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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…]

Schlumberger CEO Sees Temporary U.S. Frac Slowdown

Schlumberger CEO Sees Temporary U.S. Frac Slowdown

Schlumberger CEO Kibsgaard says several key customers said they will lay down all their frac fleets from middle November until middle January No slowdown in international Houston-based oilfield services giant Schlumberger (ticker: SLB) reported its Q3 results Friday and CEO Paul Kibsgaard made some interesting comments on the call about the company’s projections for frac activity in the U.S. seeing[Read More…]

Will Colorado’s Outperforming Economy Tank if Prop. 112 Succeeds at the Polls?

Will Colorado’s Outperforming Economy Tank if Prop. 112 Succeeds at the Polls?

If voters ban oil and gas drilling by voting in Prop 112, Colorado’s rosy economic metrics could turn sour in 2019-2021 and beyond In what may turn out to be a bit of economic irony, Colorado Secretary of State Wayne Williams released a report Monday that “Colorado’s economy is among the best in the country.” Personal income, wages, GDP, job[Read More…]

Fed 10th District Survey Pegs Region’s Breakevens between $35 and $85 per Barrel

Fed 10th District Survey Pegs Region’s Breakevens between $35 and $85 per Barrel

The Federal Reserve Bank of Kansas City manages the central bank’s 10th District. The bank ran its third quarter survey from September 14, 2018 to September 28, 2018 and included 30 responses from firms located in its district, which includes: Colorado Kansas Nebraska Oklahoma Wyoming northern New Mexico western Missouri Federal Reserve District 10 Energy activity accelerated in Q3 Growth[Read More…]

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Transaction represents 17% premium to Trinidad price, 25% premium to hostile offer The recent surge in oil and gas M&A activity extends to oilfield service, as Precision Drilling Corporation (ticker: PD) and Trinidad Drilling (ticker: TDG) announced a merger today. Precision will acquire Trinidad in an all-stock deal, offering 0.445 of a Precision share for each share of Trinidad. Based[Read More…]

Oil & Gas: Two Frac Sand Producers Idle Wisconsin Plants – What’s Going On?

Oil & Gas: Two Frac Sand Producers Idle Wisconsin Plants – What’s Going On?

Proppant plant slowdown announcements cited changing market demand and recent softness in completions activity and frac sand demand Last week, two of the largest proppant suppliers to the oil and gas industry announced pullbacks of frac sand production volume from some of their Wisconsin facilities. Houston-based Hi-Crush Partners (ticker: HCLP) said it has temporarily idled dry plant operations at its[Read More…]

Basic Energy Services to Key Energy Services: Thanks, but No Thanks

Basic Energy Services to Key Energy Services: Thanks, but No Thanks

Basic Energy Services’ (ticker: BAS) board of directors has unanimously declined an unsolicited proposal from Key Energy Services, Inc. (ticker: KEG) to combine with Key in a stock-for-stock transaction. “After a careful review, conducted in consultation with its advisors, Basic’s board of directors unanimously concluded that the proposal is not in the best interests of Basic and its stockholders,” Basic said[Read More…]

September 25, 2018 - 2:21 pm 360 Articles, Closing Bell Story, Oilfield Services
Key Energy Services Proposes to Combine with Basic Energy Services

Key Energy Services Proposes to Combine with Basic Energy Services

Key Energy Services, Inc. (ticker: KEG) has proposed a combination with Basic Energy Services, Inc. (ticker: BAS) in an all-stock merger. On September 20, 2018 and again on September 23, 2018, Key sent letters to management and the board of directors of Basic outlining its merger proposal and its strong desire to negotiate a transaction. Copies of the letters are[Read More…]

September 24, 2018 - 6:38 pm 360 Articles, Closing Bell Story, Energy News, Oilfield Services
NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

Price for New Mexican water: $93 million NGL Energy Partners LP (ticker: NGL) has purchased another Permian Basin ranch, adding 9.6 million barrels of annual fresh water rights to its Permian Basin water portfolio. NGL said it bought the 36,000-acre Beckham Ranch, which sits atop the Carlsbad, Capitan, and Jal Water Basins located in southeastern Lea County. In July NGL bought the McCloy Ranch, located in Eddy and Lea Counties, New[Read More…]

September 13, 2018 - 1:46 pm 360 Articles, Closing Bell Story, Midstream, Oilfield Services
Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Inc. (NYSE: FTK) reported Q2 results this week and executives discussed operations for the company’s oil and gas industry segment during the Q2 2018 earnings call. 2Q Financial Snapshot Revenue of $59.1 million for 2Q 2018 decreased 2.4% compared to 1Q 2018 and decreased 30.6% compared to 2Q 2017. Cash SG&A of $13.1 million for 2Q 2018 (excluding stock compensation expense of $2.4[Read More…]

Heard On The Call: Nabors Industries Q2

Heard On The Call: Nabors Industries Q2

Nabors Industries (NYSE: NBR) held its Q2 conference call today; excerpts from the Q & A are below: Q: Tony, you mentioned that your latest survey has another 30 to 40 rigs being added to the rest of this year. And I would tell you, consensus from most investors that I’ve spoken with, is that we’re going to see a[Read More…]

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Laboratories (NYSE: CLB) announced its Q2 earnings, which saw an 11% YOY increase in revenue and 22% YOY increase in operating income bringing earnings per diluted share to $0.57. Core Labs saw operating margins up 190 basis points YOY to 19.4%, ex-items, which was attributed to higher-technology services and products being requested by Core’s technologically sophisticated client base and[Read More…]

Halliburton Doubles Operating Income

Halliburton Doubles Operating Income

Oilfield service giant Halliburton Company (NYSE: HAL) reported Q2 income from continuing operations of $511 million, or $0.58 per diluted share. This compares to reported income from continuing operations for the first quarter of 2018 of $46 million, or $0.05 per diluted share, and adjusted income from continuing operations for the first quarter of 2018 of $358 million, or $0.41[Read More…]

Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Under the terms[Read More…]

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

Repurposed research center becomes Energy Innovation Center of North America – an incubator tasked with launching disruptive tech startups, and providing access to venture capital to quickly monetize new technologies Taking a page from Silicon Valley, Baker Hughes, a GE company (ticker: BHGE) has launched a tech incubator in Oklahoma. But this one is focused on oilfield and related technologies[Read More…]

In-Basin Sand Mines are Sprouting Fast in Texas and Oklahoma

In-Basin Sand Mines are Sprouting Fast in Texas and Oklahoma

Locally sourced frac sand gets the job done at a discount Last week, Alpine Silica, a private supplier of frac sand, announced that it will open two new frac sand projects—one in Van Horn, Texas and the other in Fay, Oklahoma, further adding to its existing sand portfolio. Alpine estimates that the Oklahoma plant and the Van Horn facility will[Read More…]

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53[Read More…]

Courtesy of Liberty Oilfield Services Inc.

Liberty Oilfield Services Grows Frac Fleet

Liberty Oilfield Services Inc. (ticker: LBRT) reported a net income of $54 million in Q1 2018 and the company deployed its frac fleets 20 and 21, under dedicated arrangements with existing customers in the quarter. For the first quarter of 2018, revenue grew 10% to $495 million from $449 million in the fourth quarter of 2017. Liberty said that Q1[Read More…]

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Hi-Crush Partners LP (ticker: HCLP) reported a Q1 2018 net income of $53.1 million, or $0.59 per diluted share. Revenues for the quarter totaled $218.1 million on sales of 2,617,627 tons of frac sand. Capital expenditures in Q1 2018 were $11.9 million and the company estimates a full year CapEx of $35-$45 million. “We were successful in growing our financial[Read More…]

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,[Read More…]

Baker Hughes GE Announces First Quarter 2018 Results

Baker Hughes GE Announces First Quarter 2018 Results

Orders of $5.2 billion for the quarter, down 8% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis GAAP operating loss of $41 million for the quarter, decreased 63% sequentially and increased unfavorably year-over-year on a combined business basis Adjusted[Read More…]

Oilfield Services and Midstream Bankruptcies

Oilfield Services and Midstream Bankruptcies

Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone less damage to midstream sector Oilfield services International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s research includes details on 167 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

ProPetro Profitable in 2017, Approaches One Million HHP

Permian-concentrated oilfield service provider ProPetro Holding Corp. (ticker: PUMP) had a net income of $12.6 million, or $0.16 per share for 2017. In Q4 2017 the company had a net income of $10.1 million, or $0.12 per share. The company reported total revenues of $981.9 million for 2017 and total revenues of $313.7 million for Q4 2017. Yearend capacity grew[Read More…]