C&J Energy, Keane Merge in $1.8bln Deal
Oilfield services firms C&J Energy Services and Keane Group, said that they will merge in an all-stock deal valued at about $1.8 billion.C&J Energy, which offers a suite of oil and gas production services, and Keane, which specializes in well completions would combine in what the companies described as a merger of equals. The deal would create a…
ProPetro Holding Profit Misses, Shares Fall
Shares of ProPetro Holding Corp fell by as much as 12.9 percent on Tuesday after the U.S. pressure pumper reported a lower than expected quarterly profit on weather-related delays and a higher mix of lower-margin services. The Midland, Texas, company posted earnings per share of 12 cents in the fourth quarter, below analysts' expectations of 35 cents, according to Thomson Reuters I/B/E/S.
US Shale Booms and Depresses Oil Prices Again
U.S. oil production continues to rise relentlessly, frustrating efforts by OPEC and non-OPEC oil exporters to rebalance the global market and secure an increase in the price of crude. After a devastating slump in 2015 and 2016, the U.S. oil industry has returned to strong growth, with drilling and output rising rapidly. U.S. production is now forecast to grow by an average of 440…
CCS names Reynolds business development and advisory manager
Cornerstone Completion Services (CCS), a recently-launched division of Wellsite Fishing and Rental Services, LLC (“Wellsite”), a leading provider of drilling and completion rental equipment, has appointed David R. Reynolds as its new business development and advisory manager. As business development and advisory manager, Reynolds will be based in New Castle…
Statoil: Production Drilling Starts on Mariner
Production drilling has started on the Statoil operated Mariner field in the UK North Sea. Up to five wells will be drilled before the Mariner A platform hook up and commissioning activity starts next summer. First oil is expected to be produced from Mariner in 2018. “Predrilling enables production to reach plateau levels more quickly after the start of operations on Mariner A.
Halliburton Posts Surprise Profit as Expenses Fall
Halliburton Co, the world's No.2 oilfield services provider, posted a surprise quarterly profit, helped by higher cost cuts, and said it expected a rise in oil prices to boost rig count. U.S. shale oil companies have started putting rigs back to work as crude prices nearly doubled since their February lows. The number of active rigs in the United States rose for the seventh straight week through Oct.
Producers Postpone Shale Well Completions
EOG Resources became the latest major shale producer to state that it would "delay a significant number of completions" when it announced fourth-quarter results. The company plans to end 2015 with 285 wells awaiting completion services, up from 200 at the end of 2014, it told investors during an earnings call on Thursday. Continental Resources has…
Factors Driving 2015 U.S. Oil Output
Rig counts are a highly imperfect guide to future oil production but they are one of the few readily available statistics on oilfield activity so it is unwise to dismiss their importance entirely. The sharp drop in crude oil prices since June 2014 and associated fall in rig counts published by state regulators and service companies such as Baker Hughes has sparked a lively debate about the short-term outlook for U.S.
U.S. Oil Production to Fall by End of 2015
Unless prices recover, U.S. oil production will start falling before the end of 2015 as new drilling is insufficient to replace declining output from wells completed in 2013 and 2014. Future production depends on the rate of decline from existing wells (known as the decline curve) and the average age of old oil wells as well as the number of new ones drilled and their productivity.
Oilfield Firm's Stumble May be Symptom of Greater Pain
A nasty profit warning and deep job cuts. A gutted capital budget, a suspended dividend and shares tumbling by more than half on a single day. The retrenchment at Civeo Corp, which provides temporary housing for oilfield workers and miners, is the most-severe symptom of pain inflicted on the oil service industry by the slide in crude prices, and may presage similar steps by peers.
Hamm Sold Superior Energy Stake, Citing Performance
Oil billionaire Harold Hamm recently sold his remaining stake in Superior Energy Services, a Houston-based oil services company, saying the stock wasn't providing the financial returns he'd hoped for, he told a court during his divorce trial last week. Hamm, who controls Oklahoma City-based driller Continental Resources and has an estimated fortune of more than $19 billion…
KCA Deutag Secures $170m Contract in Angola
International drilling and engineering contractor, KCA Deutag, has been awarded a $170 million contract by Sonangol Pesquisa e Produção, S.A., for the provision of the Ben Rinnes jack-up rig in Angola. The two-year agreement, which comes with a two-year extension option, will see KCA Deutag’s offshore division provide drilling and completion services, in various offshore locations in Angola.
Halliburton Announces JV with SPT Energy
Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China. The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services…
U.S. Fracking Giant Goes to China
State-of-the-art American fracking technology is coming to China's vast shale deposits as a result of a joint venture between FTS International and Sinopec announced on Tuesday. SinoFTS, as the joint venture will be called, marks an important milestone on the road to exporting the North American shale revolution around the world. FTSI, formerly known as Frac Tech…
