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 Brent crude oil price has dropped by more than 10% in the past year due to uncertainty about trade policies around the world and the Organization of Petroleum Exporting Countries (OPEC) and its allies increasing production. ConocoPhillips, a U.S.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S.
Chevron surpasses Wall Street profit expectations with record output
Chevron surpassed analyst expectations for the second quarter profit on Friday, as record oil production and lower capital spending helped to offset lower crude prices. The No. The No. The deal also includes a stake Exxon's Stabroek Block offshore Guyana oilfield. This should help Chevron fund dividends well into the 2030s, as well as make its earnings more resistant to fluctuations in oil prices. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies increased production, which led to a 11% drop in international crude prices during the third quarter.
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production reached its highest level in any second quarter ever since Exxon Mobil was formed by the merger of Exxon Mobil and Exxon more than 25 year ago. LSEG data showed that adjusted earnings for the second quarter totaled $7.1 billion or $1.64 a share.
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. Pemex is the most indebted oil company in the world. This has led to a significant decrease of activity by oilfield service companies.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects.
Baker Hughes' first-quarter profits beat expectations on the back of strong demand for natural Gas Technology
Baker Hughes, a U.S. oilfield technologies firm, beat Wall Street expectations for the first-quarter profits on Tuesday thanks to a robust demand for natural Gas technology. The positive results are coming as oilfield service firms prepare for the impact of the tariffs introduced by the President Trump. These are expected to increase costs and disrupt sourcing of materials that are used in equipment such as drill pipes and artificial lifting systems. As Big Tech invests billions in AI, demand for electricity has increased to power data centres.
US oilfield service firms prepare for earnings as tariffs cloud the outlook
The results next week should provide an insight into how the top three oilfield service companies in the world are dealing with the uncertainty caused by the U.S. trade tariffs and the recent drop in oil prices. Donald Trump campaigned on the slogan "drill, baby, drill" to increase U.S. production of oil and gas. However his extensive levies have fueled an international trade war and raised concerns about demand destruction. Brent crude is hovering around $66.65 per barrel. It was as low as $58.40 a barrel on April 9, but has since recovered to hover at $66.65.
US oilfield service firms prepare for earnings to be affected by tariffs
The results next week should provide an insight into how the top three oilfield service companies in the world are dealing with the uncertainty caused by the U.S. trade tariffs and the recent drop in oil prices. Donald Trump campaigned on the slogan "drill, baby drill" to increase U.S. production of oil and gas. However, his extensive levies sparked a global trading war and raised concerns about demand destruction. Brent crude is hovering around $66.65 per barrel. It was as low as $58.40 a barrel on April 9, but has since recovered to a price of $66.65.
Experts say that Trump's tariffs against steel and aluminum will increase costs for US energy companies
The proposed U.S. steel and aluminum tariffs will increase costs for U.S. Oilfield Services companies that rely on this metal for their operations. Oilfield service firms like ChampionX and Patterson UTI are the backbone for the North American oil and natural gas industry. They provide essential equipment and services to drill, produce and maintain. Steel is the lifeblood of these industries - drilling platforms, pipelines and refineries, compressors and storage tanks, offshore platforms, and offshore platforms.
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric. It gives them an idea of how much gas and oil the company could produce, and how long. Chevron would be able to gain a stake on the lucrative oilfields in Guyana, which are run by Exxon, Chevron’s main rival.
Baker Hughes exceeds its quarterly profit expectations on natgas demand
Baker Hughes, a U.S. oilfield equipment company, beat Wall Street's fourth-quarter profit estimates on Thursday as strong demand for natural gas products and services offset the weak sales of its drill gear in North America. Oilfield services companies are struggling with lower demand, as extraction technology becomes more efficient and increased supplies discourage more drilling from energy companies. Baker Hughes reported that revenue for its oilfield service segment in North America fell by 5%, while international markets saw a 1% drop.
SLB's Russia business aligns itself with US sanctions as revenues drop
SLB, an oilfield services provider, said on Friday that its current business in Russia aligns with the U.S. sanctioned this month but revenue is declining in Russia. After the 2022 invasion of Ukraine, one of only a few Western companies that will remain in Russia is the world's largest oilfield services company. SLB faces pressure to leave Russia following the U.S. Treasury Department's new sanctions on Jan. 10. These included an executive order that cut off Russia’s access to U.S. Services related to the production and extraction of crude oil, and other petroleum products.
Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron, in August, started production on its Anchor asset. It is owned by TotalEnergies and it was the first project ever to operate with 20,000 pounds per sq inch (PSI) pressure. The reservoir depths reached 34,000 feet (10.363 m).
Halliburton claims hackers removed data from August cyberattack
Halliburton, a U.S. oilfield service firm, said Tuesday that an unauthorized third-party had accessed its systems and removed data. Details about the cyberattack first reported by were revealed. The company is currently evaluating what information was removed and how it was done, but said that this incident is unlikely to have any material impact. Halliburton refused to comment on'requests for additional information regarding the nature of the data removed and the expenses incurred as a result of the cyber incident.
Halliburton investigates cyber attacks with law enforcement
Halliburton, a leading U.S. oilfield service firm, said Friday that it was working with the law enforcement agencies to determine the scope of a breach in its computer system. It had not yet determined if this incident would have an impact on the company's business. In its first disclosure of the cyber breach, the $23 billion company said that it became aware of the attack on Wednesday. The company said that it has also taken certain systems off-line to protect them.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil company with one of the most successful names to emerge from the shale revolution that turned the U.S. into the world's largest oil producer in little more than a decade.Exxon Chief Executive…
Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S. shale industry, as American and European producers diverge in whether to focus on hydrocarbons going forward.Like all of the world's largest oil companies…
US Drillers Add Oil and Gas Rigs for Fifth Week in Six
U.S. energy firms this week added oil and natural gas rigs for the fifth time in six weeks although growth in the rig count over the past few months has slowed as drillers continue to focus on capital discipline despite firmer oil prices.The oil and gas rig count, an early indicator of future output, rose three to 491 in the week to Aug. 6, energy services firm Baker Hughes Co said in its closely followed report on Friday.The total rig count was up 244 rigs, or 99%, over this time last year.
U.S. Oil Firms Hit Brakes on Return-to-work as Virus Cases Soar
U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients.A record number of new illnesses in Texas this week spurred local officials to impose restrictions as new cases topped 5,000 on two days in a row. Intensive care unit (ICU) beds were 97% full at Houston's Texas Medical Center, which said it may soon move to surge ICU capacity assignments…