Oil

Oil

Can low oil prices be good for the environment?

NEW YORK (AP) — Deepwater drilling rigs are sitting idle. Fracking plans are being scaled back. Enormous new projects to squeeze oil out of the tar sands of Canada are being shelved.

Maybe low oil prices aren't so bad for the environment after all.

Associated Press
Oil

House vote for Keystone XL turns spotlight to Senate

The stage is set for the Senate to vote on the Keystone XL pipeline next week, following House approval of a bill to authorize the $8 billion project from Canada.

Yet as advocates, led by Sen. Mary Landrieu, D-La., neared the 60 votes needed to secure Senate passage of the same bill, President Barack Obama still appeared to hold the upper hand over Congress for now. The 252-161 vote for the project in the House fell 38 votes short of a veto-proof majority.

Oil

Iraqi forces drive IS from refinery town of Beiji

BAGHDAD (AP) — Iraqi government forces on Friday drove Islamic State militants out from their remaining strongholds inside the oil refinery town of Beiji, two security official said, in a key victory over the terror group that has captured much of northern and western Iraq in a stunning summer offensive.

The Iraqi troops, backed by allied Sunni militiamen, also lifted the Islamic State group's siege of the oil refinery, Iraq's largest, and hoisted Iraq's red, white and black flags atop the sprawling complex hosting the facility.

Oil

US rig count up 3 to 1,928

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. rose by three this week to 1,928.

The Houston firm said Friday in its weekly report that 1,578 rigs were exploring for oil and 350 for gas. A year ago there were 1,762 active rigs.

Oil

Analysts: Halliburton's merger attempt could prompt bidding war for Baker Hughes

Source: 
FuelFix

Oil industry analysts said news that Halliburton is in talks to acquire Baker Hughes could spark other oilfield services companies including Schlumberger, GE and Siemens to make bids and spark a bidding war over the company, FuelFix reports.

Oil

Continental's Hamm says Keystone XL 'not relevant'

Source: 
Politico

Continental Resources CEO Harold Hamm told Politico that the Keystone XL pipeline is "not relevant" due to new pipelines and criticized Congress for wasting time on the project instead of moving on other pro-energy legislation like ending the crude oil export ban.

Oil

Brent, WTI rise on growing OPEC pressure

Source: 
Bloomberg

As speculation increased that OPEC would act to reduce output to support oil prices, Brent crude rose $1.92 to end at $79.41 a barrel and West Texas Intermediate posted its biggest gain since September, rising $1.61 to close at $75.82 a barrel, Bloomberg reports.

Oil

Exxon Mobil says it didn't try to hide Pegasus documents

Source: 
The Associated Press

Exxon Mobil Corp. rejected allegations from plaintiffs suing the company for last year's Pegasus pipeline spill in Mayflower, Ark., saying it didn't mark documents about pipeline maintenance as confidential, The Associated Press reports.

Oil

Putin: Russia prepared to endure 'catastrophic' oil decline

Source: 
Bloomberg

Russian President Vladimir Putin said the country is readying for a "catastrophic" decline in the price of oil, but its reserves of more than $400 billion will allow Russia to endure, Bloomberg reports.

Oil

JPMorgan to pay $40M to settle Eagle Ford royalty suit

Source: 
San Antonio Express-News

JPMorgan Chase has agreed to pay Eagle Ford mineral rights' holders represented by the South Trust Syndicate Trust about $40 million to settle a suit alleging the bank cut mineral rights deals with its commercial clients, a plaintiff tells the San Antonio Express-News.

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