Wednesday, February 19, 2020

Baker Hughes News

US Extends License for Chevron's Operations in Venezuela

© Andrei / Adobe Stock

The U.S. Treasury Department on Saturday renewed a license allowing Chevron, the last U.S. energy company operating in Venezuela, to continue working in the country until April 22.In January, the United States imposed sanctions on Venezuela's state-run oil company PDVSA in an effort to oust President Nicolas Maduro…

Oilfield Services Giants Start Year with Asset Sales

Illustration - Image by pichitstocker - Adobe Stock

Schlumberger, Halliburton Co, and Baker Hughes Co have kicked off the new year by putting units up for sale, as the three largest names in oilfield services seek to reshape their businesses and adjust to falling demand.Oilfield service providers are facing reduced…

US Drillers Cut Oil Rigs

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U.S. energy firms reduced the number of oil rigs operating for the second straight week as producers follow through on plans to slash spending on new drilling.Drillers cut 7 oil rigs in the week to Jan. 3, bringing the total count down to 670, energy services firm…

U.S. Drillers Add Rigs for First Month in 13

AdobeStock / © Edelweiss

U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling.Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov.

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced…

U.S. Drillers Add Most Rigs Since Feb 2018

AdobeStock / © Shamtor

U.S. energy firms added the most oil rigs this week since February 2018 - primarily in the Permian shale - even though producers have been reducing spending on new drilling for much of this year.Companies added 18 oil rigs in the week to Dec. 20, bringing the total count to 685…

U.S. Drillers Add Rigs for first Week in Eight

AdobeStock / © Nightman

U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling.Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said…

Oil Edges Lower on U.S. Crude, Gasoline Build

AdobeStock / © Mikesjc

Oil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but losses were limited by optimism that a U.S.-China trade deal would be reached soon.Brent crude futures fell 34 cents, or 0.5%, to $63.93 a barrel by 1:14 p.m. EST (1814 GMT). U.S.

U.S. Drillers Cut Rigs for 12th straight Month

AdobeStock / © xmentoys

U.S. energy firms reduced the number of oil rigs operating for a record 12th month in a row after this week cutting rigs for a sixth consecutive week as producers slash spending on new drilling.Drillers cut three oil rigs in the week to Nov. 27, bringing the total count down to 668…

Partners Bring AI to Energy

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Baker Hughes, C3.ai, and Microsoft Corp. announced an alliance to bring enterprise artificial intelligence (AI) solutions to the energy industry on the Microsoft Azure cloud computing platform.This alliance will enable customers to streamline the adoption of scalable AI solutions for the energy industry that help promote safety…

Oil Prices Gain 2%

© Pavel Ignatov / Adobe Stock

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents…

ADNOC to Buy Dozens of Rigs

(Photo: ADNOC)

The Abu Dhabi National Oil Company (ADNOC) said its drilling subsidiary will acquire dozens of rigs to support that national oil company’s upstream growth plans.In the first phase of the wider fleet expansion program, ADNOC acquired, in November 2019, four technologically…

U.S. NatGas Prices Near 25-year Low as Glut Weighs

AdobeStock / © Kasto

In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S.

Baker Hughes Profit Rises on Strong Foreign Demand

AdobeStock / © Diter

Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors.The company's results contrasted with steep falls in revenue…

Oilfield Services Firms Moving Beyond Oil

Graph: Rystad Energy

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers.

Premier Oilfield Group Names Keenan CEO

Paddy Keenan is the new CEO of Premier Oilfield Group (Photo: Premier Oilfield Group)

Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies…

US Gives Chevron More Time in Venezuela

© Phaitoon Sutunyawatchai / Adobe Stock

The U.S. Treasury Department on Monday renewed a license allowing Chevron, the last U.S. operating energy company in Venezuela, to continue drilling in the country for another three months through Jan. 22.The license has been a subject of intense debate within the…

Baker Hughes Finalizes Name Change

© xmentoys / Adobe Stock

Baker Hughes has officially dropped GE from its name after the industrial conglomerate shed majority ownership in the oilfield services company in September.Formerly Baker Hughes, a GE company, the firm will now be known as Baker Hughes, and on Friday its Class A common…

Digitalization: Oil Industry Could Save up to $100Bln

Graph: Rystad Energy

The global oil and gas industry can save as much as $100 billion through automation and digitalization in the 2020s, energy research firm Rystad Energy said."As much as $100 billion can be eliminated from E&P upstream budgets through automation and digitalization initiatives in the 2020s.

U.S. Drillers Cut Rigs Again: Baker Hughes

File Image: AdobeStock / © mentoys

U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017…