Oil & Gas

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.

U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.

U.S. oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains.

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.

U.S. crude inventories climbed last week by 9.9 million barrels as imports grew to their highest since January and refining rates dropped.

Source: www.usatoday.com Mining features among sectors where blue collar jobs made a comeback this year in the U.S., along with manufacturing and construction. While increased...

U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.

Oil prices fell 4 percent on Tuesday as investors sold off stocks amid concerns about slowing global economic growth.

The U.S. Department of the Interior on Wednesday gave conditional approval to privately-held Hilcorp's long-awaited oil and gas production facility in federal waters off Alaska.