Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied gas, financial services and advanced materials manufacturing, as well as procurement of materials and other services.
US and Saudi announce new business deals during investment forum
Saudi Arabian and U.S. officials highlighted billions of dollars in new investments on Wednesday, coinciding the Saudi Arabian Crown prince Mohammed bin Salman’s Washington visit. According to the program for the event, the CEOs of Chevron and Qualcomm as well as General Dynamics, Cisco, General Dynamics, Pfizer, and Alphabet's Google will attend the U.S.
Saudi Crown Prince tries to improve image of Saudi Arabia with top corporate executives
WASHINGTON, November 19 - Saudi Arabian crown prince Mohammed bin Salman, who was reintroduced to Washington by President Donald Trump with a glowing White House endorsement, will rub shoulders on Wednesday with some of the most powerful corporate executives in America. According to the program for the event, the CEOs of Chevron and Qualcomm will attend…
Elon Musk, Jensen Huang to talk AI at US-Saudi investment forum
According to a document that was seen by us, Elon Musk of Tesla and Jensen Huang of Nvidia will be taking part in a panel discussion about artificial intelligence and technology on Wednesday at the U.S. Saudi Arabia Investment Forum in Washington. The document stated that "This conversation will examine the emerging forces shaping a new wave of technological advancement…
Source: CEOs of Chevron Qualcomm and Pfizer will attend US-Saudi event.
According to a source with knowledge of the event, CEOs from Chevron and Qualcomm will be attending the U.S.-Saudi Arabia Investment Forum in Washington this week, during the visit by Saudi Crown Prince Mohammed bin Salman. Bin Salman is expected to highlight the increasing business ties between Saudi Arabia and the United States during his first visit to the U.S. in 2018.
Oilfield giants shift focus to AI infrastructure after drilling demand declines
SLB, Halliburton, and Baker Hughes, oilfield services giants in North America, are focusing on data centers and artificial intelligence infrastructure to fuel their next phase of expansion as they deal with a slowing drilling market and idle rigs. U.S. producers of oil have reduced exploration budgets, as the price of a barrel hovers in the low 60s…
Baker Hughes exceeds profit expectations on the strength of industrial and energy technology demand
Baker Hughes, a provider of oilfield services, beat Wall Street expectations for its third-quarter profits on Thursday. This was due to the strength in their industrial and energy technologies (IET) division. Oilfield services firms are navigating a volatile oilfield market. Resilient areas such as LNG infrastructure…
Ananym suggests Baker Hughes sell its oil service equipment business
Ananym Capital wants to see Baker Hughes' oil field equipment and services business spun off. They believe this could boost the stock price at least by 60%. Charlie Penner, co-founder of Ananym and active passive-investment summit host 13D Monitor in New York on Tuesday, said: "That is our preferred path. We also…
Halliburton's profits beat expectations on the back of steady drilling demand in North America
Halliburton's third-quarter profits surpassed Wall Street expectations on Tuesday thanks to the steady demand for oilfield equipment and service in North America. The North America segment's quarterly revenue was $2.4 billion. This is the same as a year ago, but it's above analysts’ average estimates of $2.17billion.
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March…
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S.
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum Exporting Countries (OPEC)…
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark…
Pemex plan disappointed suppliers who are awaiting billions of dollars in unpaid payments
The head of a Mexican association that represents global oilfield services firms said on Thursday, that the new business plan for Pemex, despite promises to accelerate payments to suppliers, lacks any concrete measures. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries…
Baker Hughes reports that US drillers have cut oil and gas rigs 12 times in 13 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the 12th consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 25. Baker Hughes reported that the number of rigs is down by 47, or 8 percent compared to this time last.
Halliburton: Mexico's oil production decline rates will force a reactivation business
Halliburton, a U.S. oilfield services provider, said Tuesday that Mexico's declining oil production rates create pressure for a return to business amid the long delays by state-run Pemex in paying its suppliers. Official figures show that the output of crude oil and condensate from Pemex, which is the largest producer, dropped 8.4% to 1.64 millions barrels per day in May.
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America. This was because producers analyzed drilling and completions with low oil prices.
Suppliers threaten shutdown in July due to Pemex payment problems
The Mexican association of major oil service companies has warned it is experiencing an "unprecedented" crisis due to the non-payment by the state-owned Pemex. Pemex is the most indebted oil company in the world. The association, in a letter to President Claudia Sheinbaum that was released on Monday afternoon warned…