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Mexico reports 2.1 pct economic growth in 2014

MEXICO CITY (AP) — Mexico's economy grew 2.1 percent in 2014 on the strength of improved performance toward the end of the year, the government's National Statistics Institute reported Friday.

Gross domestic product expanded 2.6 percent in the fourth quarter compared to the same period in 2013, the institute said. It was the economy's best quarter of 2014.

Oil

US rig count decreases 48 to 1,310

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. fell by 48 this week to 1,310 amid depressed oil prices, according to oilfield services company Baker Hughes Inc.

The Houston firm said Friday in its weekly report 1,019 rigs were exploring for oil and 289 for gas. Two were listed as miscellaneous. A year ago 1,771 rigs were active.

ASSOCIATED PRESS PHOTO
Oil

Newsmaker: Rail industry to move fast on new safety regs, urged tanker car changes before

The rail industry is prepared to move promptly to implement new federal safety regulations governing the transportation of crude oil, and urged federal officials months ago to make improvements to the newest line of tankers that were involved in a fiery West Virginia crash this week, a top industry official tells EnergyGuardian.

Oil

Oil slips on increasing stocks

Source: 
Reuters

A report from the Energy Information Administration that U.S. crude stockpiles last week hit a record high of 425.6 million barrels kept the pressure on prices early Friday. U.S. benchmark crude for March delivery was 21 cents lower to $50.95 a barrel in electronic trading on the Nymex, while in London April Brent dropped 15 cents to $60.06, Reuters reports.

Oil

Enbridge sees 4Q profit but results below expectations

Source: 
The Wall Street Journal

Canadian pipeline operator Enbridge Inc. made a net profit of $70 million in the fourth quarter – compared to a loss in the period a year earlier – and announced a dividend increase, but the company’s results didn’t meet analysts’ expectations, The Wall Street Journal reports.

India: 7 arrested for stealing, leaking energy documents

NEW DELHI (AP) — Police have arrested seven people for allegedly stealing classified documents from the Indian government and selling them to energy companies, a top police officer said Friday.

Three men were arrested after they were caught trespassing and stealing documents from India's Ministry of Petroleum & Natural Gas, Police Commissioner Bhim Sain Bassi told reporters.

Oil

California refinery unit down with problems before blast

TORRANCE, Calif. (AP) — A California oil refinery unit that was damaged by an explosion was already offline for unplanned maintenance when the fire occurred, industry analysts said Thursday.

The so-called fluid catalytic cracker unit refines gasoline and is critical to producing California-grade fuel.

Oil

As investors dump utility stocks, US markets edge lower; oil down

NEW YORK (AP) — A slide in shares of utility companies nudged the U.S. stock market lower Thursday.

Utilities were the day's biggest losers, falling 1 percent, and their losses resumed a trend that emerged in late January. Investors have dumped the dividend-rich stocks as the yield of the U.S. 10-year note creeps higher.

Energy stocks also weighed on the market Thursday as oil dropped.

Oil

Feds: Speed doesn't appear to be factor in oil train crash

CHARLESTON, W.Va. (AP) — Speed doesn't appear to have been a factor in an oil train derailment in southern West Virginia, a federal transportation official said Thursday.

The CSX train was going 33 mph at the time of Monday's crash in the town of Mount Carbon. The speed limit was 50 mph, said Federal Railroad Administration acting administrator Sarah Feinberg.

Oil

EOG to delay well completions

Source: 
FuelFix

Shale driller EOG Resources – which saw its fourth-quarter profits shrink 23 percent on lower oil prices – says it will keep drilling wells but complete fewer of them until prices increase from their current levels, FuelFix reports.

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