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As power returns, Texas energy firms slowly emerge from deep freeze

As power returns, Texas energy firms slowly emerge from deep freeze

By , HOUSTON (Reuters) - Texas energy companies on Friday began preparing to resume oil and gas production after days of frozen shutdowns as electric power and water service slowly resumed at darkened oilfields and refineries.It will take several days for oilfield crews to de-ice valves, restart systems and begin oil and gas production. U.S. Gulf Coast refiners are assessing damage to facilities. They face up to three weeks to restore most production, analysts said, with low water pressure, gas and power losses hampering operations.The restart of production as temperatures eased sent prices...

Feb 19
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U.S. oil refiner Marathon Petroleum cuts 12% of staff because of pandemic

U.S. oil refiner Marathon Petroleum cuts 12% of staff because of pandemic

By Refiners and oil producers have been dismissing staff, slashing spending and reducing production to cope with weak prices and a global glut of fuel. U.S. gasoline futures are down 26% from a year ago and oil is trading down a third from where it began the year.Marathon will incur an up to $175 million charge to third quarter earnings for the 2,050 job cuts, it reported to the U.S. Securities and Exchange Commission. About 20% of the charge will be recouped from its publicly traded pipeline unit, the company said.The Findlay, Ohio, firm disclosed the workforce cuts after Reuters on...

September 30, 2020
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Hurricane shifts from offshore U.S. oil fields, heavy rains to damp fuel demand

Hurricane shifts from offshore U.S. oil fields, heavy rains to damp fuel demand

By HOUSTON (Reuters) - Hurricane Sally crawled offshore along the U.S. Gulf Coast on Wednesday, moving away from oil fields while soaking the region with heavy rains that could damp fuel demand in the U.S. southeast.The hurricane has shut more than a quarter of U.S. offshore Gulf of Mexico oil and gas production and stirred heavy seas that closed ports from Louisiana to Florida. It moved at a snail’s pace toward a Wednesday landfall on the coast between Mississippi and Florida.While Sally’s intensity lessened, it remained a Category 1 hurricane with 85 miles per hour (140 kmh) winds. Oil...

September 16, 2020
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New pandemic clampdowns in Texas, Florida rattle business owners

New pandemic clampdowns in Texas, Florida rattle business owners

United States HOUSTON/MIAMI (Reuters) - Bar and restaurant owners in Texas and Florida were fuming on Friday after state officials abruptly slapped new restrictions on their businesses due to a spike in new COVID-19 cases. Owners warned the sudden reversals, just weeks after accelerated reopenings, will drive some out of business. “You can’t turn a bar into an UberEats,” said Jeff Kaplan, co-owner of Houston’s Axelrad Beer Garden. He said businesses could not stay afloat relying on the new rules that provide to-go sales but not alcohol consumption on the premises. Houston officials advised...

June 26, 2020
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