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Aggregate U.S. pressure pumping supply exceeded demand late last year and in the first three months of 2012 capacity utilization averaged 93.4%, a big turnaround in a market that had been undersupplied for two years, according to a new analysis. The shift is challenging oilfield service operators, which already were noting the squeeze in quarterly conference calls.

Development of oil and natural gas in the Eagle Ford Shale contributed $25 billion in total economic output to the South Texas region last year, according to a study released Wednesday by the Center for Community and Business Research at The University of Texas at San Antonio Institute for Economic Development.

London-based BP plc reached a operational “turning point” in October and has begun to invest for the long term, CEO Bob Dudley told investors last week.

BP plc reached a “turning point” in its operations in October and has begun to invest for the long term, CEO Bob Dudley told investors on Tuesday.

The U.S. onshore natural gas industry is helping to fuel recent gains in domestic manufacturing, the White House said in a report Wednesday.

A unit of China’s Sinopec Group on Tuesday agreed to invest $2.2 billion to acquire a one-third interest in five of Devon Energy Corp.’s frontier unconventional oil and gas fields.

Prompted in large part by the recent discovery of significant shale gas deposits in the country’s north and east, Mexico will invest $10.4 billion to build more than 2,800 miles of natural gas pipelines and local distribution networks by 2018, a nearly 40% increase compared with the country’s current pipeline network, President Felipe Calderon said.

Mexico will invest $10.4 billion to build more than 2,800 miles of natural gas pipelines and local distribution networks by 2018, a nearly 40% increase compared with the country’s current pipeline network, President Felipe Calderon said.

Mexico will invest $10.4 billion to build more than 2,800 miles of natural gas pipelines and local distribution networks by 2018, a nearly 40% increase compared with the country’s current pipeline network, President Felipe Calderon said.