SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction
Oilfield services giant SLB, until recently known as Schlumberger, on Monday introduced the EcoShield geopolymer cement-free system that it says minimizes the CO2 footprint of a well’s construction." This innovative technology eliminates up to 85 percent of embodied CO2 emissions compared with conventional well cementing systems, which include portland cement.
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…
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 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…
Gould Elected to Oxy Board of Directors
US based oil and gas company Occidental Petroleum announced on Thursday that former Schlumberger Chairman and Chief Executive Officer Andrew Gould has been elected to its Board of Directors effective March 1, 2020.Gould has more than 40 years of experience in the oil and gas industry. He started…
Schlumberger Scraps Bid for Eurasia Drilling Stake
U.S. oilfield services giant Schlumberger has withdrawn its bid for a stake in Russia's Eurasia Drilling Company (EDC) Russia's Federal Anti-monopoly Service (FAS) said on Monday.Schlumberger, which has its own business in Russia, said last month it would withdraw its application to buy a stake in…
The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools.
Unafraid Investors Pour Cash into U.S. Shale
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Rising U.S.
Halliburton Warns of Slower Growth as US Rig Count Drops
Oilfield services giant Halliburton Co on Monday warned of slower growth at its oil well drilling and evaluation business, reflecting a steady drop in rig counts in the United States. The outlook suggests Halliburton's current-quarter might not be as strong as its latest quarter, echoing warnings on Friday from its two bigger rivals, Schlumberger NV and Baker Hughes.
Jobless Recovery Looms for White-Collar Oil Workers
Elizabeth Huber lost her job inspecting oilfield pipes nearly 20 months ago and her prospects remain bleak even as oil executives cautiously plot production and budget increases. Despite crude trading 75 percent above its February lows and energy companies shifting focus from survival to recovery…
Big U.S. Shale Savings Waning Fast
Huge cost savings are waning for U.S. shale oil companies, marking an end to the drastic price cuts on equipment and services over the past 16 months that helped them survive the worst industry downturn in six years. Companies including Anadarko Petroleum Corp, ConocoPhillips and Occidental Petroleum Corp have saved millions on drilling and fracking wells in Texas…
U.S. Frackers Defy Output Logic with Vertical Wells
Easy money, super-sized frack jobs, and desperate drillers offering deep discounts to oil producers - all three have been credited for sustaining U.S. crude output during the worst price slump in six years. Now there appears to be a new factor in the mix: old vertical wells that can quickly be drilled…
Schlumberger Poised to Extend Credit Line
Venezuela's PDVSA said on Friday that oil services giant Schlumberger was poised to extend an existing credit line to the South American state oil company, without offering details. In 2013, PDVSA received a revolving credit line of at least $1 billion to allow it to continue contracting Schlumberger…
Schlumberger Buying $1.7 bln Stake in Russian Driller
U.S. group to buy 45.65 pct stake in Eurasia Drilling; offers $22 a share; Eurasia shares up 68 pct. Oil services giant Schlumberger plans to buy a 45.65 percent stake in Eurasia Drilling for about $1.7 billion, potentially paving the way for it to become the sole owner of Russia's most active oilfield services company.
Amid US Oil Price Crash, Cost Cutting Ripples Through Industry
Any lingering doubt about the depth of the crisis facing the U.S. energy industry is quickly evaporating as even the biggest firms slash spending amid the steepest oil price crash since the recession, sending ripples across the vast sector. In a stark sign of how a sudden, 60 percent drop in oil prices is biting…
