Oilfield Services

Oilfield Fluid Management Mobile App for iOS Devices

SitePro Inc. announces SitePro Mobile

SitePro Inc. announces SitePro Mobile

Patterson-UTI Reports Drilling Activity for December 2019

Patterson-UTI Reports Drilling Activity for December 2019

Patterson-UTI Reports Drilling Activity for December 2019

January 6, 2020 - 6:00 am Oilfield Services, Press Releases
Texas-based flatbed carrier with 260 trucks shuts down, citing insurance costs – This is a sign of tough times for Oil Field Service companies.

Texas-based flatbed carrier with 260 trucks shuts down, citing insurance costs – This is a sign of tough times for Oil Field Service companies.

Freightwaves Flatbed truckload operators have been unprofitable for most of 2019 Oil & Gas 360 Publishers Note: We have been watching the Oil Field Service (OFS) take serious losses due to the investor demand for short-term returns. Investors are calling for less CapEx spending, Free Cash Flow (FCF) and ultimately less drilling. Less drilling is adversely affecting the OFS companies at an alarming rate. More OFS companies will fail in 2020 with a few accidents, insurance rate increases, and overall changes in the market. Texas-based flatbed and oilfield truckload carrier Fleetwood Transportation hauled its last loads on Tuesday after deciding to shutter operations, citing insurance costs. SaferWatch reports that the carrier had 252 trucks, 673 trailers and employed 240 drivers. The fleet, based in Diboll, Texas (100 mile north of Houston), primarily hauled building materials and oilfield equipment. The company had been operating for 63 years, having commenced operations in[Read More…]

Source: Houston Chronicle

McDermott stock plummets amid rumored bankruptcy talks

Houston Chronicle Rumors that Houston oilfield service company McDermott International is engaged in bankruptcy talks with lenders sent the company’s stock price plummeting by as much as two-thirds of its value after the close of market on Monday. In a Monday afternoon post, the Wall Street Journal reported that McDermott is preparing to file for Chapter 11 over the next few weeks and that a group of lenders led by the New York investment firm HPS Investment Partners and Boston hedge fund operator Baupost Group are in talks to provide the struggling Houston company with a loan of around $2 billion to maintain operations during bankruptcy. Official from McDermott, HPS Investment Partners and Baupost Group declined to comment. Traded on the New York Stock Exchange under the ticker symbol MDR, McDermott’s stock was trading at $1.62 per share just before 3 p.m. Monday. Stock prices fell down as low as 60 cents[Read More…]

December 31, 2019 - 12:00 pm Capital Markets, Closing Bell Story, Energy News, Oilfield Services
Key Energy Announces Departure of CEO

Key Energy Announces Departure of CEO

Key Energy Announces Departure of CEO

December 30, 2019 - 7:00 pm Corporate Governance, Oilfield Services, People, Press Releases
ION announces CFO transition

ION announces CFO transition

ION announces CFO transition

December 27, 2019 - 4:15 pm Oilfield Services, People, Press Releases, Technology
Source: Reuters

Oilfield service firms have a bearish outlook for 2020: Dallas Fed

Reuters With their business outlook worsening, about half of oil field service firms plan to cut spending in 2020, the Federal Reserve Bank of Dallas said on Friday in its quarterly energy survey. Oil and gas activity and employment dipped in the fourth quarter in the Dallas Fed region, which includes the largest U.S. shale field, the Permian Basin in Texas and New Mexico. U.S. oil prices have hovered below $60 a barrel for most of the year, prompting many energy firms to cut staff and reduce budgets, even as major oil exporting countries have curbed production. About 36% of oil and gas producers plan to cut budgets next year, the survey said. U.S. oil has rebounded to $61.72, up about 6% from a month ago, but oil producers and their service firms, which provide equipment and oil field crews, are planning their budgets for oil prices between $54 and[Read More…]

December 27, 2019 - 2:30 pm Closing Bell Story, Energy News, Oilfield Services
Sinopec Masters Sinomacs ATS I Steerable Drilling System with Major Breakthrough in SLOF Oil Field

Sinopec Masters Sinomacs ATS I Steerable Drilling System with major breakthrough in SLOF Oil Field

Sinopec Masters Sinomacs ATS I Steerable Drilling System with Major Breakthrough in SLOF Oil Field

December 27, 2019 - 1:59 am International, Oilfield Services, Press Releases
Deep Down Announces Share Repurchase Program

Deep Down Announces Share Repurchase Program

Deep Down Announces Share Repurchase Program

December 23, 2019 - 10:02 am Finance, Offshore, Oilfield Services, Press Releases
Flotek Announces New Chairman And CEO

Flotek Announces New Chairman And CEO

Flotek Announces New Chairman And CEO

MDM Permian, Inc. on Schedule to Begin Pre-Production Field Work in Permian Basin

MDM Permian, Inc. on Schedule to Begin Pre-Production Field Work in Permian Basin

MDM Permian, Inc. on Schedule to Begin Pre-Production Field Work in Permian Basin

December 20, 2019 - 1:05 pm Oilfield Services, Press Releases
Source: Houston Chronicle

Schlumberger joins UN-sponsored program to reduce greenhouse gas emissions

Houston Chronicle The world’s largest oilfield service company plans to join a United Nations-sponsored program to reduce greenhouse gas emissions. In a Thursday afternoon statement, Schlumberger reported that it plans to join Science Based Targets, an emission reduction program sponsored by the U.N. Global Compact program, the London-based Carbon Disclosure Project, Washington, D.C.-based World Resources Institute and Switzerland-based World Wildlife Fund. Headquartered in Paris with its principal offices in Houston, Schlumberger reported that the company plans to define its reduction target by 2021. “The energy industry has a key role to play in reducing the effects of climate change,” Schlumberger CEO Olivier Le Peuch said in a statement. “Schlumberger seeks to lead positive, measurable changes in greenhouse gas emissions within the industry to help reduce climate change. The application of our industry-leading environmentally responsible technologies will help drive process efficiency and environmental footprint reduction.” Launched in 2015, the Science Based[Read More…]

December 20, 2019 - 1:00 pm Energy News, International, Oilfield Services
Basic Energy Services announces appointment of Keith L. Schilling as President, Chief Executive Officer and Director

Basic Energy Services announces appointment of Keith L. Schilling as President, Chief Executive Officer and Director

Oil and Gas 360 FORT WORTH, Texas–(BUSINESS WIRE)–Dec. 19, 2019– Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the appointment of Keith L. Schilling as President, Chief Executive Officer and director, effective January 2, 2020. Mr. Schilling is an accomplished professional with over two decades of experience in senior managerial positions with major energy services companies. Mr. Schilling is replacing T.M. “Roe” Patterson in connection with his voluntary resignation. “After an extensive search process that considered many strong candidates, we are pleased to appoint Keith Schilling as Basic Energy Services’ new President, Chief Executive Officer and director,” commented Julio Quintana, Chairman of the Board of Directors. “Keith possesses great industry expertise, and we are excited for him to lead the Company into the future. We are grateful to Roe Patterson for his leadership and contributions to the Company and thank him for his dedication and service.” Mr. Schilling said, “I am thrilled to join Basic[Read More…]

December 19, 2019 - 4:30 pm Energy News, Oilfield Services, People
Hi-Crush Inc. announces release of inaugural Corporate Responsibility Report

Hi-Crush Inc. announces release of inaugural Corporate Responsibility Report

The report covers all of the Company’s operations, facilities and job sites, in oil and gas basins across the United States including the Permian, Marcellus, Utica, Mid-Con, and others.   Hi-Crush Inc. (NYSE: HCR), or the “Company”, today announced that it has released its first Corporate Responsibility Report. (CSR), which covers the operating year 2018. The report details the Company’s efforts across several areas of impact including health, safety, environmental, social, and governance factors, and its performance relative to  the United Nation’s Sustainable Development Goals and the International Petroleum Industry Environmental Conservation Association (“IPIECA”) suggested reporting indicators. “The release of our first Corporate Responsibility Report is a further indication of our commitment as a company to meeting obligations to our employees, our shareholders, and the communities in which we work,” said Mr. Robert E. Rasmus, Chairman and Chief Executive Officer of Hi-Crush Inc. “We look forward to sharing our progress[Read More…]

Source: Houston Chronicle

Denver company tests evaporation as solution for oil field wastewater

Houston Chronicle Denver oil field wastewater company Gradient Energy Services is testing equipment that uses evaporation to reduce the amount of water that needs to be injected in disposal sites deep underground. In a Tuesday evening statement, Gradient Energy Services reported that the company successfully completed a pilot project using the technology on behalf of a “super major” in the Permian Basin of West Texas. The company’s Carrier Gas Concentration, or GSC, technology receives oil field wastewater, which is known in the industry as saltwater, and separates the water from oil, natural gas, chemicals and other contaminants. The water is heated to the point of evaporation and released as steam while everything else is left behind as a super concentrated brine. In a statement, Gradient Energy Services Vice President of Technology and Engineering Kushal Seth said the pilot project proved the cost-effectiveness of the technology and its ability to reduce[Read More…]

December 18, 2019 - 3:00 pm Closing Bell Story, Energy News, Oilfield Services, Water
Superior Energy Services announces: Reverse stock split; Resumption of trading on the New York Stock Exchange under ticker symbol of “SPN”

Superior Energy Services announces: Reverse stock split; Resumption of trading on the New York Stock Exchange under ticker symbol of “SPN”

Superior Energy Services Announces: Reverse stock split; Resumption of trading on the New York Stock Exchange under ticker symbol of “SPN”

WaterBridge Announces Closing of $345 Million of Additional Equity Capital to Fund Strategic Acquisitions

WaterBridge Announces Closing of $345 Million of Additional Equity Capital to Fund Strategic Acquisitions

WaterBridge Announces Closing of $345 Million of Additional Equity Capital to Fund Strategic Acquisitions

December 18, 2019 - 7:00 am Finance, Oilfield Services, Press Releases, Private Equity
Smart Sand, Inc. Announces Long-Term Debt Refinancing Under Combination Equipment Financing and Credit Facility

Smart Sand, Inc. Announces Long-Term Debt Refinancing Under Combination Equipment Financing and Credit Facility

Smart Sand, Inc. Announces Long-Term Debt Refinancing Under Combination Equipment Financing and Credit Facility

December 16, 2019 - 4:05 pm Finance, Fracing, Oil Sands, Oilfield Services, Press Releases
Source: Houston Chronicle

Weatherford emerges from bankruptcy with $10 billion of support

Houston Chronicle Switzerland and Houston-based oilfield service company Weatherford International has emerged from Chapter 11 bankruptcy with roughly $10 billion of financial support. In a Friday morning statement, Weatherford announced that the company emerged from Chapter 11 with $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity. “This is a notable day for Weatherford as we have emerged as a stronger, more focused organization,” Weatherford CEO Mark McCollum said in a statement. “With renewed balance sheet strength, a strong customer base and a portfolio designed to meet the needs of our industry, we believe we are well-positioned to build on our reputation as a leader in the oilfield services sector and to capitalize on the growth opportunities ahead.” Currently traded as a penny stock,[Read More…]

Weatherford emerges from Chapter 11, appoints new board of directors

Weatherford emerges from Chapter 11, appoints new board of directors

Weatherford Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity. “This is a notable day for Weatherford as we have emerged as a stronger, more focused organization,” said Mark A. McCollum, president and CEO of Weatherford. “With renewed balance sheet strength, a strong customer base and a portfolio designed to meet the needs of our industry, we believe we are well-positioned to build on our reputation as a leader in the oilfield services sector and to capitalize on the growth opportunities ahead. I want to thank our dedicated employees, customers and suppliers, who continued to believe in Weatherford and worked[Read More…]

Paleo Resources, Inc. Appoints New Auditor

Paleo Resources, Inc. Appoints New Auditor

Paleo Resources, Inc. Appoints New Auditor

December 10, 2019 - 11:42 am Corporate Governance, Oilfield Services, Press Releases
Schlumberger’s longtime chief financial officer stepping down

Schlumberger’s longtime chief financial officer stepping down

Chron Schlumberger’s longtime chief financial officer Simon Ayat is stepping down from his position in January and a successor has already been named. In a Tuesday morning statement, the company announced that Ayat is leaving his post on Jan. 22 and that the company’s vice president of finance Stephane Biguet will become executive vice president and chief financial officer. Ayat will remain with Schlumberger as senior strategic advisor to the company’s CEO Olivier Le Peuch through January 2022. Ayat joined Schlumberger in 1982 and climbed through the ranks to become chief financial officer in 2007. Biguet joined Schlumberger in 1995 and has held various senior roles in finance and operations both in the field and headquarters levels. Headquartered in Paris with its principal offices in Houston, Schlumberger is the largest oilfield service company in the world with more than 100,000 employees in 85 nations. The company posted a $2.2 billion[Read More…]

December 10, 2019 - 1:08 am Closing Bell Story, Corporate Governance, Oilfield Services
Source: Houston Chronicle

Halliburton to close office in Oklahoma, lay off 800 employees

Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma. Located about 30 miles west of Oklahoma City, the El Reno field camp was home to a dispatch command center and several hydraulic fracturing crews. Out of the 808 employees expected to be laid off, the company’s filing shows that more than a third worked with acids used in the hydraulic fracturing process and nearly a tenth performed cementing work for oil wells. Halliburton’s decision comes at a time when $50 per barrel crude oil prices has resulted in a shale slump with lower drilling and completion activity across the[Read More…]

December 3, 2019 - 12:00 pm Closing Bell Story, Economy, Energy News, Oilfield Services, People
Source: Houston Chronicle

McDermott stock remains stuck below $1 per share

Houston Chronicle Stock prices for Houston oilfield service company McDermott International have remained stuck below $1 per share for more than week. Traded on the New York Stock Exchange under the stock ticker symbol MDR, McDermott slid below $1 per share on Nov. 8 and has yet to recover. An important clock has been triggered by the stock price dip. Under New York Stock Exchange rules, companies whose stock trades below $1 per share for 30 days or more face being delisted from the exchange. McDermott’s stock was trading just below $6 per share when market rumors that the company had contracted the services of a bankruptcy advisory firm sent prices plunging in mid-September. The company posted an eye-popping $1.9 billion during the third quarter, which was mostly attributed to $1.5 billion of impairments related to its recent stock price plunge and cost overruns on at least six projects in North,[Read More…]

Source: Houston Chronicle

NOV plans to issue $500 million of senior notes amid financial reshuffling

Source: Houston Chronicle Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses. In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of senior notes worth nearly $1.4 billion and due in Dec. 2022. Under the deal, Barclays, JP Morgan and Wells Fargo and 10 other banks will sell the new senior notes on behalf of NOV. Sold in denominations of $2,000, the new senior notes will pay 3.6 percent interest when they mature in Dec. 2029. Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses. In a Monday afternoon filing with[Read More…]

McDermott posts $1.9 billion loss amid stock price plunge, project cost overruns

McDermott posts $1.9 billion loss amid stock price plunge, project cost overruns

Houston oilfield service company McDermott International posted another steep loss during the third quarter amid falling stock prices and cost overruns on multiple projects, including two liquefied natural gas plants near the Bayou City. In a Monday afternoon filing with the U.S. Securities and Exchange Commission, McDermott reported a nearly $1.9 billion loss on $2.1 billion of revenue during the third quarter. The figures were down from the $2 million profit on $2.3 billion of revenue during the third quarter of 2018. The third quarter figures translated into a loss per share of $10.37, which was down from an earnings per share of one penny during the same time period last year. McDermott missed Wall Street expectations of $2.46 billion of revenue and a loss per share of 72 cents. In its SEC filing, the company blamed the loss on $1.5 billion of impairments, most of which were related to[Read More…]

November 5, 2019 - 9:02 am Closing Bell Story, Earnings, Offshore, Oilfield Services
SitePro acquires Integrated Control Solutions

SitePro acquires Integrated Control Solutions

Energy Tech Leader, SitePro, Continues to Transform Industry with Acquisition of ICS SitePro, the leading automation technology solutions and service provider for the energy industry, today announced the acquisition of Integrated Control Solutions (ICS). The acquisition of ICS brings together two cutting-edge oilfield automation providers, both with unique technology and managed services and solutions, that combine to provide Upstream & Midstream Operators with a state-of-the-art automation software platform and best in class reliable service. SitePro’s acquisition of ICS combines two veteran leadership teams and increases service availability in the operating regions the company serves. Randy Greer and Dominic Whitworth, who have led ICS for more than a decade, bring a wealth of knowledge and industry expertise to SitePro along with a great team. David Bateman, Chairman of the Board and Co-Chief Executive Officer of SitePro said, “The ICS acquisition is a key part of our corporate development strategy to expand the number[Read More…]

Weatherford posts $821 million loss during third quarter

Weatherford posts $821 million loss during third quarter

Switzerland and Houston-based oil field service company Weatherford International posted an $821 million loss during the third quarter — marking 19 consecutive quarters of losses for the bankrupt company. Weatherford did not host an earnings call as most publicly traded companies do but rather reported the near billion loss in a Wednesday afternoon filing with the U.S. Securities and Exchange Commission. The bankrupt company’s $821 million loss on $1.3 billion of revenue is a sharp drop from the $199 million loss on $1.4 billion of revenue during the third quarter of 2018. Once considered the fourth largest oil field service company in the world, Weatherford is still sorting through Chapter 11 bankruptcy and reorganization issues. The third quarter earnings come two weeks after after the company guided down revenue expectations through 2022 amid tougher than expected market conditions. Weatherford attributed part of its $821 million loss during the third quarter[Read More…]

October 31, 2019 - 8:10 am Closing Bell Story, Earnings, Oilfield Services
Photo: TechnipFMC

French half of TechnipFMC split reveals new company name

Houston Chronicle Anticipated split will create two publicly traded companies. The French half of Houston and Paris oil field service company TechnipFMC has revealed its new company name months ahead of an anticipated split that will create two publicly traded companies. Created by the July 2017 merger of Paris-based Technip and Houston-based FMC Technologies, TechnipFMC announced in August that the company will be split into two independent and publicly traded companies that were given the placeholder names RemainCo and SpinCo. In a statement released early Wednesday morning, TechnipFMC announced that SpinCo will be renamed as Technip Energies, a nod to the company’s history and its future in a transition to cleaner sources of power. Technip Energies will be headquartered in Paris where it will become an engineering, procurement and construction company specializing in onshore and offshore liquefied natural gas facilities. In an internal letter sent to all employees, Technip Energies[Read More…]

October 30, 2019 - 7:15 am Closing Bell Story, Energy News, LNG, Offshore, Oilfield Services
Photo: Craig Hartley, Bloomberg News

Losses continue to mount for National Oilwell Varco in third quarter

Houston Chronicle Losses continue to mount for Houston oil field service company National Oilwell Varco, which posted a nearly quarter billion dollar loss during the third quarter. In a statement released after close of market on Monday, NOV reported a $244 million loss on $2.1 billion of revenue during the third quarter. The figures were down from the $1 million profit on $2.2 billion of revenue during the third quarter of 2018. The third quarter figures translated into a loss per share of 64 cents, which was down from an earnings per share of zero cents during the same time period last year. NOV missed Wall Street expectations of $2.17 billion of revenue and earnings per share of 12 cents. The company blamed the loss on non-cash, pre-tax charges of $314 million for restructuring costs, mostly attributed to inventory reserves and severance packages for laid off employees. NOV posted a[Read More…]

October 29, 2019 - 9:05 am Closing Bell Story, Earnings, Oilfield Services