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Tag Archives: Oil

Iran: No output freeze until it restores pre-sanctions level

Iran: no output freeze until it restores pre-sanctions level

PARIS (AP) — Iran won’t consider a production freeze until it reaches its pre-sanctions level of output of 4.2 million barrels a day, a senior energy official said Thursday. Mehdi Hosseini, who heads the oil contracts revision committee at Iran’s Petroleum Ministry, said a freeze at anything less than that would be a continuation of the sanctions imposed on his ...

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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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US stocks jump following another surge in oil prices

US stocks jump following another surge in oil prices

NEW YORK (AP) — U.S. stocks are climbing Friday morning as the price of oil jumps for the second time in three days. Energy companies are getting a boost and mining and metals companies are also posting gains. Retailers are struggling after some weak sales reports. KEEPING SCORE: The Dow Jones industrial average rose 141 points, or 0.8 percent, to ...

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23.5M acres off Texas up for oil, gas leases in August

23.5M acres off Texas up for oil, gas leases in August

NEW ORLEANS (AP) — The federal government will offer 23.5 million acres off of Texas for oil and gas leases in August. The Bureau of Ocean Energy Management says that’s all the available waterbottom in the western Gulf of Mexico. Spokesman John Filostrat (FIL-oh-strat) says the agency has not chosen a date or location. Last August marked the smallest sale ...

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US rig count drops 14 this week to 450, another all-time low

rig count

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. dropped 14 this week to 450, another all-time low amid continuing energy industry price woes. A year ago, 1,028 rigs were active. Houston oilfield services company Baker Hughes Inc. said Friday 362 rigs sought oil and 88 explored for natural gas. Among major oil- ...

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Stocks edge higher, led by media companies and retailers

Stocks edge higher, led by media companies and retailers

NEW YORK (AP) — Stocks closed mostly higher in quiet trading, led by gains in consumer companies. Media stocks rose Monday, as did hotel companies, but energy companies lost ground along with the price of oil. Starwood and Marriott climbed as Chinese insurance company Anbang Insurance Group made another effort to buy Starwood. Avon Products jumped 8 percent after reaching ...

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Groups want freeze on oil waste dumping into water reserves

Groups want freeze on oil waste dumping into water reserves

SAN FRANCISCO (AP) — Environmental groups sought a freeze Wednesday on permits to dump oil field waste into the country’s underground water reserves, alleging that lax federal oversight was threatening potential drinking water supplies. Groups including the Natural Resources Defense Council and Clean Water Action formally petitioned the U.S. Environmental Protection Agency for the moratorium. The agency would review the ...

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Gulf oil, gas leases up for sale; environmentalists protest

NEW ORLEANS (AP) — The federal government is selling off oil and gas leases in the Gulf of Mexico during a sale Wednesday, but environmentalists opposed to fossil fuels development on public lands plan to protest. The Bureau of Ocean Energy Management is offering about 45 million acres for exploration and development. Companies submit bids in advance to the agency, ...

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Half of continental U.S. oil production comes from new wells

Half of continental U.S. oil production comes from new wells

About half of the oil produced in the continental United States last year came from wells drilled after January 2014, according to the U.S. Energy Information Administration. The data provides insight into the importance of short-cycle shale production and advances in oil industry technologies. Many companies are targeting short-cycle investments, lower-cost projects that take months, rather than years, to come ...

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