HOU. CHRONICLE

Feds say tougher rules needed to protect Texas power plants

Staff at the Federal Energy Regulatory Commission and the North American Reliability Corp. made their recommendations to commissioners while presenting a preliminary report on the February disaster,

  • HOU. CHRONICLE
  • September 23 @ 3:06 pm

NRG Energy is placing its headquarters solely in Houston

The NRG brand is committing to Houston long-term.

  • HOU. CHRONICLE
  • May 7 @ 7:56 am

Texas power company seeks bankruptcy protection after storm

The largest and oldest power cooperative in Texas is filing for Chapter 11 bankruptcy protection, citing last month’s winter storm that left millions without power. Brazos Electric Power Cooperative, which serves 16 distribution member cooperatives that cater to more than 1.5 million Texans across 68 counties from the Texas Panhandle to Houston, said Monday that […]

  • HOU. CHRONICLE
  • March 1 @ 12:44 pm

Oil powers ahead as critical OPEC+ meeting looms

Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting.

  • HOU. CHRONICLE
  • March 1 @ 8:35 am

Vistra expects a hit of up to $1.3 billion to its earnings due to winter storm

Vistra, which posted a $625 million profit, said it spent more than $10 million to prepare its power plants for the bitter cold that swept into the state last week, but natural gas shortages curtailed the company’s electricity production.

  • HOU. CHRONICLE
  • February 26 @ 1:30 pm

Oil’s record start to 2021 hits a speed bump

Oil’s record start to 2021 was under pressure from a firming dollar and a selloff in bond markets.

  • HOU. CHRONICLE
  • February 26 @ 9:44 am

Oil jumps as supplies are seen tightening

Traders and investment banks see global supplies rapidly tightening in response to a vaccination-led recovery this summer.

  • HOU. CHRONICLE
  • February 22 @ 9:02 am

Oil rally resumes with prediction of $70 crude

Brent oil resumed gains, with Goldman Sachs Group predicting prices will advance into the $70s in the coming months.

  • HOU. CHRONICLE
  • February 22 @ 9:02 am

Utilities hope to keep power on as bitter cold, precipitation sweep Houston

State electricity and gas regulators are gearing up for potential power outages as bitter cold sweeps the Houston area next week.

  • HOU. CHRONICLE
  • February 12 @ 6:58 pm

OTC names LeighAnn Runyan as new executive director

Leigh Ann Runyan, CMP, will take over the position in mid-April. She replace Stephen Graham, who is retiring.

  • HOU. CHRONICLE
  • February 12 @ 9:09 am

Debt-laden oil majors retreat amid rally

With Covid-19 lockdowns still depressing fuel sales and refining margins, the industry’s focus is on playing defense.

  • HOU. CHRONICLE
  • February 5 @ 7:00 am

BP: Not all its car charging stations turning profit yet

The U.K. oil giant expects that to change as more electric vehicles come onto market.

  • HOU. CHRONICLE
  • February 3 @ 4:57 pm

Buoyed by Keystone XL, pipeline opponents want Biden to act

After President Joe Biden revoked Keystone XL’s presidential permit and shut down construction of the long-disputed pipeline that was to carry oil from Canada to Texas, opponents of other pipelines hoped the projects they’ve been fighting would be next.

  • HOU. CHRONICLE
  • January 31 @ 11:54 am

Total joint venture to develop 12 solar projects across U.S., including in Texas

A joint venture involving French oil major Total is planning to develop a dozen solar and energy storage projects in the U.S., including five in Texas.

  • HOU. CHRONICLE
  • January 14 @ 9:10 am

Pompeo condemns conviction, imprisonment of Citgo 6 in Venezuela

Secretary of State Mike Pompeo on Friday condemned the conviction and imprisonment of six Citgo executives by the regime of Venezuelan President Nicolas Maduro as the family of one of the executives appealed directly to Maduro on Friday for mercy.

  • HOU. CHRONICLE
  • November 27 @ 10:00 pm

Oil drops on stockpiles rise, Fed warns of Covid risk

Oil dropped after an unexpected increase in U.S. stockpiles and a Federal Reserve warning that a vaccine may not be enough to get the economy back on track.

  • HOU. CHRONICLE
  • November 12 @ 4:30 pm

Oil near $41 with IEA warning on outlook

Oil steadied as the International Energy Agency warned the coronavirus vaccine breakthrough won’t quickly revive markets.

  • HOU. CHRONICLE
  • November 12 @ 7:53 am

OPEC+ focuses on delay to output hike of three to six months

Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates.

  • HOU. CHRONICLE
  • November 12 @ 7:48 am

Covid restaurant shutdowns threaten oil refiners’ biofuel dreams

As oil refiners face an uncertain future for fossil fuels, many are investing millions to convert refineries into renewable diesel plants that cut carbon emissions by processing discarded fats rather than crude oil. They’re now racing to secure the used cooking oil needed to feed the plants, putting some projects in jeopardy of being abandoned.

  • HOU. CHRONICLE
  • November 12 @ 7:36 am

IEA cuts oil-demand outlook as vaccines won’t rescue market

The International Energy Agency cut forecasts for global oil demand amid new lockdown measures and cautioned that the vaccine breakthrough won’t quickly revive markets.

  • HOU. CHRONICLE
  • November 12 @ 7:21 am

Oil falls back after reaching 10-week high

Oil rose above $45 a barrel in London for the first time in 10 weeks as financial markets continued to advance on a vaccine breakthrough and U.S. crude stockpiles appeared to retreat.

  • HOU. CHRONICLE
  • November 11 @ 6:00 pm

Oil tops $45 a barrel in London for first time in 10 weeks

Oil rose above $45 a barrel in London for the first time in 10 weeks as financial markets continued to advance on a vaccine breakthrough and U.S. crude stockpiles appeared to retreat.

  • HOU. CHRONICLE
  • November 11 @ 8:13 am

Oil tops $45 a barrel in London for first time in 10 eeeks

Oil rose above $45 a barrel in London for the first time in 10 weeks as financial markets continued to advance on a vaccine breakthrough and U.S. crude stockpiles appeared to retreat.

  • HOU. CHRONICLE
  • November 11 @ 8:13 am

Shell Wants Biden to Reverse Methane Emissions Rollback

Royal Dutch Shell Plc will push for the reversal of President Donald Trump’s rollback of methane emissions rules and the introduction of carbon pricing when Joe Biden moves into the White House next year.

  • HOU. CHRONICLE
  • November 11 @ 8:05 am

OPEC task got harder with Libya at 1.1 million barrels a Day

Libya boosted oil output to more than 1.1 million barrels a day, inching closer to the level it was producing at before the country’s civil war all but shut down its energy industry in January.

  • HOU. CHRONICLE
  • November 11 @ 7:57 am

Big Oil has a long way to go on setting emissions targets

Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase. And only 20 have taken initial steps to disclose how they plan to lower emissions produced by both their operations and electricity use.

  • HOU. CHRONICLE
  • November 11 @ 7:45 am

Occidental is first U.S. oil major to target net zero emissions

Occidental Petroleum Corp. became the first major U.S. oil producer to aim for net zero emissions from everything it extracts and sells, accelerating an industry trend that’s become commonplace in Europe.

  • HOU. CHRONICLE
  • November 11 @ 7:34 am

Occidental is first U.S. oil major to target net zero mmissions

Occidental Petroleum Corp. became the first major U.S. oil producer to aim for net zero emissions from everything it extracts and sells, accelerating an industry trend that’s become commonplace in Europe.

  • HOU. CHRONICLE
  • November 11 @ 7:34 am

Analysis: Biden’s federal fracking ban could actually be good for Texas

Fears that Joe Biden, if elected president, would upend the oil and gas sector and put thousands of people out of work in Texas aren’t grounded in reality, observers say.

  • HOU. CHRONICLE
  • October 28 @ 8:43 am

‘Frustrating as it can be’: CenterPoint’s frequent outages happen rain or shine, customers say

Reliability issues have become a liability for CenterPoint, angering homeowners and business customers alike.

  • HOU. CHRONICLE
  • October 22 @ 6:00 am

Power outages plague CenterPoint, anger customers

Reliability issues have become a liability for CenterPoint, angering homeowners and business customers alike.

  • HOU. CHRONICLE
  • October 22 @ 6:00 am

OPEC+ faces growing pressure to change course as ministers meet

OPEC and its allies gather Monday to assess the state of the market. No supply decisions are expected until Dec. 1 but, the cartel is under pressure to revise its plan to ease output cuts.

  • HOU. CHRONICLE
  • October 18 @ 1:50 pm

Baker Botts launches carbon technology arm of energy law firm with eye to international clients

Houston-based Baker Botts, one of the top energy law firms in the U.S., launched a dedicated carbon capture, utilization and storage practice group within its energy sector, the firm said. After launching a hydrogen practice group in June, Baker Botts launched the carbon arm, which the firm said has been a significant topic of interest […]

  • HOU. CHRONICLE
  • October 16 @ 6:00 am

Crude prices little changed after report shows inventories fell

The U.S. reported a drop of 3.8 million barrels of oil in its commercial crude oil inventories during the week ended Oct. 9.

  • HOU. CHRONICLE
  • October 15 @ 11:00 am

OPEC assessments to drive oil prices, analysts say

A boost for Libyan oil and the end to labor disputes in energy-rich Norway is pulling a premium from the price of oil, though analysts said storm damage in the U.S. Gulf and OPEC assessments could move the market later this week.   Hurricane Delta hit the U.S. Gulf Coast on Friday as a Category […]

  • HOU. CHRONICLE
  • October 12 @ 10:23 am

Chevron overtakes Exxon Mobil as America’s largest oil company

California-based Chevron had a market capitalization of $142 billion at the close of U.S. trading on Wednesday.

  • HOU. CHRONICLE
  • October 7 @ 4:04 pm

U.S. crude inventories build

The U.S. reported a 500,000 barrels increase in commercial crude oil inventories during the week ended Oct. 2.

  • HOU. CHRONICLE
  • October 7 @ 10:30 am

Houston company constructs Permian water recycling facility

Breakwater Energy’s 80-acre facility between Howard and Martin Counties can process up to 250,000 barrels per day of wastewater from hydraulic fracturing.

  • HOU. CHRONICLE
  • October 6 @ 10:30 am

Trump and Biden clash on climate in debate

President Donald Trump attacked former vice president Joe Biden’s plan to slash greenhouse gas emissions to combat climate change as likely to wreck the U.S. economy during a presidential debate Tuesday night.

  • HOU. CHRONICLE
  • September 29 @ 9:29 pm

Colorado senator seeks to clean up old oil and gas sites

Oil and gas companies drilling on public lands would be required to do a better job cleaning up under legislation introduced Tuesday by U.S. Sen. Michael Bennet, D-Colo. Under the bill, bonding requirements for drilling would increase and the federal government would create a multi-billion program cleaning up so-called orphaned well sites.

  • HOU. CHRONICLE
  • September 22 @ 9:47 am

Venezuela is tearing apart oil pipelines to sell as scrap metal

Nicolas Maduro regime is willing to cannibalize the country’s crumbling energy infrastructure to pay contractors with scrap metal.

  • HOU. CHRONICLE
  • September 11 @ 3:01 pm

Enterprise cancels Midland-to-Houston pipeline amid downturn

The Houston pipeline operator said it will cancel a pipeline project from Midland, Texas to the Houston area.

  • HOU. CHRONICLE
  • September 9 @ 11:20 am

Enterprise to cancel Midland pipeline project amid oil demand slump

The Houston pipeline operator said it will cancel a pipeline project from Midland, Texas to the Houston area.

  • HOU. CHRONICLE
  • September 9 @ 11:20 am

Bruin E&P emerges from Ch. 11 bankruptcy

Bruin E&P Partners has emerged from bankruptcy, which allowed the Houston oil and gas company to eliminate the majority of its debt off the books.

  • HOU. CHRONICLE
  • September 4 @ 9:57 am

Oil prices could get lift as Gulf storms shut-in production

Besides storms in the Gulf of Mexico, analysts are looking at trouble in Libya as an oil market factor this week. In the broader view, however, the price of oil looks to be stuck in a holding pattern.

  • HOU. CHRONICLE
  • August 24 @ 6:56 am

Mass offshore oil-servicer busts imperil $30 billion of debt

Offshore oil servicers are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices.

  • HOU. CHRONICLE
  • August 19 @ 12:00 am

Gasoline prices fall as summer nears end

Gasoline prices fell nearly 3 cents a gallon over the past week, which could be a harbinger of things to come, according to GasBuddy.

  • HOU. CHRONICLE
  • August 10 @ 6:37 am

Trump extends LNG exports through 2050

President Donald Trump has extended U.S. LNG exports until 2050, following a fiery speech in Midland in which he claimed Democratic candidate Joe Biden would mean the end of the Texas oil and gas industry.

  • HOU. CHRONICLE
  • July 30 @ 9:03 am

Kinder Morgan posts $637 million loss in second quarter

Houston pipeline operator Kinder Morgan lost $637 million in the second quarter after writing down $1 billion of assets to move natural gas within shale states such as North Dakota, Oklahoma and Texas.

  • HOU. CHRONICLE
  • July 22 @ 3:10 pm

Castañeda wins Democrat nomination in Railroad Commission race

Dallas energy attorney Chrysta Castañeda won a Tuesday night Democratic Party runoff to secure nomination to run against Republican Jim Wright in November’s general election for one of three seats on the Railroad Commission of Texas, the state agency that regulates the oil and natural gas industry.

  • HOU. CHRONICLE
  • July 14 @ 9:50 pm

Gasoline prices resume decline after weeks of increases

Gasoline prices in the Houston area have declined by nearly 3 cents in the past week, breaking a string of increases over several weeks.

  • HOU. CHRONICLE
  • July 6 @ 10:08 am

U.S. oil and gas rig count losses moderate

The number of operating oil and gas rigs fell slightly in the 17th straight week of losses.

  • HOU. CHRONICLE
  • July 2 @ 1:30 pm

Sources: Venezuela wooed Texas Republican to ease sanctions

MIAMI (AP) — Venezuela’s socialist government tried to recruit then-Congressman Pete Sessions to broker a meeting with the CEO of Exxon Mobil at the same time it was secretly paying a close former House colleague $50 million to keep U.S. sanctions at bay, The Associated Press has learned. An official at state-run oil giant PDVSA […]

  • HOU. CHRONICLE
  • June 23 @ 9:48 am

Dow sets carbon neutral goal for 2050

  • HOU. CHRONICLE
  • June 17 @ 4:15 pm

Southeast Texas ranch to preserve forest in carbon storage deal

A donation from a Houston company will be used to preserve a forest on a southeast Texas ranch, as well as plant trees in Houston, in a unique carbon sequestration project by a local nonprofit.

  • HOU. CHRONICLE
  • June 17 @ 5:30 am

Chesapeake plans bankruptcy with exits closing on shale pioneer

Chesapeake Energy Corp. is preparing a potential bankruptcy filing that could hand control of one of the leading lights of the U.S. shale revolution to senior lenders, according to people with knowledge of the matter.

  • HOU. CHRONICLE
  • June 9 @ 7:05 am

Weatherford CEO exits as struggling company faces ‘Chapter 22 bankruptcy’

Weatherford International CEO Mark McCollum left his post five days before the struggling oil field service company’s stockholder meeting and amid a new debt crisis could potentially result in the company filing a second bankruptcy in less than one year’s time.

  • HOU. CHRONICLE
  • June 8 @ 9:35 am

Weatherford CEO exits days before shareholder meeting

Weatherford International CEO Mark McCollum has left his post five days before the struggling oil field service company’s stockholder meeting.

  • HOU. CHRONICLE
  • June 8 @ 9:35 am

Weatherford CEO exits before stockholder meeting

Weatherford International CEO Mark McCollum has left his post five days before the struggling oil field service company’s stockholder meeting.

  • HOU. CHRONICLE
  • June 8 @ 9:35 am

Gas prices rise with oil rally

Gas prices rose in Houston while the national average climbed back above $2 a gallon.

  • HOU. CHRONICLE
  • June 8 @ 6:38 am

U.S. rig count plunges again

The total number of operating rigs fell by 17 to 301

  • HOU. CHRONICLE
  • May 29 @ 12:50 pm

The U.S. rig count plunges again, well below lowest point on record

The total number of operating rigs fell by 17 to 301

  • HOU. CHRONICLE
  • May 29 @ 12:50 pm

Petroleum stockpiles jump; oil falls

  • HOU. CHRONICLE
  • May 28 @ 10:29 am

Williams to add solar to natural gas facilities in nine states

Oklahoma pipeline operator Williams plans to add solar power to natural gas processing plants and other facilities in nine states.

  • HOU. CHRONICLE
  • May 28 @ 9:26 am

Shell reduces offshore staffing after coronavirus outbreak in Gulf of Mexico

European oil major Royal Dutch Shell is reducing levels aboard offshore rigs following an outbreak of the coronavirus at one of its platforms in the Gulf of Mexico.

  • HOU. CHRONICLE
  • May 27 @ 6:40 pm

Shell evacuates workers after coronavirus outbreak on Gulf rig

Shell says it now tests all offshore workers before they’re flown to rigs.

  • HOU. CHRONICLE
  • May 27 @ 4:05 pm

Shell evacuates nine workers for coronavirus testing and treatment in Gulf

Shell Oil, the U.S. subsidiary of the international energy company Royal Dutch Shell, has evacuated nine workers from a company platform in the Gulf of Mexico for testing and treatment of COVID-19.

  • HOU. CHRONICLE
  • May 27 @ 4:05 pm

5 offshore Shell workers test postive for coronavirus, airlifted for treatment

Seven of the nine workers have been airlifted to hospitals on shore; the other two will be transported later Thursday, the report said.

  • HOU. CHRONICLE
  • May 27 @ 4:05 pm

U.S. oil production will not return to pre-coronavirus levels until next year

U.S. oil production is expected to bottom out in June and not recover to pre-coronvarius pandemic levels until late 2021, a new report from the Norwegian energy research firm Rystad Energy shows.

  • HOU. CHRONICLE
  • May 26 @ 12:40 pm

Amount of stored oil expected to peak in 2nd quarter, EIA says

Storage tanks around the world added 6.6 million barrels of oil per day during the first quarter, but that grew to 11.5 million barrels per day in the second quarter.

  • HOU. CHRONICLE
  • May 19 @ 12:48 pm

Report: Crude oil storage expected to peak in second quarter

Crude oil being held in storage tanks is expected to peak in second quarter before coronavirus shutdown orders ease and demand increases again.

  • HOU. CHRONICLE
  • May 19 @ 12:48 pm

NextDecade pushes back financial decision on Rio Grande LNG

Houston liquefied natural gas company NextDecade has pushed back a final investment decision by at least a year for its Rio Grande LNG export terminal at the Port of Brownsville.

  • HOU. CHRONICLE
  • May 18 @ 10:03 am

Survey: 20% of energy workers would take unpaid leave than return to office now

More than 70 percent of energy workers surveyed said they would like to continue working from home.

  • HOU. CHRONICLE
  • May 14 @ 12:40 pm

20% of energy workers would take unpaid leave than return to office now

More than 70 percent of energy workers surveyed said they would like to continue working from home.

  • HOU. CHRONICLE
  • May 14 @ 12:40 pm

Getting oil to flow again won’t easy

Companies already are looking ahead to what may prove to be an even bigger challenge: turning wells back on.

  • HOU. CHRONICLE
  • May 8 @ 9:00 am

Oil companies warned about false Railroad Commission inspectors

Authorities and industry groups are warning oil companies warned about people falsely claiming to be inspectors with the Railroad Commission of Texas, the state agency that regulates the oil and natural gas industry.

  • HOU. CHRONICLE
  • May 8 @ 3:45 am

Oils rallies for fourth day as U.S. crude build seen slowing

Oil fell after a three-day rebound as a number of funds shifted away from near-term contracts, fearing a repeat of the meltdown last month that saw prices plunge below zero.

  • HOU. CHRONICLE
  • May 4 @ 3:31 pm

Oil falls after 3-day rebound as funds shun short-term crude

Oil fell after a three-day rebound as a number of funds shifted away from near-term contracts, fearing a repeat of the meltdown last month that saw prices plunge below zero.

  • HOU. CHRONICLE
  • May 4 @ 7:03 am

Enterprise, Enbrige still moving forward with offshore export terminal

Houston pipeline operator Enterprise Products Partners and Canadian pipeline operator Enbridge both told the Houston Chronicle that they still remain committed to developing a joint venture project known as the Sea Port Oil Terminal, or SPOT.

  • HOU. CHRONICLE
  • May 4 @ 3:45 am

Helmerich & Payne decomissions 37 drilling rigs, lays off 2,800 people

Tulsa drilling rig operator Helmerich & Payne decommissioned 37 rigs and laid off 2,800 people across the United States as a record oil bust caused by the coronavirus pandemic continues to take its toll on the industry, the company reported Friday.

  • HOU. CHRONICLE
  • May 1 @ 12:29 pm

Frac sand industry sheds more than 500 jobs in three weeks

The frac sand industry is feeling the brunt of a historic oil bust caused by the coronavirus pandemic.

  • HOU. CHRONICLE
  • May 1 @ 11:04 am

Tellurian uses stock as a tool to pay down debt

Houston liquefied natural gas company Tellurian has signed a pair of deals to trade debt for stock — buying the firm more time to land contracts to support the development of its proposed Driftwood LNG export terminal in Louisiana.

  • HOU. CHRONICLE
  • April 28 @ 12:24 pm

BP bolsters reserves as profits plunge

While earnings were hit hard in the first three months of the year, the worst of the virus-driven crisis is yet to come.

  • HOU. CHRONICLE
  • April 28 @ 10:01 am

Oil slides after crude ETFs move into later-dated contracts

Oil slumped below $13 a barrel again as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.

  • HOU. CHRONICLE
  • April 27 @ 4:13 pm

Oil slumps below $13 on glut while producers start cuts

Oil slumped below $13 a barrel again as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.

  • HOU. CHRONICLE
  • April 27 @ 7:51 am

Oil slides back below $15 on glut while producers start cuts

Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.

  • HOU. CHRONICLE
  • April 27 @ 6:56 am

Diamond Offshore files for bankruptcy amid historic crude crash

Diamond Offshore Drilling, the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. eConditions worsened “precipitously in recent months,” the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic. With cash running short, the Houston-based […]

  • HOU. CHRONICLE
  • April 26 @ 2:53 pm

U.S. oil and gas rig count below 500, continues plunge as oilfield activity nosedives

The number of operating U.S. oil and gas rigs continued its steep declines this week, plunging by 64.

  • HOU. CHRONICLE
  • April 24 @ 12:32 pm

Oil extends recovery from selloff but concern over glut lingers

Oil extended its recovery from Monday’s plunge below zero, but trading remains volatile with the market under intense pressure from a swelling global glut.

  • HOU. CHRONICLE
  • April 23 @ 7:21 am

Petroleum inventories jump again as demand plummets

Demand for gasoline fell more than 40 percent from a year ago.

  • HOU. CHRONICLE
  • April 22 @ 7:57 pm

TechnipFMC posts $3.3 billion loss on falling value of underwater equipment

Houston and Paris-based oilfield service company TechnipFMC posted a $3.3 billion loss, mostly on the falling value of its equipment for underwater projects as offshore activity declines.

  • HOU. CHRONICLE
  • April 22 @ 3:49 pm

Houston oil offered a better deal as prices collapsed Monday

The U.S. benchmark for crude oil closed trading Monday at an all-time record low of negative $37.63 per barrel but producers were able to find higher prices in some regional trading hubs.

  • HOU. CHRONICLE
  • April 21 @ 3:45 am

U.S. oil producers find higher prices at regional trading hubs

The U.S. benchmark for crude oil closed trading Monday at an all-time record low of negative $37.63 per barrel but producers were able to find higher prices in some regional trading hubs.

  • HOU. CHRONICLE
  • April 21 @ 3:45 am

Oil closes week at lowest price since 2002

Oil closed the week at the lowest since 2002 as an historic OPEC+ production cut failed to counter a wave of gloomy demand forecasts and concerns that traders are quickly running out of room to store crude.

  • HOU. CHRONICLE
  • April 17 @ 4:11 pm

U.S. oil and gas rig count continues steep declines

The number of operating U.S. oil and gas rigs continued to nosedive this week, plunging by 73 operating rigs, according to the Baker Hughes rig count.

  • HOU. CHRONICLE
  • April 17 @ 12:40 pm

Oil stays below $19 as gloomy demand outlook persists

Oil fell below $19 a barrel in New York as a wave of gloomy demand forecasts and a cratering physical market outweighed an unprecedented deal to cut output.

  • HOU. CHRONICLE
  • April 17 @ 7:10 am

U.S. shale production swings to negative in Rystad projections

U.S. shale production is projected to fall by 2 million barrels per day by end of year, according to a new report from the Norwegian research firm Rystad Energy.

  • HOU. CHRONICLE
  • April 16 @ 11:29 am

U.S. shale production projected to fall by 2 million barrels by end of year

U.S. shale production is projected to fall by 2 million barrels per day by end of year, according to a new report from the Norwegian research firm Rystad Energy.

  • HOU. CHRONICLE
  • April 16 @ 11:29 am

Oil storage tanks fill up as gasoline demand drops by nearly a third

Commercial crude oil tanks in the U.S. are nearing capacity after months of high production and collapsing demand.

  • HOU. CHRONICLE
  • April 15 @ 11:45 am

Crude oil storage tanks filling up as gasoline demand drops by nearly a third

Crude oil storage tanks in the United States are nearly 85 percent full as record low commodity prices and falling fuel demand due to the coronavirus pandemic continue to take their toll on the industry.

  • HOU. CHRONICLE
  • April 15 @ 11:45 am

Occidental to pay Warren Buffett with more shares, not dividend, on $10B investment

The shares will be used to pay the dividend Buffett’s Berkshire Hathaway is owed for investing $10 billion in Occidental last year.

  • HOU. CHRONICLE
  • April 15 @ 10:30 am

Baker Hughes to write down $15 billion, cut budget as market worsens

Houston oilfield service company Baker Hughes is writing down the value of its assets by $15 billion and cutting 20 percent of its capital expenditure budget as market conditions continue to worsen for the oil and natural gas industry.

  • HOU. CHRONICLE
  • April 13 @ 9:38 am

Global deal to cut oil output in sight after Mexico signs up

DUBAI, United Arab Emirates (AP) — The OPEC oil cartel and nations including Russia have agreed to boost oil prices by cutting as much as 10 million barrels a day in production. Even more countries, including the United States, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilize […]

  • HOU. CHRONICLE
  • April 10 @ 8:52 am

Oil exploration firm claims discovery of huge Alaska deposit

ANCHORAGE, Alaska (AP) — An oil exploration firm has discovered a deposit of potentially 1.8 billion barrels in Alaska’s North Slope region south of Prudhoe Bay, the company said. Pantheon Resources PLC said it located the deposit along the Dalton Highway and Trans-Alaska Pipeline System corridor, The Alaska Journal of Commerce reported Wednesday. The London-based […]

  • HOU. CHRONICLE
  • April 9 @ 4:48 pm

Occidental seeks federal lifeline for oil industry

In a sign of how important the appeal is to Chief Executive Officer Vicki Hollub, employees are being urged to send a pre-written wish list to Congress members.

  • HOU. CHRONICLE
  • April 9 @ 2:21 pm

Exxon Mobil to reduce methane emissions at 1,000 Permian Basin sites

Irving oil major Exxon Mobil is testing new equipment to reduce methane emissions at 1,000 sites in the Permian Basin of West Texas and southeastern New Mexico.

  • HOU. CHRONICLE
  • April 9 @ 10:39 am

Staggering loss of demand raises pressure on OPEC+ to cut output

What happens Thursday could bend the fortunes of energy players across the globe, from Big Oil and U.S. shale companies, to petro-states such as Nigeria and Kazakhstan.

  • HOU. CHRONICLE
  • April 8 @ 2:50 pm

Fuel demand rout sends ethanol output to lowest in a decade

The American ethanol industry is cutting production like never before as coronavirus lockdowns keep drivers off the roads, crushing demand for fuel. Output of corn-based biofuel plunged by a record 20% to an average daily rate of 672,000 barrels. That’s the lowest rate since the Energy Information Administration began publishing weekly data in mid-2010. Stockpiles […]

  • HOU. CHRONICLE
  • April 8 @ 2:39 pm

One nation wants to double oil drilling just as prices crash

Mexico’s national oil company is acting like the crash never happened.

  • HOU. CHRONICLE
  • April 8 @ 9:11 am

Marathon Oil plans ‘frac holidays’ to cut 2020 spending

The Houston-based company is reducing capital spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same.

  • HOU. CHRONICLE
  • April 8 @ 8:39 am

Crude dives 9% on worries cut won’t be big enough

Oil plunged Tuesday to the weakest level since the start of the month as investors weighed whether the world’s biggest producers will be able to strike a deal that cuts enough output to offset an unprecedented demand loss from the coronavirus outbreak.

  • HOU. CHRONICLE
  • April 7 @ 4:16 pm

Plains cuts third of budget as pipeline operators feel market pressure

Houston-based Plains All American Pipeline has cut one-third of the company’s capital expenditure budget as the oil and natural gas industry continues to feel the pressure of record low prices and falling demand due to the coronavirus pandemic.

  • HOU. CHRONICLE
  • April 7 @ 11:09 am

STEP Energy Services accelerates layoffs as market conditions crumble

Spring oilfield service company STEP Energy Services plans to accelerate planned layoffs in Texas and Oklahoma as market conditions continue to crumble for the oil industry.

  • HOU. CHRONICLE
  • April 7 @ 5:00 am

Railroad Commissioner asks state officials to extend oil & gas tax deadlines

Railroad Commissioner Christi Craddick, one of three officials elected to regulate the Texas oil & gas industry, is asking state officials to extend a monthly deadline for production taxes to help companies weather record low prices.

  • HOU. CHRONICLE
  • April 7 @ 3:45 am

Pessimism over cuts leads oil to largest loss in 2 weeks

Traders are also concerned output cuts being touted so far for Thursday’s OPEC+ meeting won’t be enough.

  • HOU. CHRONICLE
  • April 6 @ 4:00 pm

Lame-duck Railroad Commissioner Ryan Sitton is U.S. face in global oil battle

In the absence of federal action, Railroad Commissioner Ryan Sitton is the face of America’s response to a global price war.

  • HOU. CHRONICLE
  • April 6 @ 3:38 pm

Oil powers grapple with details of potential production deal

Ministers and diplomats will spend the next two days talking about who’s willing to cut production, and by how much.

  • HOU. CHRONICLE
  • April 6 @ 2:40 pm

Equinor-led joint ventures discovers new source of oil in Gulf of Mexico

A joint venture led by Norewegian oil giant Equinor has discovered a new source of oil in the Gulf of Mexico more than 100 miles south of Louisiana.

  • HOU. CHRONICLE
  • April 6 @ 9:53 am

Oil negotiators race for pact; U.S. role in the balance

The talks still face significant obstacles: Russia and Saudi Arabia want the U.S. to join in, but U.S. President Donald Trump has so far shown little willingness to do so.

  • HOU. CHRONICLE
  • April 5 @ 11:42 pm

PUC appoints ex-ERCOT director to monitor power market in Texas

The Public Utility Commission announced the former director of wholesale operations for the state grid manager will become the new independent market monitor director charged with detecting and preventing market manipulation strategies in the Texas electricity market.

  • HOU. CHRONICLE
  • April 3 @ 2:37 pm

Trump convenes fractious U.S. oil rivals in bid to reverse rout

Chief executives of the nation’s biggest refiners and producers are expected to discuss possible relief efforts from the administration.

  • HOU. CHRONICLE
  • April 3 @ 1:40 pm

U.S. oil and gas rig count posts largest single-week drop since 2015, Texas leads declines

The number of operating U.S. oil and gas rigs plummeted by 64 this week

  • HOU. CHRONICLE
  • April 3 @ 12:20 pm

Oil leaps on potential global output cuts, though doubts persist

The OPEC+ coalition including Saudi Arabia will hold a meeting of its members by video conference on Monday, with the gathering open to even producers outside the group.

  • HOU. CHRONICLE
  • April 3 @ 7:10 am

CenterPoint is cutting dividend, spending

CenterPoint Energy, the regulated utility that delivers electricity to most of the Houston area, is cutting its stock dividend nearly in half, trimming operations and maintenance expenses and cutting capital spending to adjust to a drop in cash flow.

  • HOU. CHRONICLE
  • April 2 @ 11:37 am

OTC cancels Houston conference as coronavirus pandemic worsens

Organizers of the Offshore Technology Conference, the largest oil and gas industry conference in the world, have canceled this year’s Houston event as the coronavirus pandemic continues to worsen in the United States and elsewhere around the globe.

  • HOU. CHRONICLE
  • April 2 @ 11:23 am

New interim CFO at CenterPoint

CenterPoint Energy, the regulated utility that delivers electricity to most of the Houston area, named an interim CFO.

  • HOU. CHRONICLE
  • April 2 @ 10:16 am

Oil soars despite Trump’s disputed claims of oil production cuts

President Donald Trump said Saudi Arabia and Russia would make major output cuts, though uncertainty swirled over whether reductions would be made at all.

  • HOU. CHRONICLE
  • April 2 @ 10:00 am

China buys millions of barrels of discounted oil for reserves

The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles

  • HOU. CHRONICLE
  • April 2 @ 7:53 am

Opinion: How did Oxy’s bosses get paid a bonus?

There are a couple of ways of summarizing what’s happened with Occidental Petroleum Corp. since CEO Vicki Hollub went all-in on buying Anadarko Petroleum Corp. last year. One would be that the deal trashed Oxy’s relationship with shareholders and saddled it with too much debt, leading to chronic underperformance and, when disaster struck, a massive […]

  • HOU. CHRONICLE
  • April 2 @ 7:25 am

President’s planned meeting with oil leaders didn’t help price

Speculation that the Trump administration was taking steps to take American oil off circulation and into storage helped U.S. futures outperform global benchmark Brent crude.

  • HOU. CHRONICLE
  • April 1 @ 5:10 pm

Flint Hills Resources pulls plug on some crude oil purchases

Kansas pipeline and refinery operator Flint Hills Resources is invoking contract clauses to get out of some crude oil purchase commitments as the coronavirus pandemic continues to cause demand for gasoline and other products to sag.

  • HOU. CHRONICLE
  • March 31 @ 2:01 pm

Schlumberger executives take pay cuts as North American workforce is slashed

Executives at Schlumberger, the largest oilfield service company in the world, are taking pay cuts while the company implements layoffs and furloughs for workers in the United States and elsewhere in the North America market.

  • HOU. CHRONICLE
  • March 31 @ 10:42 am

Several BP offshore workers test positive for coronavirus

British oil major BP is adjusting the company’s offshore procedures after several workers who had previously been aboard a production platform in the Gulf of Mexico tested positive for the coronavirus.

  • HOU. CHRONICLE
  • March 31 @ 9:41 am

TC Energy to build Keystone XL Pipeline

Canadian pipeline operator TC Energy is moving forward with plans to build the controversial Keystone XL Pipeline, a project to move heavy crude oil from the tar sands region of Canada to Nebraska where it will then move on to refineries in Illinois and along the Gulf Coast.

  • HOU. CHRONICLE
  • March 31 @ 8:32 am

Oil posts worst quarter ever while physical market craters

Oil posted the worst quarter on record after the coronavirus crushed demand and raised fears about overflowing storage tanks amid a price war that has flooded the market with extra supply.

  • HOU. CHRONICLE
  • March 31 @ 6:49 am

Cheniere tests slump in sign it may curb production

Traders are closely watching any indication that U.S. exporters will curb production as the coronavirus restrains demand and exacerbates an oversupply.

  • HOU. CHRONICLE
  • March 31 @ 6:42 am

Noble Energy to furlough employees, cut workers’ hours

Houston-based oil company Noble Energy said it will furlough and reduce work hours for about 30 percent of its U.S. workforce.

  • HOU. CHRONICLE
  • March 31 @ 12:00 am

Oil crash to 18-year low as broken market drowns in crude

Oil tumbled to an 18-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus.

  • HOU. CHRONICLE
  • March 30 @ 4:46 pm

Parsley, Pioneer ask state regulators for emergency meeting on production cuts

With crude prices trading in the $20 per barrel range, two of the most active oil companies in Texas are asking state regulators for to hold an emergency meeting and order production cuts.

  • HOU. CHRONICLE
  • March 30 @ 3:51 pm

Trump talks oil prices with Putin as rout continues

President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia.

  • HOU. CHRONICLE
  • March 30 @ 1:33 pm

BP tells workers that their jobs are safe for 3 months

BP Plc has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.

  • HOU. CHRONICLE
  • March 30 @ 1:23 pm

Saudi Aramco weighs pipeline stake sale to raise cash

Saudi Aramco, the world’s largest oil producer, is weighing the sale of a stake in its pipeline unit to raise money amid a slump in crude prices, according to people familiar with the matter.

  • HOU. CHRONICLE
  • March 30 @ 1:15 pm

Shell drops out of Energy Transfer’s Lake Charles LNG project

Dallas pipeline operator Energy Transfer will proceed with the proposed Lake Charles LNG export terminal alone after European oil major Shell has decided to exit the multibillion project.

  • HOU. CHRONICLE
  • March 30 @ 9:52 am

Fuel Fix is moving to HoustonChronicle.com

Fuel Fix is moving. Starting Wednesday, the site will be hosted on the Houston Chronicle’s subscription website, houstonchronicle.com.

  • HOU. CHRONICLE
  • March 30 @ 6:03 am

3 lawsuits filed against Rio Grande Valley LNG projects

Opponents of three proposed liquefied natural gas projects in the Rio Grande Valley hit the projects with three simultaneous federal lawsuits.

  • HOU. CHRONICLE
  • March 30 @ 3:45 am

Pipeline operators ask oil companies to stop production as storage fills up

Pipeline operators with full storage tanks are asking some Texas oil companies to stop production as the ongoing price war between Russia and Saudi Arabia has exacerbated a global supply while the coronavirus pandemic has dramatically cut global demand.

  • HOU. CHRONICLE
  • March 28 @ 6:40 pm

Oil drops fifth week on heightened supply-demand shock

Oil declined for a fifth straight week amid a one-two punch from collapsing demand due to the coronavirus crisis and ballooning supply from producers vying for market share.

  • HOU. CHRONICLE
  • March 27 @ 3:56 pm

Apache makes budget cuts while its Permian Basin rig count goes to zero

Houston oil company Apache Corporation is making budget cuts while its Permian Basin rig count has gone to zero.

  • HOU. CHRONICLE
  • March 27 @ 12:36 pm

Rig count plunges in largest single-week drop since bottom of last oil bust

The number of operating U.S. oil and gas rigs plummeted by 44 this week.

  • HOU. CHRONICLE
  • March 27 @ 12:36 pm

Canadian crude is so cheap it costs more to ship it than buy it

Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.

  • HOU. CHRONICLE
  • March 27 @ 6:37 am

Oil pain spreads beyond Permian to small towns across America

The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

  • HOU. CHRONICLE
  • March 27 @ 6:26 am

Oil resumes plunge after IEA warns that demand is n ‘free fall’

Oil’s recovery rally went into reverse as broad weakness across physical crude markets compounded mounting evidence of the demand devastation being wrought by the coronavirus.

  • HOU. CHRONICLE
  • March 26 @ 3:47 pm

Texas regulators approve fund to help strapped Texans pay for electricity

The Public Utility Commission will establish a temporary emergency fund to help financially strapped Texans pay their electricity bills as the coronavirus pandemic spreads across Texas.

  • HOU. CHRONICLE
  • March 26 @ 12:55 pm

Drilling rig operators make budget cuts ahead of rig count plummet

Drilling rig operators are making budget cuts and bracing for the worst as a global supply glut of crude oil and falling demand from the coronavirus pandemic are expected to cause the U.S. rig count to plummet.

  • HOU. CHRONICLE
  • March 26 @ 12:53 pm

U.S. halts plan to buy crude after uncertainty over funding

The Trump administration halted plans to start buying oil to top up the nation’s emergency stockpile after failing to win funding from Congress, throwing a wrench in its most tangible efforts to help struggling drillers cope with the price rout.

  • HOU. CHRONICLE
  • March 26 @ 11:56 am