North America ///

WPX Energy sells Piceance subsidiary for $910 million

WPX Energy has agreed to sell its wholly owned subsidiary WPX Energy Rocky Mountain, LLC, to Terra Energy Partners LLC for $910 million. The parties expect to close the sale in the second quarter.

GE oil deal offers new model to prevent BP-Like offshore spills

General Electric Co. is expanding its focus on offshore drilling rig safety with a new business that will take over handling of massive underwater equipment designed to prevent well blowouts and oil spills.

Oil drillers exposed in three-way hedges as crude dips below $30

Oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash.

Pemex CEO resigns after three years of losses

Emilio Lozoya resigned as Petroleos Mexicanos’ CEO after the oil giant failed to reverse falling output and reported 12 straight quarterly losses.

Billions more in cuts needed from North American drillers: IHS

HOUSTON -- The depressed oil price environment is painting a gloomy outlook for North American E&P companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow, according to new analysis from IHS.

Chesapeake says it has no plans to pursue bankruptcy

Chesapeake Energy Corp. said it has no plans to seek bankruptcy protection, dismissing a report that wiped out half the U.S. natural gas driller’s value.

Diamond Offshore, GE enter performance-based subsea BOP service agreement

Diamond Offshore Drilling and GE Oil & Gas have announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas.

Hess drops on share sale following first loss in 13 years

Hess Corp., the oil producer that reported its first annual loss in 13 years, fell the most in more than seven years, after announcing it’s selling $1.43 billion in stock.

Suncor wins over majority of Canadian Oil Sands shareholders

Suncor Energy Ltd. said Canadian Oil Sands Ltd. shareholders holding more than two-thirds of the stock tendered their shares in a takeover that will make the biggest oil-sands producer also the largest owner of the Syncrude project in norther Alberta.

Texas Alliance responds to Obama's proposed $10/bbl tax

The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama's announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S.

Drillers pull 31 oil rigs as rig count reaches lowest level since ‘99

Drillers in the U.S. pulled 31 oil-directed rigs from the field this week as the oil price slump continues to hit the industry.

Schlumberger-Cameron merger receives European clearance

HOUSTON -- The European Commission has cleared Schlumberger and Cameron's proposed merger without any conditions following a Phase 1 review.

Battle of three oil benchmarks upending crude flows across globe

The oil tanker Tofteviken is set to sail from the U.K. this month carrying the first shipment of North Sea Ekofisk crude to the U.S. Gulf Coast in five years.

Lower-for-longer oil seen hurting offshore rig owners even more

As most of the battered oil industry looks ahead to 2017 for a solid recovery, signs are emerging that the downturn pain could last even longer for owners of the floating rigs that drill in water more than two miles deep.

Environmental Quality Board passes updates to drilling regulations in Pennsylvania

The Pennsylvania Environmental Quality Board (EQB), an independent board responsible for adopting environmental regulations, passed the revisions to the oil and gas drilling regulations by a vote of 15 to 4.

API launches tool to connect veterans with oil and gas job opportunities

U.S. Senate Committee on Veterans’ Affairs Member Joe Manchin (D-WV) joined the American Petroleum Institute on Wednesday to officially launch the Veterans Energy Pipeline—a new web-based tool that will help connect current members of the armed forces and veterans to civilian employment opportunities in the oil and natural gas industry.

Texas toughness in oil patch shows why U.S. still strong at $30/bbl

Texas has a message for $30 crude doomsayers: Bring it on.

Oil seen ‘lower for longer’ by Morgan Stanley as forecasts cut

Low oil prices will persist for longer than previously expected, according to Morgan Stanley, which reduced its quarterly crude forecasts for this year by as much as 51%.

Oil price seen surging about 50% by fourth quarter as supply eases

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.

America supplies OPEC with oil freed from 40-year export ban

The U.S. is now supplying OPEC with crude oil, sort of.