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U.S. Shale will Drive 30% Oilservice Spending Rebound in 2017: BI

U.S. Shale will Drive 30% Oilservice Spending Rebound in 2017: BI

Quick Take: 2017 Oilfield Service and Drilling Outlook from Bloomberg Intelligence Bloomberg Intelligence (BI) analysts Andrew Cosgrove and William Foiles presented a briefing today on the outlook for U.S. oil services and drilling. Bottom line: U.S. shale developers will lead a rebound in oilfield service activity in 2017. Oil Price and CapEx Outlook The Bloomberg analysts expect the global oil[Read More…]

Patterson-UTI Energy Inc. and Seventy Seven Energy to Merge

Patterson-UTI Energy Inc. and Seventy Seven Energy to Merge

Service Company Makes Big Push into Land Drilling High Spec Rigs and Pressure Pumping Patterson-UTI Energy Inc. (ticker: PTEN) and Seventy Seven Energy Inc. (ticker: SVNT) today jointly announced that they have entered into a definitive merger agreement in which PTEN will buy SVNT through an all-stock transaction. Both companies build and operate high-spec rigs. The combined company will be called Patterson-UTI, with[Read More…]

Calgary-based Precision Drilling Corporation (ticker: PDS) announced planned capital expenditures for 2017 of CAD$109 million.

Precision Drilling Announces its 2017 CapEx Plan

Precision Drilling has 110 drilling rigs currently running in North America: seeing strengthening demand – 45 rigs under contract for 2017; company has filled 1,000 positions Calgary-based Precision Drilling Corporation (ticker: PDS) announced planned capital expenditures for 2017 of CAD$109 million. The company said its 2017 capital expenditure plan would be allocated as follows: $51 million to upgrade existing rigs,[Read More…]

December 5, 2016 - 5:19 pm 360 Articles, Canada, Closing Bell Story, Oilfield Services
Baker HuGE:  Oilservice Leader Baker Hughes and GE Oil and Gas to Combine as $32 Billion Company

Baker HuGE: Oilservice Leader Baker Hughes and GE Oil and Gas to Combine as $32 Billion Company

Consolidation Will Create a Services Company “Ideally Positioned to Grow in any Market” Baker Hughes (ticker: BHI) will merge with GE’s (ticker: GE) oil and gas segment, forming a new company called Baker Hughes, A GE Company, with $32 billion in revenues, the two companies announced today. Today’s news follows the unraveling of BHI’s attempted merger with Halliburton (ticker: HAL)[Read More…]

We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

But expect rising service costs and stricter return hurdles Paal Kibsgaard, CEO of the world’s largest oilfield service provider Schlumberger (ticker: SLB), gave his assessment of the global oil and oil services markets during the company’s third quarter conference call. “The business environment stabilized as expected in the third quarter, confirming that we have indeed reached the bottom the cycle.[Read More…]

Halliburton Executives Lay Out E&P/Oilservice Landscape for Q4 and 2017

Halliburton Executives Lay Out E&P/Oilservice Landscape for Q4 and 2017

Halliburton: things are getting better for us and our customers In Halliburton’s (ticker: HAL) Q3 2016 conference call today, CEO Dave Lesar characterized the business climate in Q3 for the company and gave some hints about where the industry feels like it is heading in Q4 2016 and into 2017. The following excerpts are from Lesar’s and other HAL executives’[Read More…]

October 19, 2016 - 6:56 pm 360 Articles, Closing Bell Story, E&P, Oilfield Services
Source: WPX

Warren Buffett Continues Accumulating Oilfield Stocks

Phillips 66 is Buffett’s 6th Largest Holding – 79 million shares Last year, Warren Buffett made his first purchase of Phillips 66 (ticker: PSX) stock amid the depletion in oil prices and the consequent depletion of oilfield service stocks. Oil refiner Phillips 66 now represents a major holding for Berkshire Hathaway (ticker: BRK), the sixth-largest holding in the company portfolio.[Read More…]

August 29, 2016 - 5:34 pm 360 Articles, Closing Bell Story, Oilfield Services
Pioneer Energy Services – Day Three Breakout Notes

Pioneer Energy Services – Day Three Breakout Notes

Pioneer Energy Services presents at EnerCom’s The Oil & Gas Conference®  During Pioneer Energy Services’ breakout session, management was asked the following questions: What do you think the state of the industry really is? What type of rigs will get the best utilization going forward? Do you see competition from walking converted SCR rigs? How are you doing on crews?[Read More…]

August 18, 2016 - 10:00 am 360 Articles, Closing Bell Story, Oilfield Services, TOGC21
RigUp, Inc. to Present at the EnerCom Conference August 16th

RigUp, Inc. to Present at the EnerCom Conference August 16th

RigUp is a private technology company that operates the largest online marketplace for oilfield services. RigUp’s network spans 150 E&Ps and 11,000 service companies, with $250 million in monthly-awarded work being transacted on the platform. Over the past 18 months, RigUp has seen activity grow across all of the major shale plays in the U.S. RigUp’s digital platform addresses many of the[Read More…]

Core Laboratories – Day One Breakout Notes

Core Laboratories – Day One Breakout Notes

Core Laboratories presents at EnerCom’s The Oil & Gas Conference®  During the Core Laboratories breakout session, management was asked the following questions: Can you talk about what you see in world supply and demand curves? Specifically how do you see the balance of the demand? World production hovers around the low to mid 90’s you use 85, why? Is miscible[Read More…]

August 15, 2016 - 3:01 pm 360 Articles, Closing Bell Story, Oilfield Services, TOGC21
EnerCom Conference Presenter Focus: Core Laboratories

EnerCom Conference Presenter Focus: Core Laboratories

Core Laboratories will present at EnerCom’s The Oil & Gas Conference® on Mon. Aug. 15, 2016. Core Laboratories (ticker: CLB) is a leading provider of proprietary and patented reservoir description, production enhancement, and reservoir management services used to optimize petroleum reservoir performance. The Company has 70 offices in more than 50 countries and operates in every major oil-producing region in[Read More…]

Technology-Driven Drilling Service Companies who are Preemptive, Predictive Will Prevail: Helmerich & Payne

Technology-Driven Drilling Service Companies who are Preemptive, Predictive Will Prevail: Helmerich & Payne

The Days of “Show Up and Fix It” are Over: Lindsay Ninety-six year old Tulsa-based Helmerich & Payne (ticker: HP) reported its third quarter results today and on the conference call CEO John Lindsay expressed confidence that the company will be able to respond the industry demand for not just more rigs, but answer the need for much better rigs. “We believe[Read More…]

July 28, 2016 - 7:02 pm 360 Articles, Closing Bell Story, Oilfield Services
Industry Needs Minimum of Upper $50s for Sustainable Recovery: BHI

Industry Needs Minimum of Upper $50s for Sustainable Recovery: BHI

But BHI Chairman Predicts “Continued Uncertainty” in Global Oil Markets Before the markets opened today, Baker Hughes (ticker: BHI) hosted the company’s second quarter conference call. BHI reported an adjusted net loss of $0.90 per share, with revenue falling 39.3% year over year to $2.41 billion. Baker Hughes said it was hurt by a “continued steep decline” in drilling activity[Read More…]

We Found the Bottom, but Don’t Expect an Easy Recovery – Schlumberger

We Found the Bottom, but Don’t Expect an Easy Recovery – Schlumberger

Schlumberger CEO Paal Kibsgaard pessimistic on underlying industry performance During the second quarter conference call for the world’s largest oilfield service provider, Schlumberger (ticker: SLB) CEO Paal Kibsgaard said that oil markets had found bottom, but that the road to recovery could be long and daunting. Problems remain within the industry, Kibsgaard said, and the downturn has not created long-term[Read More…]

Core Lab Stands by Decline Curves, V-Shaped Recovery

Core Lab Stands by Decline Curves, V-Shaped Recovery

Core Lab Reports 2Q Oilfield services firm Core Laboratories (ticker: CLB) announced results from the second quarter 2016 today, reporting adjusted diluted earnings of 35 cents per share on quarterly revenue of $148.1 million. Because of its worldwide customer bank, Core Laboratories is viewed as a company with a firm grasp on the pulse of the industry and among the smartest[Read More…]

July 21, 2016 - 6:20 pm 360 Articles, Closing Bell Story, Oilfield Services
Halliburton Calls Q2 the Bottom, Gets Ready to Gear Up

Halliburton Calls Q2 the Bottom, Gets Ready to Gear Up

You can’t underestimate the positive change in attitude that we are seeing in our North American customers, they’re getting back to business: Lesar Oilfield service giant Halliburton (ticker: HAL) announced its second quarter results today, reporting a larger loss than in the first three months of the year, but the company’s management was clearly optimistic that this quarter represented what[Read More…]

Bam! It’s Earnings Season Again – Q2’16 Estimates

Bam! It’s Earnings Season Again – Q2’16 Estimates

EnerCom, Inc. compiled second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 201 E&P and OilService companies in our database. Click here for the full chart of estimates. The median OilServices company earnings estimate for the quarter ending June 30, 2016, is ($0.13) per share compared to actual earnings per share of ($0.11)[Read More…]

Merger Fallout: 6 Williams Directors Jump Ship

Merger Fallout: 6 Williams Directors Jump Ship

Following a Delaware judge’s ruling last week that Energy Transfer Equity (ticker: ETE) could walk away from the Williams Company (ticker: WMB) merger, and Energy Transfer’s official cancellation of it, the fallout from the decision is coming full circle. Six of Williams Company’s directors, including the company’s chairman, resigned on Thursday following a failed attempt to oust the CEO, according[Read More…]

Use of Water-Based Drilling Fluids on the Rise: Report

Use of Water-Based Drilling Fluids on the Rise: Report

Drilling Fluids Market Dips to $8 Billion in ’15, but Rise of WBF and Foam-based Muds are Coming on Strong thanks to Environmental Regulations The global drilling fluids market size was valued at USD 7.98 billion in 2015, a slump from the previous year due to declining oil industry activity, San Francisco’s Grand View Research said in a new report. No surprises[Read More…]

June 28, 2016 - 7:18 pm 360 Articles, Closing Bell Story, Oilfield Services
Does Increase in Oil Service Activity Indicate an Uptick?

Does Increase in Oil Service Activity Indicate an Uptick?

Oil prices have been on the rise over the course of the last several months, and for the first time in a long time, rig count has been moving up instead of down. With the price reaching $50 a barrel, the expectation is that oil and gas producers will likely stand rigs back up and put frac crews back to[Read More…]

Say Goodbye to Hercules Offshore

Say Goodbye to Hercules Offshore

HERO Re-enters Chapter 11 with Plans to Dissolve the Company Hercules Offshore (ticker: HERO) announced today that it has decided to return to Chapter 11 bankruptcy less than seven months after the company’s initial bankruptcy claim. Hercules plans to dissolve the company and sell all remaining assets instead of restructuring and staying in business. Hercules said in a press release[Read More…]

May 27, 2016 - 4:02 pm 360 Articles, Closing Bell Story, Oilfield Services
After a Dead Merger with Halliburton, Baker Hughes Implements Change

After a Dead Merger with Halliburton, Baker Hughes Implements Change

Three major organizational changes are coming to Baker Hughes, the company announced on May 25, 2016.  The changes follow the company’s May 2 announcement of its plans to capitalize on its leadership position as a product innovator by simplifying its business structure, reducing costs and enhancing its commercial strategy. The company plans will consolidate its regional operations structure into one[Read More…]

Oil Service Companies FMC Technologies and Technip Announce $13 Billion Merger

Oil Service Companies FMC Technologies and Technip Announce $13 Billion Merger

Oil service companies FMC and Technip announced a plan to merge in an all-stock deal worth about $13 billion to create a larger player in the energy services sector. The Houston-based FMC Technologies and the Paris-headquartered Technip will combine to form TechnipFMC. FMC investors will get one share in the company, while those with Technip shares will get two, the[Read More…]

Shale Record: Is Eclipse Resources’ 124-Stage Purple Hayes Well the Longest Onshore Lateral Ever Drilled?

Shale Record: Is Eclipse Resources’ 124-Stage Purple Hayes Well the Longest Onshore Lateral Ever Drilled?

Purple Hayes: Eclipse Resources Drills Well with an 18,544 Lateral in the Utica; Nine Energy Service Completes a 124-Stage Plug and Perf Frac on the Well In the Eclipse Resources (ticker: ECR) Q1 earnings call on May 5, Ben Hulburt, Eclipse’s chairman and CEO, dropped a piece of news that’s just now making its way around the circuit. “Perhaps most[Read More…]

Eco-Stim Energy Solutions Reports First Quarter 2016 Results, Argentina Overview

HOUSTON, TX and NEUQUEN CITY, ARGENTINA–(Marketwired – May 12, 2016) – Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced today its financial and operating results for the quarter ended March 31, 2016. 2016 HIGHLIGHTS Company awarded contract in mid-April for well stimulation & coiled tubing work with largest E&P company in Argentina Company in advanced discussions on[Read More…]

A Story Made for Hollywood: How HAL and BHI Banged Heads to Accomplish a $35 Billion Merger that Went Up in Smoke

A Story Made for Hollywood: How HAL and BHI Banged Heads to Accomplish a $35 Billion Merger that Went Up in Smoke

Halliburton + Baker Hughes Deal Dies, but their Intriguing Backstory Lives On Now that the Halliburton+Baker Hughes (tickers: HAL, BHI) merger deal is going into the history books as an official bust (as of yesterday’s announcement), it’s entertaining to read the backstory behind the making of the deal that would have created the world’s second largest oilfield services company. The chain of[Read More…]

New Oil Company Data Points and Operating Metrics Available on Oil & Gas 360®

New Oil Company Data Points and Operating Metrics Available on Oil & Gas 360®

Oil & Gas 360® has updated financial information for the energy companies listed on the home page. Companies who have reported results for the quarter ending 3/31/2016 have been updated and can be found on their respective 360 Profile Pages. Links to the profile company financial and operations data and access to downloadable tear sheets are linked on the Oil[Read More…]

Halliburton and Baker Hughes’ $35 Billion Merger is Dead

Halliburton and Baker Hughes’ $35 Billion Merger is Dead

Halliburton and Baker Hughes decide to terminate merger The world’s second- and third-largest oilfield service companies, Halliburton (ticker: HAL) and Baker Hughes (ticker: BHI), announced the termination of their proposed merger agreement. The deal, which was worth $35 billion before the crash in commodity prices and $28 million yesterday before the announcement, met with heavy resistance from the U.S. Department[Read More…]

Halliburton Announces First Quarter Earnings

Halliburton Announces First Quarter Earnings

Halliburton Announces First Quarter Income from Continuing Operations of $0.07 Per Diluted Share, Excluding Special Items Reported loss from continuing operations of $2.81 per diluted share Halliburton Company (NYSE:HAL) announced today that income from continuing operations for the first quarter of 2016 was $64 million, or $0.07 per diluted share, excluding special items. This compares to income from continuing operations[Read More…]

May 3, 2016 - 4:56 pm 360 Articles, Closing Bell Story, Oilfield Services
Halliburton Delays Earnings Call, Announces Layoffs

Halliburton Delays Earnings Call, Announces Layoffs

Merger questions proliferate Halliburton Co. (ticker: HAL) announced that the company will delay the first quarter earnings call, raising speculation that something is amiss in the proposed merger with Baker Hughes. Halliburton’s earnings release has been delayed until May 3, from the original schedule of April 25. In the company’s press release, the upcoming merger deadline of April 30, 2016,[Read More…]