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360 Articles

Source: Parker Drilling Company

Parker Drilling’s President and CEO Retires

By Tyler Losier, Energy Reporter, Oil & Gas 360 President and CEO of Parker Drilling will retire later this year Parker Drilling Company’s (stock ticker: PKD) president, CEO and director Gary Rich will be retiring from his position later this year, once a suitable replacement can be found. Parker’s board of directors is actively conducting a comprehensive search for a[Read More…]

Global Oil Production Represented at 2019 EnerCom Conference is 47% Higher than in 2017

Global Oil Production Represented at 2019 EnerCom Conference is 47% Higher than in 2017

U.S.’s 2020 crude oil production en route to 13.3 MMBOPD – EIA  By Bevo Beaven, Editor, Oil & Gas 360 There’s no doubt that production around the U.S. oilpatch is continuing its significant upward momentum. In the heart of the price-crash doldrums, the EIA reported in April 2016 that U.S. crude oil production fell below the 9 MMBOPD mark for[Read More…]

Source: Kuwait Oil Company

Kuwait Teams Up with Halliburton

By Tyler Losier, Energy Reporter, Oil & Gas 360 First offshore project for Kuwait since early 1980s Kuwait Oil Company (KOC) and Halliburton (stock ticker: HAL) have signed an integrated offshore drilling services contract for six high-pressure, high-temperature exploration wells and two jack-up rigs in the Arabian Gulf. This marks the first time since the early 1980s that KOC is[Read More…]

Source: U.S. Well Services

U.S. Well Services Deploys Clean Fleet to Permian

By Tyler Losier, Energy Reporter, Oil & Gas 360 PowerPath technology will be utilized at 16 wells U.S. Well Services (stock ticker: USWS) has deployed its all-electric hydraulic fracturing Clean Fleet, powered by a technology it calls PowerPath, to the first of sixteen wells located in the Permian Basin on behalf of an unnamed E&P operator. PowerPath technology has the[Read More…]

Source: Archrock

Archrock Makes $410 Million Acquisition

By Tyler Losier, Energy Reporter, Oil & Gas 360 Archrock to purchase ~430,000 horsepower of compression from Elite Compression Services Houston-based Archrock, Inc. (stock ticker: AROC) has entered into a definitive agreement with Elite Compression Services, a JDH Capital-backed company, to purchase substantially all of Elite’s assets for $410 million, including approximately 430,000 horsepower of compression. Archrock will pay Elite[Read More…]

Source: Data Gumbo

GE Oil & Gas Alum Joins Tech Company as CCO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Sergio A. Tuberquia joins Data Gumbo as chief commercial officer Data Gumbo, a blockchain-as-a-service (BaaS) company based in Houston, has tapped Sergio A. Tuberquia for the position of chief commercial officer. The hiring of Tuberquia comes shortly after the company received $6 million in series A funding led by Saudi Aramco[Read More…]

CNOOC Signs 100-Day Jack-Up Extension with Maersk in the UK Shelf

CNOOC Signs 100-Day Jack-Up Extension with Maersk in the UK Shelf

By Bevo Beaven, Editor, Oil & Gas 360 Maersk Drilling (stock ticker: DDRLF) said that its customer CNOOC subsidiary CNOOC Petroleum Europe has exercised a one-well option for its Mærsk Innovator jack-up rig in the North Sea. CNOOC will use the rig to continue drilling infill wells at the Buzzard field on the UK Continental Shelf. Mærsk Innovator is a CJ70[Read More…]

Equals to Merge

Equals to Merge

By Tyler Losier, Energy Reporter, Oil & Gas 360 Oilfield service consolidation rolls on C&J Energy Services (stock ticker: CJ) and Keane Group, Inc. (stock ticker: FRAC) have entered into a definitive agreement to combine in an all-stock merger of equals. Upon close, the merger will create a well completion and production services company with a presence in most active[Read More…]

Source: Occidental Petroleum

Occidental Petroleum CFO Cedric Burgher to be Keynote Speaker on Day One of The Oil & Gas Conference® 2019

EnerCom conference presenter schedule is posted By Bevo Beaven, Editor, Oil & Gas 360 EnerCom said that Senior Vice President and Chief Financial Officer of Occidental Petroleum (NYSE: OXY) Cedric Burgher will deliver the luncheon keynote address on Monday, August 12, 2019, at EnerCom’s The Oil & Gas Conference® in downtown Denver’s Westin hotel. Burgher joined Occidental in May 2017 bringing more than 25 years of experience in the energy sector. Prior[Read More…]

Executive Shuffleboard at Calfrac

Executive Shuffleboard at Calfrac

By Bevo Beaven, Editor, Oil & Gas 360 Calfrac Well Services Ltd. (stock ticker: CFW) announced a number of executive changes: President and CEO Fernando Aguilar announced his retirement; Calfrac COO Lindsay Link has been promoted to president and chief operating officer and was placed on Calfrac’s board of directors; Board Chairman Ronald P. Mathison, one of Calfrac’s founders, was named[Read More…]

Stunning Stock Stat: 40% of Energy Stocks Hit 52-Week Lows in May, While WTI is Up 21% YTD: Johnson Rice

Stunning Stock Stat: 40% of Energy Stocks Hit 52-Week Lows in May, While WTI is Up 21% YTD: Johnson Rice

Snapshot of energy companies followed by JRCO energy analysts that hit 52-week lows in May Louisiana-based Johnson Rice & Company’s energy research team put out a table and a stat that makes it pretty clear how investors have been thinking about taking new positions in energy companies in May. Eighteen of the 46 E&Ps that JRCO follows are at a[Read More…]

Continental Petroleum Chairman Harold Hamm to Keynote EnerCom’s The Oil & Gas Conference® Tues. Aug. 13, 2019

Continental Petroleum Chairman Harold Hamm to Keynote EnerCom’s The Oil & Gas Conference® Tues. Aug. 13, 2019

Occidental Petroleum (NYSE: OXY) CFO Cedric Burgher will give the EnerCom luncheon keynote address on Monday, Aug. 12.  EnerCom said that legendary oilman Harold G. Hamm, chairman and CEO of Continental Resources (NYSE: CLR), will take the stage for a discussion about U.S. shale and look at the prospects for U.S. oil and gas exploration in a “fireside chat” Tuesday,[Read More…]

Core Lab Sees International Activity, Free Cash Focus Driving 2019

Core Lab Sees International Activity, Free Cash Focus Driving 2019

Slowing U.S. activity shifts focus By Richard Rostad, analyst, Oil & Gas 360 Core Laboratories (ticker: CLB) announced first quarter earnings last week, showing net income of $40.5 million, or $0.90 per share. Core reports revenue fell slightly year-over-year, down 0.5% to $169 million. However, the company’s ongoing corporate restructuring has yielded a significant tax benefit, which boosted results. Core[Read More…]

Schlumberger Looks to International Activity For 2019 Growth

Schlumberger Looks to International Activity For 2019 Growth

Slow capital spending since 2014 must be made up for New international discoveries in 2018 hit the lowest level since 2000 SLB sees North American E&P investments falling 10% in 2019 By Richard Rostad, analyst, Oil & Gas 360 Schlumberger (ticker: SLB) kicked off Q1 2019 earnings today, announcing $421 million in net income or $0.30 per share. The slowing[Read More…]

Earnings in Brief: Six E&Ps and a Sand Supplier Announce 2018 Wins, Losses - Oil & Gas 360

Earnings in Brief: Six E&Ps and a Sand Supplier Announce 2018 Wins, Losses

2018 Earnings season gets ready for a wrap As oil and gas earnings are getting ready for the wrap party, a group of middle market producers and a proppant company announced earnings in the past few days, with key points summarized in brief below. Earnings in Brief: Six E&;Ps and a Sand Supplier Announce 2018 Wins, Losses – Oil &[Read More…]

Investment Opportunities in Shale and Conventional Oil

Investment Opportunities in Shale and Conventional Oil

Buyside investors can meet with oil company management teams at EnerCom Dallas EnerCom has brought together a full slate of exploration and production companies for its Texas-based oil and gas investment conference—EnerCom Dallas. The conference will feature senior management teams from oil and gas companies that are developing assets in the major North American shale plays as well as conventional plays in[Read More…]

The C-Suite Changes at Schlumberger

The C-Suite Changes at Schlumberger

Schlumberger (NYSE: SLB) has named Olivier Le Peuch as Chief Operating Officer effective immediately. Le Peuch will be responsible for the day-to-day management of all worldwide operations for the oilfield services company.  SLB CEO Paal Kibsgaard said Le Peuch is expected to grow all aspects of Schlumberger’s operations. Schlumberger executive management chart with new COO Olivier Le Peuch. Le Peuch[Read More…]

February 8, 2019 - 2:54 pm 360 Articles, Closing Bell Story, Oilfield Services, People
One Fifth of U.S. Frac Fleets Are Idled, Liberty Estimates

One Fifth of U.S. Frac Fleets Are Idled, Liberty Estimates

Revenue falls 15% sequentially By Richard Rostad, analyst, Oil & Gas 360 Liberty Oilfield Services (ticker: LBRT) announced fourth quarter results today, showing $34 million in net income, or $0.27 per share. Liberty reported $473 million in revenue in Q4, down 15% sequentially but up 5% year-over-year. The company generated just under $13 million in adjusted EIBTDA per active frac[Read More…]

February 6, 2019 - 3:53 pm 360 Articles, Closing Bell Story, Earnings, Oilfield Services
ConocoPhillips Reports Its First Annual Profit Since 2014

ConocoPhillips Reports Its First Annual Profit Since 2014

Earned $6.3 billion in 2018 The country’s largest independent E&P announced fourth quarter results today as ConocoPhillips (stock ticker: COP) ($COP) showed earnings of $1.9 billion, or $1.61 per share. The company earned a total of $6.3 billion in 2018, or $5.32 per share. Conoco has been firing on all cylinders since mid-2017, and has reported six straight quarters of[Read More…]

Here is Where Drilling, Completions Are Going in 2019

Here is Where Drilling, Completions Are Going in 2019

Core Lab is testing Midland and Delaware, reveals trends for completions in 2019 Core Laboratories (stock ticker: CLB) announced fourth quarter results today and detailed some important trends it sees for the industry in 2019. Core Lab reported net earnings of $8.8 million, or $0.20 per share. The company reported 173.2 million in revenue in Q4, up 2% year-over-year. Permian[Read More…]

H&P Reports Utilization Rates Up Despite Oil Price Drop

H&P Reports Utilization Rates Up Despite Oil Price Drop

$19 million in quarterly earnings Helmerich & Payne (stock ticker: HP) announced quarterly results today, showing earnings of $19 million, or $0.17 per share. This result exceeds the $2.5 million in earnings H&P reported in the previous quarter, and is the first time H&P recorded two consecutive quarters of net income since early 2016. Quarterly revenue was also up, as[Read More…]

January 30, 2019 - 5:52 pm 360 Articles, Closing Bell Story, Oilfield Services
Schlumberger CEO Discusses U.S. Shale Slowing, International Activity Growing

Schlumberger CEO Discusses U.S. Shale Slowing, International Activity Growing

North American revenue down 12% sequentially Schlumberger (stock ticker: $SLB) kicked off the quarterly earnings season today, announcing net earnings of $538 million, or $0.39 per share. Schlumberger’s Q4 2018 results present a mixed comparison to its Q4 2017 results. At $8.2 billion, revenue is flat while operating income is down 16%. The company reported a loss last year, so[Read More…]

EnerCom Dallas investment conference

Registration is Open for EnerCom Dallas

Institutional investors can meet with management teams, hear 2019 operational plans from the oil and gas industry in Dallas, Texas – Feb. 27-28, 2019 Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy sector may now register for the EnerCom Dallas investment conference, coming to The Tower Club Feb. 27-28 in downtown[Read More…]

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Sand volumes down YOY and sequentially Frac sand producers are feeling the recent oil price decline, according to an update from Hi-Crush Partners (stock ticker: HCLP). Hi-Crush reports it sold 1.98 million tons of sand in Q4 2018, compared to 2.78 million tons in Q3 2018 and 2.99 million tons in Q4 2017. While Hi-Crush expected some decline in sand[Read More…]

January 7, 2019 - 5:20 pm 360 Articles, Closing Bell Story, Oilfield Services
Halliburton CEO Miller Becomes Chairman

Halliburton CEO Miller Becomes Chairman

Lesar retires as exec chairman Halliburton (stock ticker: HAL) CEO Jeff Miller has been named chairman, effective Jan. 1, 2019, following the retirement of Executive Chairman Dave Lesar on Dec. 31, 2018. “I appreciate the confidence that the Board has placed in me,” Miller said in a statement. “Halliburton has a 100-year legacy of delivering industry-leading returns and superior customer[Read More…]

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

Seven water M&A deals have occurred over past month While mega deals among E&P companies has dominated recent M&A headlines, water infrastructure is changing hands at a very rapid pace. At least seven water M&A deals have been announced or closed in the past month. Only six E&P deals have been announced in the same period. Permian sees $560 million[Read More…]

Price Increase from U.S. Silica Does Not Apply to Frac Sand

Price Increase from U.S. Silica Does Not Apply to Frac Sand

One of the large frac sand providers, U.S. Silica Holdings, Inc. (stock ticker: SLCA), said today that its Industrial and Specialty Products business for silica sand will increase 2019 prices for most of its non-contracted silica sand and specialty products from 2 to 9 percent, depending on the product and grade. U.S. Silica VP of Investor Relations and Corporate Communications[Read More…]

December 5, 2018 - 1:57 pm 360 Articles, Closing Bell Story, Fracing, Oilfield Services
Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Chesapeake Energy (stock ticker: CHK) has signed up with Hi-Crush Partners LP (stock ticker: HCLP) for a new, long-term frac sand supply agreement for the in-basin purchase of Northern White frac sand to support Chesapeake’s completions program in the Marcellus and Powder River basins. Hi-Crush Partners announced a long-term contract with Chesapeake Energy to supply Northern White sand to Chesapeake’s Marcellus and[Read More…]

November 14, 2018 - 5:01 pm 360 Articles, Closing Bell Story, Fracing, Oilfield Services
Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Deal to sell Pioneer Pumping Services’ HHP, coiled tubing units and maintenance operations includes a long-term service contract to provide pressure pumping in the Permian Basin for up to a decade Pioneer Natural Resources Company (stock ticker: PXD) said it is selling its pressure pumping assets–Pioneer Pumping Services–to Midland-based ProPetro Holding Corp. (stock ticker: PUMP), and in the process locking up dedicated[Read More…]

Heard on the Call: Weatherford Targeting $1 Billion in Yearly EBITDA

Heard on the Call: Weatherford Targeting $1 Billion in Yearly EBITDA

Weatherford (ticker: WFT) reported third quarter results today, showing a net loss of $199 million, or ($0.20) per share. $1.44 billion in revenue, down from $1.45 billion in Q2 Net cash from operations of ($32 million) EBITDA of $195 million, up 56% year-over-year Increased segment operating income by 68% sequentially and by $123 million on a year-over-year basis. Reached an agreement with[Read More…]