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Layoffs: Are they really the answer to your financial woes?

job cuts, layoffs, scissors

The energy industry has found itself in a time of financial hardship as oil prices have drastically dropped since the end of 2014. In order to avoid filing bankruptcy, leadership has taken a reactive step to the situation. This style of management speaks to leadership’s strategy, or lack thereof. The oil and gas industry is an industry with a cyclical ...

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Weak oil prices prompt Fitch to cut Saudi Arabia’s rating

LONDON (AP) — Saudi Arabia suffered another credit ratings downgrade on Tuesday after Fitch lowered its view on the oil-rich kingdom in light of the fall in energy prices. In a note, Fitch said it was reducing its rating on Saudi Arabia by one notch to AA- from AA and warned that another downgrade was more likely than an upward ...

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Chesapeake Energy maintains $4 billion credit facility

NEW YORK (AP) — Shares of Chesapeake Energy soared Monday, after the natural gas producer said it was able to amend terms with its lenders and maintain a revolving credit facility at $4 billion. A revolving credit facility allows companies to withdraw money from lenders when needed. In a research note Monday, Citi Research analyst Marisa Moss said the amended ...

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Sanders criticizes Clinton record on fracking

The Latest: Sanders criticizes Clinton record on fracking

WASHINGTON (AP) — The Latest on campaign 2016 (all times Eastern Daylight Time): 11:05 a.m. A swing through upstate New York is providing Bernie Sanders with a fresh opportunity to contrast himself with Hillary Clinton on fracking — an oil and gas drilling method that’s been banned in the state. In a lengthy riff at a rally in Binghamton, New ...

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Mexico thieves build tunnel, camouflaged truck to steal oil

Mexico thieves build tunnel, camouflaged trucks to steal oil

MEXICO CITY (AP) — Authorities in central Mexico say thieves built a camouflaged truck to transport fuel stolen from government pipelines. Police found a tunnel built by pipeline thieves in the same state of Guanajuato last week. The discoveries show the sophistication of thieves who drill taps into state-owned pipelines thousands of times every year to steal gasoline and diesel. ...

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Top 5 Marcellus news stories – March 25 – April 8

The Marcellus has been a busy place in recent weeks. Pipeline companies are getting fined, Range Resources is throwing up for sale signs, and small drillers in Pennsylvania are standing up to fight the man. Meanwhile, in the Middle East, it’s becoming more likely that OPEC member nations might actually freeze oil production. See what you missed with our recap of what ...

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US rig count drops to 443 this week, Texas loses 7

US rig count drops to 443 this week, Texas loses 7

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. dropped by seven this week to 443, another all-time low amid depressed energy industry prices. A year ago, 988 rigs were active. Houston oilfield services company Baker Hughes Inc. said Friday 354 rigs sought oil and 89 explored for natural gas. Among major oil- ...

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Protesters charged in Sunoco pipeline construction case

HUNTINGDON, Pa. (AP) — Three people are facing charges after allegedly getting in the way of tree-felling crews building Sunoco Logistics’ Mariner East 2 natural gas pipeline across southern Pennsylvania. A preliminary hearing scheduled for Wednesday in Huntingdon County court was rescheduled for May 11. Ellen Gerhart and two others were arrested after crews began felling trees on Gerhart’s property ...

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Wounds reopened as ex-coal chief gets 1 year in prison

CHARLESTON, W.Va. (AP) — Former coal company executive Don Blankenship’s expression of sorrow before a federal judge stung for the families who lost loved ones in the Upper Big Branch Mine explosion, the deadliest U.S. mining disaster in four decades. Some of them on hand yelled at him on Wednesday as he exited the courthouse into a swarm of TV ...

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