Energy

Baker Hughes Inc.

Major oil companies layoff more employees due to U.S. crude oil price drop

As the price of crude oil continues to slip down, the oil companies are cutting jobs to survive the business. In the first quarter of this year, blue collar jobs were deterred, this point, engineers and scientists will be affected.

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Oil drilling rig

Running out of steam: Energy sector is underperformer among all 10 sectors in S&P 500

Energy sector was the prime culprit among other stocks including materials and biotech, that pulled S&P 500 and Dow Jones lower recently. S&P 500 fell 2.2% and Dow eased 2.9% during the week ended 24 July. S&P 500 suffered biggest weekly decline since March.

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Pump jack

Oil drops on concerns of glut in refined products

Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.

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Juan Carlos Zepeda

Mexico auctions oil blocks to increase production but failed to attract giant international companies

Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.

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Wind turbines operate at a wind farm near Milford, Utah May 21, 2012. The Milford Wind Corridor Project, developed by the First Wind energy company, is a 306-megawatt, 165-unit wind farm. Picture taken May 21, 2012. REUTERS/George Frey  (UNITED STATES)

Amazon builds first wind farm in North Carolina; 208 MW renewable energy facility is expected to produce 670,000 MWH yearly

Amazon Inc., through its subsidiary Amazon Web Services (AWS), will be building a 208 megawatt wind farm in North Carolina. The wind farm will be built and jointly operated by AWS and Iberdrola Renewables, LLC of Portland, Oregon, and is the first utility-scale wind farm in the state.

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WPX Energy

WPX Energy to enter Permian basin with $2.35 billion deal

Oil and gas producer WPX Energy Inc (WPX.N) said it would acquire privately held RKI Exploration & Production LLC [REPI.UL] for $2.35 billion, the latest in a series of deals brought on by a steep drop in crude prices.

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Oil drilling rig

Crude slides as Iran clinches historic nuclear deal

Oil dropped on Tuesday after Iran and six global powers reached a landmark nuclear deal that would see an easing of sanctions against Tehran and a gradual increase in its oil exports.

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Crude Oil

U.S. crude falls more than 1 percent on surprise stockpile build

U.S. crude futures fell more than 1 percent on Wednesday after a surprise build in stockpiles while gasoline rallied on bets for strong fuel demand through the peak summer driving season.

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Crude oil

U.S. crude slump cools, market awaits inventory data

U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries about Greece's indebtedness and China's stock market losses, although charts indicated renewed selling could push prices into bear market territory.

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Pump jack

Oil crashes 8 percent as Greek vote, Iran talks set off exodus

Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.

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Gas station

Oil slides in thin trade on rising U.S. rig count

Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.

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Oil Tanker

U.S. light oil exports double in May, mostly to Europe

U.S. exports of ultra-light crude, also known as condensate, have doubled since the start of the year, with most shipments headed to Europe, according to traders familiar with the deals and data from an energy consultant.

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Oil drilling rig

Oil hits three-week lows as Greek crisis worsens; eyes on Iran

Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market.

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Crude Oil

Big oil options trades revive speculation about producer hedging

Two big trades in oil options worth nearly $60 million last week boosted volatility in that market and revived speculation among traders that U.S. producers are placing hedges to guard against another price rout this fall.

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Pump jack

Crude prices steady, U.S. gasoline stocks data disappoints

Oil prices were steady on Thursday as an unexpected build in U.S. gasoline inventories offset a higher than forecast draw in crude stocks.

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