, June 11 (Reuters) – Engineers
examining why nine giant tendons sank at Chevron Corp’s
Big Foot deepwater oil project are considering whether buoys
taking on water, combined with a strong current that prevented
vessels from repairing them, caused the costly setback, a source
familiar with the matter said.
Though it will be months before the investigation is
complete, the sinking of the tendons 225 miles south of New
Orleans has delayed the project indefinitely, harming Chevron’s
plans to produce 75,000 barrels of oil and 25 million cubic feet
of natural gas per day by year’s end.
HOUSTON (Reuters) – U.S. shale oil producers, having weathered the worst price plunge in their industry’s brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices.
In a way, the conundrum is as old as the first oil well. If producers start pumping more crude, as some executives have said they might do if prices edge a bit higher, they risk contributing to another slump in a fragile global market; if they hold back, they forego regaining revenue lost during a price slide of 60 percent that started in June.
HOUSTON, May 20 (Reuters) – U.S. oil companies, still
smarting from the crude price rout, are attracting a wave of new
investment from unlikely sources – hedge funds and private
equity firms flocking to the energy market for the first time to
bet on a rebound.
By pouring billions of dollars into energy shares and bonds
in the past few months these newcomers, dubbed “energy tourists”
by Houston’s seasoned dealmakers, have thrown a lifeline to
scores of companies that a few months ago looked like potential
targets for bigger rivals or distressed debt and restructuring
HOUSTON (Reuters) – Apache Corp shareholders approved on Thursday a proposal to allow minority shareholders to nominate directors to the board of the company, a leading U.S. shale oil producer.
Apache’s board had recommended investors back the measure, unlike boards at some other companies that have resisted a push being led by public pension funds to give shareholders a choice about the election of directors.
HOUSTON (Reuters) – LLOG Exploration, a privately-held oil
and gas company focused on deepwater in the Gulf of Mexico,
plans to drill a well into the block near where BP Plc’s Macondo
well ruptured in 2010, causing the worst offshore oil spill in
LLOG Exploration, which has backers including Blackstone
Energy Partners, received approval to drill a well in Blocks 252
and 253 in the Mississippi Canyon area of the Gulf from
regulators on April 13, according to records filed with the U.S.
Bureau of Safety and Environmental Enforcement.
HOUSTON, Mar 12 (Reuters) – Shrinking crude exports from Venezuela to its neighbors has allowed African oil producers to gain a foothold among Latin American buyers, according to traders and data, and sales to one of the world’s few regions with strong demand will keep growing.
Only months ago, African producers were scrambling to find new clients in the Western Hemisphere, having largely been pushed out of the U.S. market by the onshore shale oil revolution.
HOUSTON/WASHINGTON, March 9 (Reuters) – The U.S. Federal
Reserve should promptly end its easy monetary policy and press
ahead with an interest rate hike, followed by a set of gradual
moves higher, the head of the Dallas Fed said on Monday in his
final speech as a policymaker.
Richard Fisher, president of the Dallas Federal Reserve
Bank, shrugged off stagnate wage growth, calling it a lagging
indicator, and said inflation will bounce back once energy
HOUSTON (Reuters) – Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals.
About a dozen chief executives who talked to Reuters or who spoke publicly, acknowledged they were taken aback by the scale and speed of the cutbacks, noting how this oil price downturn was different from several previous episodes in their careers.
HOUSTON, Feb 23 (Reuters) – Shale oil producers are
throttling back so quickly on drilling that U.S. crude output
could fall sooner than expected, within months, executives say
as they slash costs to cope with tumbling crude prices and
compete with Persian Gulf rivals.
About a dozen chief executives who talked to Reuters or who
spoke publicly, acknowledged they were taken aback by the scale
and speed of the cutbacks, noting how this oil price downturn
was different from several previous episodes in their careers.
HOUSTON, Feb 20 (Reuters) – Barely two months into his new
job as the head of the world’s largest offshore driller, Steven
Newman was steering Transocean through the 2010 Gulf of
Mexico oil spill, quickly earning a reputation as a CEO with a
Too steady, perhaps.
Since Sunday Newman, 50, is out of work. People inside and
outside the company say his abrupt departure reflected in part
the board’s view that the 20-year company veteran was too
conservative and lacked a bold vision for a period of dramatic
industry change that began at the end of the last decade.