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MARKET WATCH: NYMEX crude oil prices slip on ample oil supply

US light, sweet crude oil prices for March delivery fell during Feb. 20 trading and settled above $50/bbl on the New York market. Some analysts suggested ample worldwide oil supplies could push prices below that level in coming weeks.

EOG Resources’ budget down 40% to $4.9-5.1 billion

EOG Resources Inc., Houston, plans a capital budget of $4.9-5.1 billion in 2015 including production facilities and midstream expenditures, representing a 40% reduction compared with last year’s budget.

BHI’s rig count reaches 5-year low; forecast projects more losses

The US drilling rig count fell 48 units—markedly fewer compared with declines in recent weeks—to settle at 1,310 rigs working during the week ended Feb. 20, Baker Hughes Inc. reported.

More pragmatism urged for developing Eastern Mediterranean gas

Eastern Mediterranean nations should abandon inflated expectations and adopt more realistic approaches to developing their natural gas resources, speakers recommended at a Feb. 19 Brookings Institution forum. This includes recognizing that their relatively smaller deposits are best suited to sales within the region, they said.

MARKET WATCH: NYMEX crude oil prices down on US supply build

US light, sweet crude oil prices for March delivery settled at slightly above $51/bbl on the New York market Feb. 19 after a government weekly report showed a bigger-than-expected build in US oil and petroleum product supplies.

PwC: Chemicals industry M&A activity in 2014 reached 10-year high

Mergers and acquisitions (M&A) activity in the US chemicals business ramped up substantially in 2014, recording the highest volume in a decade and reaching the highest deal value since 2007, according to a quarterly analysis of the global deal activity in the chemicals industry by PwC US.

Marathon revises down budget by 20%

Marathon Oil Corp., Houston, has reduced its capital, investment, and exploration budget for 2015 by another 20% to $3.5 billion.

MARKET WATCH: NYMEX crude oil prices drop before weekly inventory report

US light, sweet crude oil prices for March delivery settled down more than $1/bbl on the New York market Feb. 18 awaiting the government’s weekly report on US oil and petroleum product supplies, which rose to a new record.

Murkowski, Heitkamp lead Senate call for crude exports to Mexico

US Sens. Lisa Murkowski (R-Alas.) and Heidi Heitkamp (D-ND) led a coalition asking US Sec. of Commerce Penny Pritzker in a Feb. 18 letter to encourage the administration to authorize crude oil exports to Mexico under the same conditions established for those to Canada.

Pemex cuts budget by $4 billion

The board of Petroleos Mexicanos (Pemex) has approved a $4-billion budget reduction for 2015, an 11.5% decrease compared with the previous expenditure program authorized by Mexico’s Congress.

US should rework Azerbaijan relations carefully, House panel told

The US should pursue relations with Azerbaijan that recognize its strategic importance as an energy supplier to countries farther west but do not ignore human rights questions that have emerged recently, witnesses told a US House Foreign Affairs subcommittee.

Pemex lets contract for Salamanca refinery amid budget cuts

Mexico’s Petroleos Mexicanos (Pemex), through a contractor, has let a contract to SENER Ingeniería y Sistemas SA, Mexico City, a division of SENER Group, Barcelona, for work related to the modernization of the Antonio M. Amor refinery in Salamanca, Guanajuato. The revamp is part of Pemex’s previously announced $2.8 billion investment into increasing ultralow-sulfur diesel (ULSD) production at five of the country’s refineries.

Magnum Hunter slashes budget by 75%

Magnum Hunter Resources Corp., Houston, plans a $100 million upstream capital expenditure budget for 2015, down from the $400 the company planned for 2014.

Gulf Coast Western buys interest in Smackover acreage in South Alabama

Gulf Coast Western LLC (GCW), Dallas, has acquired a large working interest in a block of leases covering 29,000 acres in Conecuh and Covington counties in southern Alabama. Terms of the deal were not disclosed.

MARKET WATCH: NYMEX crude oil prices close above $53/bbl

US light, sweet crude oil prices for March delivery closed above $53/bbl on the New York market Feb. 17 after the market was closed on Feb. 16 for Presidents Day.

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