Wednesday, April 8, 2020

Halliburton News

Halliburton Cuts 350 Jobs in Oklahoma

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Oilfield services giant Halliburton on Monday said it will lay off an estimated 350 employees in Oklahoma, according to a filing with the state, as the spread of coronavirus and a price war between Russia and Saudi Arabia sent energy prices reeling.The layoffs are anticipated to begin this week at its Duncan, Oklahoma facility, the filing said, and will be permanent.

Oilfield Equipment and Services Spending to Fall to 2005-Low

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Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.The decline comes as the coronavirus pandemic has crushed oil and gas demand…

Oilfield Services Giant to Cut Spending by 30%

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Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company expects a rapid reduction in active drilling and hydraulic fracturing activity…

Saudi Aramco Launches Largest Shale Gas Development Outside US

Amin H. Nasser (Photo: Saudi Aramco)

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States…

US Extends License for Chevron's Operations in Venezuela

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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, though he remains in power.

Oilfield Services Giants Start Year with Asset Sales

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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 spending by oil and gas producers as investors push for higher shareholder returns rather than more drilling activity.

Allan Joins RMEC

Kai Livingston and Vic Allan (Photo: RMEC)

Oilfield services firm RMEC has appointed an oil and gas industry veteran to boost its operations as it prepares for its next stage of international growth.Vic Allan has joined the company from American multinational corporation Halliburton, where he spent 28 years working his way up through the slickline division.

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, including technology startups…

Hunting Warns on Profit

(Photo: Hunting Plc)

British oilfield services firm Hunting Plc warned on Tuesday that annual core profit would be at the lower end of market expectations as it grapples with a slowdown in the U.S. onshore drilling market, sending its shares down as much as 7%.Without giving numbers, Hunting said profit for the third-quarter had declined…

Investors Brace for Poor US Shale Earnings

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Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed this year by volatile pricing and investor demands for improved returns.

US Gives Chevron More Time in Venezuela

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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 Trump administration as it pursues a campaign to oust socialist President Nicolas Maduro.

Halliburton Promises Cost Cuts

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Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America…

ProPetro Cuts Almost 150 Workers

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ProPetro Holding Corp this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets for the year…

PTTEP, Halliburton Ink Automation Deal

(Image: Halliburton)

PTTEP, a national petroleum exploration and production company in Thailand, selected Halliburton Landmark for joint development of new well design workflow to automate drilling and completion engineering processes across the well lifecycle, the US-based oilfield services company announced.Halliburton said the new…

Halliburton Introduces Automated Drilling Telemetry Service

Quick and reliable data transmission enables faster well deliveryOilfield services company Halliburton released a new measurement while drilling (MWD) technology designed to provide quick and reliable downhole information at extended depths to deliver wells faster. This capability helps operators drill longer laterals…

Baker Hughes: U.S. Oil Drillers Cut Rigs Again

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U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year.Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017…

Halliburton Profit Beats Estimates

(Photo: Halliburton)

Halliburton Co on Monday beat analysts' estimates for second-quarter profit as its Completions and Production unit outperformed expectations, pushing its shares up 6.8 percent in early trading.The Houston, Texas-based company is a leading provider of hydraulic fracturing services in North America, a segment of the…

Oilfield Services Pricing Rises

Graph: Rystad Energy

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground…

Aker Solutions Raises 2019 Forecasts

(Photo: Aker Solutions)

Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending is a result of record cashflows accumulated by oil companies on the…

Oilfield Services Firms Keane, C&J Merge

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Oilfield services company Keane Group Inc said on Monday it will merge with rival C&J Energy Services in a $745.7 million all-stock deal, as it looks for scale amid spending cuts by crude producers.The oil service sector has been battling lower demand and pricing pressure as U.S. producers hold off drilling new…