crude oil

Business, Fuel

Occidental’s Lone Rig Shows Downfall of Permian Basin Oil Giant

A pumpjack in Azerbaijan. (Taylor Weidman/Bloomberg News)

Occidental Petroleum Corp. will have just a single oil rig in the Permian Basin in the second half of the year, illustrating the scale of the shale industry’s pullback and the company’s debt woes.

Kevin Crowley | Bloomberg News
August 11, 2020
Business, Fuel

Oil Seesaws With Demand Woes Offsetting Tighter Supply Picture

Crude oil storage tanks stand outside Midland, Texas. Crude oil storage tanks stand outside Midland, Texas. (Matthew Busch/Bloomberg News)

Oil swung between gains and losses as uncertainty over the prospect of a U.S. virus relief bill that could boost fuel consumption offset signals of tightening global supply.

Andres Guerra Luz | Bloomberg News
August 6, 2020
Business, Fuel, Top 100

Wilks Brothers Swoop In With Competing Offer for Calfrac

A pumpjack operates above an oil well on the outskirts of Williston, North Dakota. A pumpjack operates above an oil well on the outskirts of Williston, North Dakota. (Daniel Acker/Bloomberg News)

Wilks Brothers has made a competing proposal to recapitalize struggling energy company Calfrac Well Services Ltd. and criticized management’s deal as favoring insiders.

Paula Sambo | Bloomberg News
August 4, 2020
Government, Business, Fuel

Oil Rises With Signs of Economic Recovery Buoying Demand

Oil worker A worker in the Permian basin outside of Midland, Texas. (Brittany Sowacke/Bloomberg News)

Oil rose the most in nearly two weeks as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.

Andres Guerra Luz | Bloomberg News
August 3, 2020
Government, Business, Fuel

Noble Corp. Files Bankruptcy to Erase $3.4 Billion of Debt

Pedestrians walk along a beach near the Noble Sam Turner jack-up drilling rig Pedestrians walk along a beach near the Noble Sam Turner jack-up drilling rig in Cromarty, U.K., on June 23, 2020. Noble says it will continue operating during the bankruptcy. (Jason Alden/Bloomberg News)

Offshore drilling contractor Noble Corp. filed for bankruptcy with a plan to cut more than $3.4 billion of debt.

July 31, 2020
Business, Fuel, Logistics

Oil Pares Monthly Gain With Global Supply Onslaught Looming

Fuel lines sit connected to underground storage tanks in Princeton, Ill., on April 1. Fuel lines sit connected to underground storage tanks at a gas station in Princeton, Ill., on April 1. (Daniel Acker/Bloomberg News)

Oil is set to eke out a monthly gain, yet futures lost steam on July 31 amid threats that the market will soon become oversupplied.

Andres Guerra Luz | Bloomberg News
July 31, 2020
Government, Business, Fuel

Oil Clings to Gains After US Supplies Shrink by Most This Year

Emissions rise from an oil refinery in Louisiana on June 12. Emissions rise from an oil refinery in Louisiana on June 12. (Luke Sharrett/Bloomberg News)

Oil was propped up by the biggest decline in U.S. crude stockpiles this year, signaling a bright spot in a market weakened by the COVID-19 pandemic.

July 29, 2020
Business, Fuel

Oil Falls With US Stockpile Concerns Amplifying Demand Woes

A pump jack operates outside of Midland, Texas, on April 24. A pump jack operates outside of Midland, Texas, on April 24. (Matthew Busch/Bloomberg News)

Oil declined as investors turned their focus to domestic supply, with expectations for another build in U.S. stockpiles.

Andres Guerra Luz | Bloomberg News
July 28, 2020
Business, Fuel

Oil Trading Profits Soar for Energy Majors Who Made Storage Bets

Storage tanks located near a dock in Port Fourchon, La., on June 11. Storage tanks located near a dock in Port Fourchon, La., on June 11. (Luke Sharrett/Bloomberg News)

In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.

July 24, 2020
Business, Fuel, Top 100

Schlumberger Shrinks Staff to Lowest Since Pre-Shale Era

Oil pumpjacks stand outside Odessa, Texas. Oil pumpjacks stand outside Odessa, Texas. (Sergio Flores/Bloomberg News)

Schlumberger Ltd. posted its weakest sales in 14 years and is cutting one-fifth of its workforce while warning that new waves of COVID-19 could derail the nascent recovery in global energy demand.

David Wethe | Bloomberg News
July 24, 2020

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