...

  • NEW YORK, Jan 27- Blackstone Group LP, the world's largest alternative asset manager, is raising its first energy-focused credit fund, according to people familiar with the matter, the latest sign that private equity firms are seeing investment opportunities among distressed energy assets. GSO Capital Partners LP, Blackstone's credit investment arm, has...

  • In North Dakota, the number of rigs drilling for oil has fallen by almost a quarter in less than four months, according to oil field services company Baker Hughes. Baker Hughes puts the number of active drilling rigs in the state at just 147 last week, down from 189 at the beginning of October, and the lowest number since December 2010. Baker Hughes counts rigs as...

  • WILKES-BARRE, Pa.— The state of Pennsylvania agreed to pay about $40,000 to an anti-gas drilling group that was erroneously characterized in security bulletins as a potential terror threat. The settlement terms between the Pennsylvania Emergency Management Agency and the Gas Drilling Awareness Coalition were released Friday. A private contractor, the...

  • Is it time to get back into oil? Thursday, 22 Jan 2015 | 5:47 PM ET
    Pumpjacks pump petroleum from the ground.

    Markets may be expecting oil prices will remain lower for longer, but some analysts are forecasting a quick recovery.

  • BISMARCK, N.D.— Earthen barriers have been set up across a creek and water was being tested Thursday around the site of a nearly 3 million-gallon leak of saltwater generated by oil drilling, the largest spill of its kind during North Dakota's current oil rush. Pipeline operator Summit Midstream Partners LLC and state inspectors will keep testing the soil and...

  • WILKES-BARRE, Pa.— A gas drilling watchdog group that was characterized in Pennsylvania security bulletins as a potential terror threat has settled its lawsuit against the state, the group's lawyer said Thursday. The settlement terms between Pennsylvania officials and the Gas Drilling Awareness Coalition were not immediately released.

  • Oil fields at risk: Where the slowdown has begun Thursday, 22 Jan 2015 | 11:58 AM ET
    Workers connect drill bits and drill collars on Endeavor Energy Resources’ Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas, Dec. 12, 2014.

    Drillers have slashed capital expenditure budgets and are being pickier about where they plumb for oil as crude prices fall.