Saudis say they have exceeded promised output cuts
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output...
View ArticleRoyalties, taxes paid by Texas drillers plunged in 2016
By Lydia DePillis Texas’ top oil and gas association said Tuesday that taxes and royalties paid to state and local government fell significantly in the last fiscal year, reflecting the plunge in oil...
View ArticleApache Corp. narrows loss
Apache Corp. on Thursday said it narrowed its losses in the fourth quarter, ending a year that was significantly better than 2016 and included a major discovery in West Texas. The Houston exploration...
View ArticleShell backs away from new oil sands development
Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves. While Shell’s existing...
View ArticleExxon increases bet on shale
Exxon Mobil Corp. is trading in long-term projects that pump oil over decades for U.S. shale drilling that can be switched on or off as crude prices change. Long a world leader in multi-billion dollar...
View ArticleIs the boom back? Drillers to spend $25 billion more in 2017
Oil and gas companies are loosening their purse strings and preparing to pump more oil and gas. Producers expect to spend $25 billion more this year on capital projects than they did last, an increase...
View ArticleFour Houston drillers boosted CEO pay last year
Four Houston drillers boosted pay packages for top executives last year as oil prices recovered from the worst crash in a generation. The CEOs of Anadarko Petroleum Corp., EOG Resources, Noble Energy...
View ArticleWest Texas oil production outgrowing pipeline capacity
Oil production in West Texas is about to outgrow pipeline capacity, a combination that knocked down crude prices in the region three years ago. West Texas Intermediate crude at Midland, Texas, the...
View ArticleU.S. oil output could brush 1970 record next year, EIA says
The Energy Department believes another burst of shale drilling could push U.S. oil production close to an all-time record by the end of next year. The return of drilling rigs and roustabouts to U.S....
View ArticleMarket Currents: Saudi’s balancing act
After a lesser draw than expected to crude inventories, oil is selling off on this third Wednesday in April. As strong imports from the Middle East this week should help to buoy inventories for next...
View Article
