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Author Archives: Ross Torgerson

Oil rises, heads for weekly gain as Iran tensions support

NEW YORK – Crude oil prices rose more than 1 percent on Friday, heading for a weekly gain on lift from lowered expectations that an agreement on Iran’s nuclear program will result in a rapid return of more Iranian barrels to the market. Strong U.S. refined products futures on Friday also provided a boost, brokers and analysts said. Brent crude ...

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EIA report pegs Permian as only shale to increase oil production

The latest U.S. Energy Information Administration’s (EIA) monthly drilling report has revealed some very encouraging news for the Permian Basin, but as for other major shale plays—not so much. Among the Bakken, Eagle Ford, Haynesville, Marcellus and Niobrara shale plays, the Permian stood alone as the only shale to sustain continued oil production. According to the EIA’s March report, the ...

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Big oil deposit near London airport, but will be hard to tap

London airport.

LONDON — A British energy company says there is oil, and lots of it, near London’s Gatwick Airport. The question is how much of it can be pumped from the ground. UK Oil & Gas Investments PLC says analysis of a new well in the Weald Basin indicates there may be as much as 158 million barrels of oil per ...

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GM mulls $1.3 billion expansion of Texas assembly plant

General Motors Co is mulling a $1.3 billion expansion of its Arlington, Texas, assembly plant to boost production of its sport-utility vehicles, according to documents from the city. The U.S. automaker will add 1.2 million square feet (111,000 square meters) of space to the plant, adding 589 jobs to the existing 3,179 jobs, the city said. The city council is ...

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PNM’s San Juan plan gets thumbs down

A hearing examiner reviewing the Public Service Co. of New Mexico’s plan to shut down half of the coal-fired San Juan Generating Station near Farmington has recommended that regulators reject most of PNM’s proposals for the plant. Ashley Schannauer, assigned by the state Public Regulation Commission to review PNM’s plans and recommend a decision to the five-member commission, said Wednesday ...

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Exxon rejects Beaumont refinery union proposal; offers six-year pact

HOUSTON – Exxon Mobil Corp <XOM.N> has rejected a contract offer from the United Steelworkers (USW) local chapter representing hourly workers at the company’s Beaumont, Texas, refinery and renewed its offer of a six-year contract, a union official said on Wednesday. Exxon has been campaigning for a longer agreement with the Beaumont workforce, offering first a five-year agreement and then ...

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Apache selling Australian subsidiary for $2.1 billion

HOUSTON — Apache Corp. says it is selling its Australian oil exploration and production subsidiary for $2.1 billion in cash. The Houston-based company said Wednesday that a consortium of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. agreed to buy Apache Energy Ltd. The assets of Apache Energy Ltd. and its subsidiaries averaged production ...

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New Mexico is No. 1 in export-related job growth

New Mexico welcome sign

It’s not often New Mexico can brag of being top dog on a nationwide business list, but the state is being recognized as the fastest-growing place in the country for jobs related to international exports. A U.S. Commerce Department report to be released today says local jobs supported directly and indirectly by state exports to other countries grew 107 percent ...

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Retail gas prices hold steady in Texas at $2.22 per gallon

IRVING, Texas — Retail gasoline prices across Texas remain the same for the third straight week with the average price at the pump holding at $2.22 per gallon. AAA Texas on Thursday reports the average price is $1.20 less than this time last year. Retail prices across the country also stayed the same, coming in for a second week at ...

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Another month, another Baker Hughes office closure in Texas

Baker Hughes announced it has closed yet another one of its Texas offices, the Houston Business Journal reports. The company’s office located in Bryan, Texas has been permanently shut down, and 54 of its employees have been let go as a result. Baker Hughes said in a statement that terminated employees may be eligible for redeployment. Laid off employees will ...

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