The impact of oil producers pulling some 940 rigs since October is starting to be felt in U.S. shale production, with the Energy Information Administration predicting shale output will drop 1.5 percent to 5.56 million barrels a day in June, FuelFix reports.
COPENHAGEN, Denmark (AP) — Danish shipping and oil group A.P. Moller-Maersk says it saw its first-quarter underlying profit increase by 18 percent to $1.3 billion, impacted by an after-tax gain from the sale of shares in Denmark's largest bank, but revenues dropped due to low oil prices and low economic growth.
The Copenhagen-based group said Wednesday that revenue in the three-month period decreased by 10 percent or $1.2 billion, and came in at $10.5 billion.
Three different bills – one introduced by Sen. Bill Cassidy, R-La., another by Sen. Lisa Murkowski, R-Alaska, and a third by Sens. Mark Warner, D-Va., and Tim Scott, R-S.C. – would further open areas of the Atlantic, the Gulf of Mexico and Alaskan waters to offshore drilling, The Hill reports.
SEATTLE (AP) — Royal Dutch Shell says it has a valid lease for Seattle terminal space and a tight timeline to prepare its fleet for exploratory oil drilling in Arctic waters so it plans to move its drill rigs to this city despite the protests of activists and a port commission request that it wait.
About a dozen activists in kayaks met one of the two drill rigs as the 514-foot-long Noble Discoverer arrived Tuesday evening in Everett, north of here, on its way to Seattle.
NEW ORLEANS (AP) — Deep-water drilling is set to resume near the site of the catastrophic BP PLC well blowout that killed 11 workers and caused the nation's largest offshore oil spill five years ago off the coast of Louisiana.
A Louisiana-based oil company, LLOG Exploration Offshore LLC, plans to drill into the Macondo reservoir, according to federal records reviewed by The Associated Press.
MARSHALL, Mich. (AP) — A company responsible for one of the largest inland oil spills in U.S. history will restore or create 300 acres of wetlands as part of a sweeping agreement to improve the Kalamazoo River watershed in southwestern Michigan, state officials said.
A drop in the dollar and a slight increase in OPEC’s prediction for crude oil demand sent oil prices zooming higher Tuesday. U.S. benchmark crude jumped 2.5 percent, increasing $1.50 to $60.75 a barrel on the Nymex, while in London, Brent gained $1.95, or 3 percent, to settle at $66.86, Reuters reports.
BILLINGS, Mont. (AP) — The U.S. oil industry has filed a court challenge to new rules aimed at reducing the risk of catastrophic accidents involving crude moved by rail, following a string of fiery derailments in recent years.
The American Petroleum Institute petition to the U.S. Circuit Court of Appeals for the Washington, D.C., would set aside a requirement for improvements to railroad tank cars that are known to fail during accidents.
A fresh round of Saudi airstrikes in Yemen and a fall in the value of the dollar helped push oil higher despite continuing concerns about a supply glut. U.S. benchmark crude gained 30 cents to $59.55 a barrel in electronic trading on the Nymex, while London Brent rose 40 cents to $65.31, Reuters reports.
Plants would no longer be exempt from air pollution regulations when they’re starting up, shutting down or malfunctioning, under a new regulation from the Environmental Protection Agency, The Hill reports.
A series of major energy and environmental regulations will be published by federal agencies between June and August, including the Environmental Protection Agency’s rules limiting power plant carbon emissions, the Interior Department’s rule protecting streams from mountaintop removal coal mining, and the Obama administration strategy for cutting methane emissions, The Hill reports.
A group of senators - 17 Democrats and Independent Bernie Sanders - has written to Interior Secretary Sally Jewell, asking her to stop Royal Dutch Shell or anyone else from drilling in the Arctic, Reuters reports.
The reaction in Washington to this week’s oil spill off the coast of Santa Barbara has been muted, National Journal reports, despite wishes expressed by environmentalists that the incident generate backing for policies moving the country away from fossil fuels.
A website set up by Sens. James Lankford, R-Okla., and Heidi Heitkamp, D-N.D., to collect grievances about federal regulation and bureaucracy has received complaints about a wide variety of the Environmental Protection Agency’s pending regulations, E&E reports.
Mississippi electric power cooperatives are backing away from a deal in which they would take 15 percent ownership of the Kemper County coal plant that will use carbon capture technology, because they said the power it generates would end up being too expensive, E&E reports.
A stronger dollar combined with the drop of only 1 oil rig in Baker Hughes’ weekly count sent crude prices sliding Friday. Benchmark West Texas Intermediate crude lost 1.6 percent, or $1, to settle at $59.72 a barrel on the Nymex, while in London, Brent was $1.17 , or 1.8 percent, lower, at $65.37, The Wall Street Journal reports.
Standard & Poor’s thinks oil companies that have managed to survive the slide in crude prices by borrowing more money may start running into trouble in the coming months, particularly if the price stays in the $50 range, FuelFix reports.
A new analysis concludes that wells in Mountrail and McKenzie counties in North Dakota’s Bakken Shale are productive enough to remain profitable even with oil prices around $60 a barrel, FuelFix reports.
With oil prices dramatically lower than a year ago, AAA predicts that more than 37 million people will travel more than 50 miles over the Memorial Day weekend - the most since 2005, The New York Times reports.