Tuesday -- June 16, 2015

Active rigs:

	6/16/2015	06/16/2014	06/16/2013	06/16/2012	06/16/2011
Active Rigs	78	187	185	214	171

RBN Energy: another great post today -- it will be archived. Overview of source of oil for US refineries.

Regular readers know the reason for that large green slice of pie along the Gulf Coast.

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Oil Glut

From Bloomberg: The World Is Facing Its Longest Oil Glut in at Least Three Decades --

The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable.

Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. If the Organization of Petroleum Exporting Countries were to keep pumping at current rates it would become the longest surplus since at least 1985 by the third quarter, the data show.

For another view: peak oil myth or reality. 

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Another Energy Spin-Off

Babcock & Wilcox announces the Form 10 registration statement relating to the spin-off of its subsidiary, Babcock & Wilcox Enterprises, has been declared effective :

• Co announced that the Securities and Exchange Commission has declared effective the Form 10 registration statement filed by Babcock & Wilcox Enterprises.
• As previously announced, the co will change its name to BWX Technologies ("BWXT") on the date of the spin-off. 

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As If We Did Not Have Enough

ExxonMobil announced that production at its Kearl oil sands expansion project in Alberta, Canada, started ahead of schedule and is expected to double overall capacity to 220,000 barrels of bitumen a day.

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But 

Statoil announces next phase of restructuring; to cut 1,100 - 1,500 employees by end 2016.

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And

Fiat Chrysler reports a 9% increase in passenger car sales in Europe in May. All run on fossil fuel, no doubt.