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.
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S.
After Halliburton layoffs, the Argentine oil union has threatened to strike
The union of oil and gas workers in Argentina's oil rich Chubut province, which has hundreds of employees laid off by Halliburton and a local office closing, threatened to strike after Halliburton closed its local office and dismissed hundreds. Carlos Gomez said that the Chubut Private Oil and Gas Union's deputy secretary…
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…
S&P 500 reaches record high thanks to Netflix results and AI investment plan
Wall Street indexes rose Wednesday. The benchmark S&P 500 hit a record during the session as investors cheered the quarterly report from streaming video provider Netflix and technology shares rallied after President Donald Trump's announcement of a private sector artificial intelligence infrastructure plan. The S&P 500 index's 11 main industry sectors were led by the technology sector…
S&P 500 reaches record highs on Netflix results and AI investment plans
Wall Street's major indexes rose Wednesday. The benchmark S&P 500 hit a record high as investors cheered the quarterly report from streaming video provider Netflix and technology shares rallied following the announcement of an artificial intelligence infrastructure plan for the private sector. Data pointing to an…
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days.
Mexican oil service companies ask Pemex for debt repayment
A letter published on Monday shows that the association representing the interests of some the most important oil services providers in Mexico has asked the state company Pemex for payment of overdue bills totaling 103.6 trillion pesos (about $5 billion). The Mexican Association of Oil Service Companies, in a letter…
US Extends Protections for CITGO to March 2025
The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner's parent might be auctioned to pay creditors.Citgo's parent, PDV Holding, was found liable by the court for Venezuela's debts from asset expropriations and debt defaults.
Halliburton misses quarterly profit estimates on North America drilling demand weakness
Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services. Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America.
S&P 500 and Nasdaq close at record highs after Netflix earnings, tech stocks and other factors.
The S&P 500, Nasdaq and other technology stocks ended the day higher Friday. This was largely due to a surge in Netflix stock shares fueled by earnings and wider gains amongst technology stocks. The Dow Jones Industrial Average closed largely unchanged, a day after it posted a record-breaking closing high. Netflix…
S&P, Nasdaq boosted by tech stocks. Netflix soars following results
S&P 500, Nasdaq and other technology stocks all gained on Friday. This was due to a surge in Netflix stock shares fueled by earnings and wider gains amongst technology stocks. The Dow Jones Industrial Average, which had just posted a record-breaking closing high the day before, was largely unchanged. Netflix shares jumped by 10.5%, reaching a new record high.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong.
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 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.
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.
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts…
Halliburton Lays Off 1,000 Employees at Houston HQ
Oilfield services firm Halliburton has laid off roughly 1,000 employees, or 22% of staff, at its corporate headquarters in Houston, a company spokeswoman said on Wednesday, as oil prices collapse.The cuts by one of the biggest names in oilfield services come with oil prices having plunged to around $24 a barrel…
NOIA Elects Cobb, McCarroll to Board Leadership Roles
The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said…
U.S. Oil Firms' Quarterly Reports to Show Depths of Slump
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt…
