NEW YORK (AP) — In a deal that shows just how quickly falling prices can upend the energy industry, Halliburton is buying rival oilfield services company Baker Hughes for cash and stock worth $34.6 billion.
Global oil prices have tumbled 31 percent over the past 5 months to levels not seen in four years. That has forced the industry to cut costs by delaying or scaling back drilling — which means less work for Halliburton and Baker Hughes, companies that manage oil and gas fields for energy companies.
SAO PAULO (AP) — The head of Brazil's Petrobras vowed Monday to use a widening corruption scheme to improve governance at the state-run oil giant, in part through creation of a compliance department aimed at stamping out corruption.
In her first public remarks since the arrests of around two dozen people including a top company executive late last week, Graca Foster told a conference call with investors, "We want to turn this difficult moment into something better."
News that Japan has fallen into a recession sent oil prices tumbling once again early Monday. West Texas Intermediate crude for December delivery dropped $1.11 to $74.71 a barrel in electronic trading on the Nymex, while in London Brent crude was 77 cents lower at $78.67, Bloomberg reports.
On paper, the figures for a potential Halliburton takeover of Baker Hughes may look positive, but uniting the two oilfield services giants could face challenges from antitrust regulators, The Wall Street Journal reports.
SAO PAULO (AP) — The investigation into kickbacks at Brazil's state oil company could forever change the relationship among society and the country's state and private companies, President Dilma Rousseff said Sunday.
Rousseff spoke to mostly Brazilian reporters at a news conference in Brisbane, Australia, where a two-day summit with world leaders was ending. Her office posted a video of her comments online.
IRBIL, Iraq (AP) — Goran Mohammed had just completed his second year of university in the northern Iraqi city of Irbil when he dropped out to help his father run the family grocery store. When that still didn't earn the family enough money, the 19 year old was forced to take a second job as a taxi driver.
"I would prefer to stay in school or go fight (against the Islamic State group) with the peshmerga, but my family needs every penny," he said.
Mohammed's difficulties reflect that of his region, where the semi-autonomous Kurdish Regional Government has struggled to stabilize the local economy in the face of a militant onslaught and an expensive financial dispute with the Iraqi central government in Baghdad, which, in part, involves oil.
LINCOLN, Neb. (AP) — Congress is suddenly scrambling to vote on the Keystone XL oil pipeline, but the fate of the oft-delayed $5.4 billion project could still wind up in the hands of an obscure commission in Nebraska that regulates telephones, taxi cabs and grain bins.
The Nebraska Supreme Court is expected to rule within weeks on whether the Nebraska Public Service Commission must review the pipeline before it can cross the state, one of six on the pipeline's route. Nebraska Gov. Dave Heineman gave the green light in January 2013 without the panel's involvement.
The Senate is set as soon as Tuesday to vote on the Keystone XL pipeline, one that could put President Barack Obama in a position to issue his first veto of legislation since 2010, on a key issue pitting Republicans and energy-state Democrats against the environmental lobby.
But it was unclear heading into the week whether an approval bill will get the 60 votes needed to force Obama's hand. Sen. Mary Landrieu, D-La., was one vote short of the 15 Democrats needed to join 45 Republicans in backing her bill, and finger pointing was already underway by Republicans who are calling it a show vote to help her.
The GOP chorus denouncing the Environmental Protection Agency move to lower the ozone standard was joined by House Majority Leader Rep. Kevin McCarthy, R-Calif., senior figures on the House Energy and Commerce Committee, as well as Sen. John Thune, R-S.D., who is chairman of the Republican Senate caucus, The Hill reports.
Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
Freeport LNG has closed on financing deals – from Japanese sources -- for two of three planned liquefaction trains at its export facility, and should begin construction on its plant in Quintana, Texas this week, with operation projected to start in 2018, FuelFix reports.
Uranium prices are on track for an 18 percent increase in 2014, which would be the first annual gain for the energy commodity in four years and make it the best performing category in the sector, Bloomberg reports.
Nearly all of the claims dealt with through the settlement process after the 2010 BP Gulf of Mexico spill were handled correctly, according to a third party audit released Tuesday by claims administrator Patrick Juneau, The Times-Picayune reports.
The legal fight over the Environmental Protection Agency’s Waters of the U.S. rule could revolve around what’s meant by the words “adjacent” and “neighboring,” as well as how the regulation defines a flood plain, E&E reports.
After a shareholder lawsuit filed to stop the $2.86 billion merger announced in June between C&J Energy Services and the fracking business of Nabors Industries, a judge in Delaware Tuesday ordered a 30-day suspension to allow for competing offers, but C&J said it would appeal, FuelFix reports.
Oncor’s proposal to install battery storage across the grid in Texas is coming in for criticism from a state lawmaker – Republican State Sen. Troy Fraser said his support for the $5.2 billion project came before he realized an increase in transmission rates would be part of the package, The Dallas Morning News reports.
Speaking about the failure of Google’s renewable energy project RE<C, two engineers, writing in IEE Spectrum recently, said trying to fight climate change using only existing technologies like wind and solar energy won’t work, Fox News reports.