Oilfield Services

Source: Houston Chronicle

Halliburton to pay down debt by issuing $1 billion of lower-interest notes

Houston Chronicle Houston oilfield service company Halliburton plans to pay down its long-term debt by issuing $1 billion in lower-interest notes. Halliburton on Wednesday said it plans to issue a type of debt known as senior notes. Due in March 2030, the notes will pay 2.92 percent interest. The company said it will use proceeds from the sales to buy back previously issued senior notes and reduce other forms of debt. Halliburton closed 2019 with about $10.3 billion of debt, almost one-third less than the $15.4 billion in debt it had at the end of 2015, according to a Securities and Exchange Commission filing. With the price of crude hovering just above $50 per barrel, most oil companies are reducing drilling and fracking activity, resulting in recent losses for oilfield service companies. Halliburton lost $1.1 billion in 2019.

Dawson Geophysical to Issue Fourth Quarter 2019 Results and Hold Investor Conference Call

Dawson Geophysical to Issue Fourth Quarter 2019 Results and Hold Investor Conference Call

MIDLAND, Texas, Feb. 20, 2020 /PRNewswire/ — Dawson Geophysical Company (NASDAQ: DWSN) announced today that it plans to publicly release preliminary and unaudited financial results for its year-end 2019 and the quarter ended December 31, 2019, the Company’s fourth quarter of 2019, before the market opens on Thursday, February 27, 2020. An investor conference call to review the fourth quarter results will be held on Thursday, February 27, 2020, at 9:00 a.m. Central Time.

Pioneer Natural Resources Company Reports Fourth-Quarter and Full-Year 2019 Financial and Operating Results; Provides 2020 Outlook

Pioneer Natural Resources Company Reports Fourth-Quarter and Full-Year 2019 Financial and Operating Results; Provides 2020 Outlook

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today reported financial and operating results for the quarter and year ended December 31, 2019. Pioneer reported fourth quarter net income attributable to common stockholders of $344 million, or $2.06 per diluted share.

Source: Houston Chronicle

Schlumberger moves technology chief to head of ‘new energy’ division

Houston Chronicle Oilfield service giant Schlumberger is moving one of its top executives to lead a newly created division for “new energy” initiatives. In a Friday morning filing with the Securities and Exchange Commission, Schlumberger reported that Executive Vice President of Technology Ashok Belani switched roles Feb. 11 to become executive vice president of Schlumberger New Energy. Schlumberger says its New Energy division will deploy its own set of technologies and practices to reduce its carbon footprint in exploration and production operations, and develop growth opportunities in emerging markets with “carbon-neutral technologies.” Schlumberger Senior Vice President Demosthenis Pafitis is stepping into Belani’s previous role as the company’s new chief technology officer. Headquartered in Paris but with principal offices in Houston, Schlumberger is the largest oilfield service company in the world, with 105,000 employees around the globe. Belani’s new role and the company’s new division come as the oil and natural[Read More…]

Fort McKay Group of Companies continues to expand with acquisition of Birch Mountain Enterprises

Fort McKay Group of Companies continues to expand with acquisition of Birch Mountain Enterprises

Fort McKay Group of Companies continues to expand with acquisition of Birch Mountain Enterprises

EnerCom Dallas – Stephens Inc – Reclaiming and Redefining Capitalism

EnerCom Dallas – Stephens Inc – Reclaiming and Redefining Capitalism

Stephens Corporate  presentation was live streamed, and the recorded presentation is below.  Stephens  is a privately held financial services firm focused on building long-term relationships and long-term results. All of the presentations are live streamed, and Oil & Gas 360 will be publishing out on all of our channels. Stay tuned for some great information from our presenting companies.Full presentations are hosted at EnerCom Dallas If you have any questions, please email [email protected] Oil & Gas Conference – DenverSAVE THE DATE: AUGUST 16 – 19, 2020THE WESTIN DENVER DOWNTOWN

EnerCom Dallas – Deep Imaging – Real Time Fluid Tracking

EnerCom Dallas – Deep Imaging – Real Time Fluid Tracking

Deep Imaging Corporate presentation was at 9:45 am. The presentation live streamed, and the recorded presentation is below.  ​ All of the presentations are live streamed, and Oil & Gas 360 will be publishing out on all of our channels. Stay tuned for some great information from our presenting companies.Full presentations are hosted at EnerCom Dallas If you have any questions, please email [email protected] Oil & Gas Conference – DenverSAVE THE DATE: AUGUST 16 – 19, 2020THE WESTIN DENVER DOWNTOWN

EnerCom Dallas – Fortis Energy Services – A customer-focused approach for increasing value delivered at the well site

EnerCom Dallas – Fortis Energy Services – A customer-focused approach for increasing value delivered at the well site

Fortis Energy Services Corporate presentation was at 9:15 am. The presentation live streamed, and the recorded presentation is below.  Fortis Energy Services, Inc. is an award-winning oil and gas well service company in the USA. Fortis Energy Services was named Oilfield Services Company of the Year by Oil & Gas Awards in recognition of the company’s: health, safety and environmental programs, customer focus, operational excellence, innovation and corporate social responsibility. All of the presentations are live streamed, and Oil & Gas 360 will be publishing out on all of our channels. Stay tuned for some great information from our presenting companies.Full presentations are hosted at EnerCom Dallas If you have any questions, please email [email protected] Oil & Gas Conference – DenverSAVE THE DATE: AUGUST 16 – 19, 2020THE WESTIN DENVER DOWNTOWN

Source: Houston Chronicle

NOV finishes year of losses $6.1 billion in the red

Houston Chronicle Houston oilfield service company National Oilwell Varco finished up a year of losses $6.1 billion in the red. In a statement released on Thursday evening, the company reported closing 2019 with a $6.1 billion loss, a dramatic drop from the $31 million end-of-year loss in 2018. The company’s annual revenue remained flat at $8.5 billion. Most of the company’s end-of-year loss came from writing down the value of $5.4 billion of assets during the second quarter. Crude oil prices stuck in the $50 per barrel range for most of past year have dramatically cut demand for drilling and hydraulic fracturing services in the United States. The shale slump has created eye-popping losses for oilfield services companies, which have written down billions of dollars of assets in response. “The fourth quarter saw continued improvements in international and offshore markets, partially offset by another sequential decline in spending by our[Read More…]

Oil and Gas Service Company looks to new decade of opportunity – Exclusive Interview

Oil and Gas Service Company looks to new decade of opportunity – Exclusive Interview

Oil and Gas 360 Oil and Gas 360 Publishers Note: Fortis Energy Services is presenting at EnerCom Dallas The Energy Investment Conference on Wednesday, Febuary 12, 2020 at 9:15am (MST). Please sign up to attend, all of our presentations will be streamed live. If you can’t join us in Dallas, watch the Fortis Energy Services story on the EnerCom Dallas website.   An EnerCom exclusive interview with Nathan Conway, CEO, Fortis Energy Services. Oil and gas service companies have faced the trials and tribulations of the oil and gas industry, and Fortis Energy Services is no exception. “We always face uncertainties and risks in this business,” said Fortis CEO, Nathan Conway, “but with that there is also opportunity for profit, careful expansion and reasonable optimism. The trick is to stay focused on our customer’s needs, maintain a clean balance sheet, deliver the safest services and staying ahead of the curve on equipment[Read More…]

Ingevity reports preliminary fourth quarter and full year 2019 financial results

Ingevity reports preliminary fourth quarter and full year 2019 financial results

Ingevity reports preliminary fourth quarter and full year 2019 financial results

ourced from active eolian sand dunes of the Quaternary period, Kermit’s natural proppant is very well sorted with a high quartz content. Source: Hi-Crush Partners

Hi-Crush Inc. Reports Preliminary Fourth Quarter 2019 Results and Provides Business Updates

Hi-Crush Inc. Reports Preliminary Fourth Quarter 2019 Results and Provides Business Updates

Offshore Oil and Gas Services Specialist Deep Down, Inc. Adds Two Executives To Support Growth Strategies

Offshore Oil and Gas Services Specialist Deep Down, Inc. Adds Two Executives To Support Growth Strategies

Offshore Oil and Gas Services Specialist Deep Down, Inc. Adds Two Executives To Support Growth Strategies

January 23, 2020 - 8:11 am Offshore, Oilfield Services, People, Press Releases
Source: Houston Chronicle

Schlumberger grows global headcount despite U.S. layoffs

Houston Chronicle Oilfield service giant Schlumberger grew its global headcount in 2019 despite finishing the year with a $10.1 billion loss and laying off 1,400 workers in the United States. In a Wednesday morning filing with the U.S. Securities and Exchange Commission, Schlumberger reported that the company had 105,000 employees at the end of 2019. The figure marks a 5 percent increase over the 100,000 worldwide employees the company reported at the end of 2018. The new headcount was released less than a week after the company reported closing 2019 with a $10.1 billion loss. Most of that loss came from writing down the value of two past acquisitions but the company laid off 1,400 employees in North America as part of cost-cutting measure to restore profitability to its U.S. shale operations, which took a hit amid $50 per barrel crude oil prices that made horizontal drilling and hydraulic fracturing[Read More…]

Baker Hughes closes 2019 with a profit while peers report huge losses

Baker Hughes closes 2019 with a profit while peers report huge losses

Houston Chronicle Houston oil-field service company Baker Hughes closed 2019 with a profit as its peers in the troubled sector are reporting multibillion dollar losses. Baker Hughes reported $128 million of net income in 2019, a 34 percent decline compared with the $195 million profit in 2018. The company’s 2019 revenue rose 4 percent to $23.8 billion compared with $22.9 billion a year earlier. The financial results come as a slump in demand for hydraulic fracturing services in the United States is hurting Baker Hughes’ competitors. Schlumberger, the largest oil-field service company in the world, reported a $10.1 billion loss in 2019. No. 2 Halliburton closed the year with a $1.1 billion loss. Baker Hughes left the U.S. hydraulic fracturing business in January 2017 and has diversified its products and services. “As we look forward to 2020, we are clearly focused on executing our strategy and generating strong free cash flow, improving[Read More…]

January 22, 2020 - 10:30 am Closing Bell Story, Crude Oil News, Energy News, Oilfield Services
Source: Houston Chronicle

Halliburton closes 2019 with $1.7 billion loss

Houston Chronicle Houston oil field service company Halliburton said Tuesday that it closed 2019 with a $1.1 billion loss amid an ongoing shale slump in the United States that has weakened demand for hydraulic fracturing and related services. The loss compare to a nearly $1.7 billion profit in 2018. Halliburton reported $22.4 billion in revenue for the year, a 7 percent decrease compared to $24 billion in revenue during 2018. In a statement, the company’s CEO Jeff Miller said North America revenue decreased by 21 percent sequentially in the fourth quarter and by 18 percent for the full year as a result of reduced customer activity and pricing. The company, he said, is responding with structural changes that emphasize improving margins and returns over growth. “While we expect customer spending in North America to be down again this year, we will continue executing our playbook, implementing our service delivery improvement strategy,[Read More…]

Source: Houston Chronicle

Houston-based McDermott confirms oilfield service company will file for bankruptcy

Houston Chronicle McDermott International will file for Chapter 11 bankruptcy Tuesday, the struggling Houston oilfield service company confirmed. In a statement released early Tuesday morning, McDermott said it would will file a prepackaged restructuring plan at the U.S. Bankruptcy Court in Houston. The plan, which has the support of two-thirds of its creditors, would allow McDermott will receive more than $2.8 billion in financing and shed $4.6 billion of debt. As part of the restructuring plan, McDermott has agreed to sell Lummus Technology to The Chatterjee Group and Rhône Group for $2.725 billion. However, the deal must be approved by a bankruptcy judge in an auction process that could go to a higher bidder. McDermott’s announcement ends four months of speculation that the company would file for bankruptcy. Market rumors about the company using the services of a restructuring advisory firm sent McDermott’s stock price plummeting in September. Shares of[Read More…]

January 21, 2020 - 10:00 am Closing Bell Story, Crude Oil News, Energy News, Oilfield Services

Valaris Provides Update on ARO Drilling Joint Venture

Valaris Provides Update on ARO Drilling Joint Venture

Source: Houston Chronicle

Schlumberger posts $10.1 billion loss in 2019

Houston Chronicle Schlumberger, the largest oil-field service company in the world, lost $10.1 billion in 2019 as a result of hefty write-downs on two past acquisitions and weakening demand for hydraulic fracturing services in the United States and Canada. The company’s 2019 loss on $32.9 billion in revenue compares with a $2.2 billion profit on $32.8 billion in revenue in 2018. The company’s year-end figures translated into a loss per share of $7.32 compared with earnings per share of $1.53 last year. Those results were mixed compared with Wall Street’s year-end expectations for nearly $32.9 billion of revenue and earnings per share of $1.45. Year-end earnings were dragged down by an $11.4 billion loss during the third quarter, when the company wrote down the value of two past acquisitions and saw nearly a year of weakened demand from its North American hydraulic fracturing business. “These charges were largely noncash and[Read More…]

January 17, 2020 - 10:00 am Closing Bell Story, Crude Oil News, Finance, Oilfield Services
U.S. oil growth to slow, may spur shale buyouts: Schlumberger’s Papa

U.S. oil growth to slow, may spur shale buyouts: Schlumberger’s Papa

Reuters DHAHRAN, Saudi Arabia – U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to “gobble up” smaller shale oil producers, Mark Papa, shale pioneer and non-executive chairman of Schlumberger, told Reuters. U.S. output surged to nearly 13 million bpd last year, making it the world’s largest producer. The Energy Information Administration (EIA) has forecast U.S. oil production growth at 1 million barrels per day (bpd) in 2020, with shale accounting for most of the increase. But Papa, boss of the world’s largest oilfield services company, expects U.S. output to grow by just 400,000 bpd in 2020 and by 100,000-500,000 bpd per year through 2025, depending on future oil prices. “What we are seeing is that there has been a kind of inflection in the growth path for U.S. oil production, mainly due to inflection in shale oil growth,” Papa said in[Read More…]

January 14, 2020 - 2:00 pm Closing Bell Story, Energy News, Oilfield Services, People
Tenaris completes acquisition of IPSCO Tubulars from TMK

Tenaris completes acquisition of IPSCO Tubulars from TMK

Tenaris Together, we are uniquely positioned to serve the U.S. oil and gas industry, with an extensive geographic deployment throughout North America and an unmatched product range,” said Paolo Rocca, Chairman and CEO of Tenaris. Tenaris S.A. (NYSE, Mexico: TS and MTA Italy: TEN) announced today the completion of its previously announced acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipe, from PAO TMK.  The acquisition price was determined on a cash-free, debt-free basis, and the final amount paid in cash, following contractual adjustments, was US$1,067 million (including approximately US$220 million in working capital). Tenaris will consolidate IPSCO’s balance sheet and results of operations in its consolidated financial statements beginning in the first quarter of 2020. In connection with the closing of the transaction, the parties entered into a 6-year master distribution agreement whereby, beginning on January 2, 2020, Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada.[Read More…]

Enservco Corporation Updates Investors on 2019 Fourth Quarter and Year-End Financial Expectations

Enservco Corporation Updates Investors on 2019 Fourth Quarter and Year-End Financial Expectations

Enservco Corporation Updates Investors on 2019 Fourth Quarter and Year-End Financial Expectations

January 10, 2020 - 8:56 am Finance, Oilfield Services, Press Releases
Deep Down Receives Orders for Emergency Repairs to Subsea Oil and Gas Umbilicals

Deep Down Receives Orders for Emergency Repairs to Subsea Oil and Gas Umbilicals

Deep Down Receives Orders for Emergency Repairs to Subsea Oil and Gas Umbilicals

January 10, 2020 - 8:29 am Closing Bell Story, Offshore, Oilfield Services, Press Releases
Source: Houston Chronicle

EOG Resources sells saltwater disposal wells in New Mexico

Houston Chronicle Houston oil giant EOG Resources has sold nearly half of its saltwater disposal wells in the New Mexico side of the Permian Basin. EOG Resources confirmed the sale of 23 saltwater disposal wells and 300 miles of oilfield wastewater gathering pipelines in southeastern New Mexico to Dallas-based Oilfield Water Logistics. Financial terms were not disclosed but under the deal, EOG entered into a long-term contract with Oilfield Water Logistics for wastewater disposal services. In a statement, Oilfield Water Logistics CEO Chris Cooper said the deal compliments the company’s current operations and doubles its geographic footprint in the Delaware Basin, an area of the Permian Basin that includes parts of West Texas and southeastern New Mexico. “We are proud to partner with North American producers to deliver safe, reliable and sustainable solutions that help our customers to achieve new efficiencies and best practices,” Cooper said. EOG Resources owned and[Read More…]

C-SMART Analytics, a division of WESTERN ENERGY SUPPORT & TECHNOLOGY, prepares for a new year and a new chapter with the launch of the GEN 3 platform.

C-SMART Analytics, a division of WESTERN ENERGY SUPPORT & TECHNOLOGY, prepares for a new year and a new chapter with the launch of the GEN 3 platform.

C-SMART Analytics   January 02, 2019, Houston, Texas. – C-SMART Analytics, a software provider focused on reducing measurement error, risk, and LAUF, announced today the launch of its newest software platform: GEN 3. “Today marks the beginning of a new frontier for our company. The expanded capabilities and added features of GEN 3 will allow us to deliver greater value to our current customers while also enabling us to serve new markets. Every member of our team played a crucial role in the development of this new platform. It’s exciting to see all the pieces come together and to launch this product into the market.” stated Eric R. Calderon, President, C- SMART Analytics. About GEN 3 The GEN 3 platform introduces new levels of security, scalability, and agility to our analytics offering. Customers will experience a state-of-the-art user interface and wide selection of self-service tools which will add to their[Read More…]

January 7, 2020 - 6:23 pm Oilfield Services, Press Releases
Infrastructure Networks Teams with Nokia to Expand 4G/5G LTE Network Coverage across Major U.S. Energy Basins

Infrastructure Networks Teams with Nokia to Expand 4G/5G LTE Network Coverage across Major U.S. Energy Basins

Infrastructure Networks Teams with Nokia to Expand 4G/5G LTE Network Coverage across Major U.S. Energy Basins

January 7, 2020 - 9:00 am Oilfield Services, Press Releases, Technology
Nabors Announces Cash Tender Offers and Consent Solicitations

Nabors Announces Cash Tender Offers and Consent Solicitations

Nabors Announces Cash Tender Offers and Consent Solicitations

January 6, 2020 - 3:48 pm Finance, Oilfield Services, Press Releases
Nabors announces offering of senior guaranteed notes

Nabors announces offering of senior guaranteed notes

Nabors Announces Offering of Senior Guaranteed Notes

January 6, 2020 - 3:26 pm Finance, Oilfield Services, Press Releases
RigNet Announces Organizational Changes

RigNet Announces Organizational Changes

RigNet Announces Organizational Changes

January 6, 2020 - 8:30 am Offshore, Oilfield Services, People, Press Releases
Oilfield Fluid Management Mobile App for iOS Devices

SitePro Inc. announces SitePro Mobile

SitePro Inc. announces SitePro Mobile