The Energy Information Administration reported in its monthly drilling report that falling oil prices has not caused a slowdown in shale drilling and activity is expected to increase next month, Bloomberg reports.
According to data compiled by watchdogs, five years after pledging to phase out subsidies for fossil fuel industries, G20 nations have spent $88 billion a year on development; while that total comes mainly from state-run companies, it also includes tax breaks and subsidies, Bloomberg reports.
NEW ORLEANS (AP) — BP's call for the ouster of the administrator of damage settlement claims arising from the 2010 Gulf of Mexico oil spill was rejected Monday by a federal judge.
BP lawyers had said Patrick Juneau should be removed for a variety of reasons, among them that he had a conflict of interest because he once represented Louisiana in talks setting up the claims process and had pushed for favorable terms for those with claims. They also said he had made misleading statements about that work before being named claims administrator. And they said Juneau improperly expedited claims for some people represented by the plaintiffs' steering committee.
The development of the Eagle Ford shale in Texas is creating plenty of economic benefit for the state, but the surge in truck traffic has done serious damage to roads, resulting in vehicle damage, traffic and accidents, The Texas Tribune reports.
In a sign lower oil prices are starting to take their toll on the industry, offshore rig owner Transocean announced it would take charges totaling more than $2.7 billion because demand for its rigs is falling.
Transocean said the charges forced it to delay its third-quarter earnings report scheduled for Friday.
As stock funds heavily invested in shale energy startups take hits from volatile oil prices, some are investing more heavily in major companies like ExxonMobil and Chevron, which are able to better withstand the impact of energy price fluctuations, Reuters reports.
JPMorgan Chase & Co. tentatively agreed to a settlement to end a lawsuit brought by Texas mineral rights owners who said the bank underpaid shale royalties by $681 million in an effort to win favor from oil companies, Bloomberg reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.