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…
US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S.
Halliburton Cuts 350 Jobs in Oklahoma
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
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%
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
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
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
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
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.
