OKLAHOMA CITY - The Latest on Oklahoma energy tycoon Aubrey McClendon, who was killed in fiery single-vehicle crash just hours after being indicted on federal charges connected to rigging bids for oil and gas leases (all times local):2:50 p.m.Federal authorities are seeking to dismiss a charge of bid rigging against Oklahoma energy tycoon Aubrey McClendon, who died in a fiery car crash just hours after the indictment was announced.The U.S. Department of Justice's Chicago-based antitrust division [Read more]
Pioneering Oklahoma energy CEO dies in fiery car crash
OKLAHOMA CITY - Energy tycoon Aubrey McClendon earned a reputation as a pioneer, backing new drilling technology, building Chesapeake Energy into one of the nation's largest independent producers of natural gas and accumulating a fortune that helped him buy part of an NBA team.But McClendon also drew the scrutiny of federal investigators, who announced antitrust charges against him on Tuesday. Sixteen hours later, McClendon, 56, was dead in a fiery single-car traffic accident on an isolated road [Read more]
Ex-Chesapeake CEO Aubrey McClendon dies in crash day after indictment
OKLAHOMA CITY - Aubrey McClendon, a natural gas industry titan, was killed when police say he drove his sport utility vehicle "straight into a wall" in Oklahoma City on Wednesday, a day after he was indicted on a charge of conspiring to rig bids to buy oil and natural gas leases in northwest Oklahoma.Police Capt. Paco Balderrama said McClendon, co-founder of Chesapeake Energy and a part-owner of the NBA's Oklahoma City Thunder, was the only occupant in the vehicle when it slammed into a concrete [Read more]
CEO says Exxon ready for acquisitions, investing in business
DALLAS - Exxon is interested in acquisitions while oil prices are low, but CEO Rex Tillerson says sellers have unrealistic price expectations.Tillerson said Wednesday that Exxon Mobil Corp. is in financial position to pursue acquisitions or change its spending plans depending on what happens to the oil market.Earlier this week Exxon raised $12 billion from a bond sale, increasing speculation that it could seek to scoop up competitors.Tillerson said Exxon hasn't made any deals yet because [Read more]
US rig count drops 12 this week to 502; Texas down 5
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 12 this week to 502. The Houston company said Friday that 400 rigs sought oil and 102 explored for natural gas amid depressed energy prices. A year ago, 1,267 rigs were active. Among major oil- and gas-producing states, Texas declined by five rigs, New Mexico dropped by three, Alaska and California each declined by two and Ohio, Pennsylvania, Utah and [Read more]
California Lawmakers consider moratorium on gas operations after leak
SACRAMENTO, Calif. - California lawmakers are considering legislation that would prevent a utility from resuming full operations at a facility that had a massive natural gas leak for nearly four months.The bill requiring testing of wells at the Southern California Gas Co. facility near Los Angeles faces an Assembly committee hearing Monday.The measure by Sen. Fran Pavley would put a moratorium on gas injections at the Aliso Canyon gas storage facility until state regulators determine the [Read more]
IEA: Slashed spending by drillers could lead to price spike
HOUSTON - Oil prices will more than double by 2020 as current low prices lead drillers to cut investment in new production and gradually reduce the glut of crude, the head of a group of oil-importing countries said Monday.Fatih Birol, executive director of the International Energy Agency, said oil would rise gradually to about $80 a barrel.Oil prices shot to more than $100 a barrel in mid-2014 before a long slide sent them crashing below $30 last month."There was a rise, there will be a fall, [Read more]
Iran snubs Doha proposal, won’t freeze on oil output levels
TEHRAN, Iran - Iran on Wednesday snubbed a proposal agreed to by four influential oil producers to cap their crude output if others do the same, with a senior Oil Ministry official saying Tehran has no intention of freezing oil output levels.Mahdi Asali, Iran's OPEC envoy, said his country will in fact keep increasing its crude exports until it reaches levels attained before international sanctions were imposed on Tehran over its nuclear program.Asali's comments came as Iran's oil minister held [Read more]
UAE energy minister refuses to discuss tentative oil cap
DUBAI, United Arab Emirates - Dodging reporters' questions, the United Arab Emirates' energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. Minister Suhail Mohamed al-Mazrouei's stance suggests regional rivalries also may be in play, as Russia and Saudi Arabia joined Qatar and Venezuela on Tuesday in agreeing to the deal if other [Read more]
US rig count drops 30 this week to 541; Texas down 14
HOUSTON - Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 30 this week to 541.The Houston company said Friday 439 rigs sought oil and 102 explored for natural gas amid depressed energy prices. A year ago, 1,358 rigs were active.Among major oil- and gas-producing states, Texas declined by 14 rigs, New Mexico and Oklahoma each dropped four and North Dakota was down three. Colorado, Pennsylvania and Wyoming lost two [Read more]
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