Jobs

Record debts come due for Canadian oil patch after five years of crisis

Record debts come due for Canadian oil patch after five years of crisis

BOE Report


Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion.

But by last month, Calfrac’s market value had collapsed to just C$23 million and it …

Oil firms slam brakes on return-to-work as virus cases soar

Oil firms slam brakes on return-to-work as virus cases soar

Reuters.


U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients, as reported by Reuters

Oilfield Services May Not Recover Until 2023

Oilfield Services May Not Recover Until 2023

Rystad Energy


  • Global demand for oilfield services (OFS) is set for a massive 25% yearly drop in 2020.
  • The well servicing sector will be the first to recover, while long-lead segments will pick up much later

Global demand for oilfield …

June 19, 2020 - 7:26 am Crude Oil News, Jobs, Oilfield Services
Enbridge says 800 staff have taken voluntary buyouts offered to cut costs

Enbridge says 800 staff have taken voluntary buyouts offered to cut costs

Enbridge


CALGARY – Enbridge Inc. says 800 employees have voluntarily left the company, allowing it to avoid layoffs as it cuts costs to counter impacts from COVID-19 and lower global oil prices.

The Calgary-based pipeline company announced in May it …

June 17, 2020 - 7:23 pm Canada, Canada News, Economy, Jobs
Source: CNBC

May sees biggest jobs increase ever of 2.5 million as economy starts to recover from coronavirus

CNBC


Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could …

June 5, 2020 - 2:00 pm Closing Bell Story‎, Economy, Jobs
Peabody to cut staff at NSW’s Metropolitan coal mine -a symptom of larger problems

Peabody to cut staff at NSW’s Metropolitan coal mine -a symptom of larger problems

Argus


Oil & Gas Publishers Note: These layoffs and the weaker demand in the coking coal are just another example of the world wide slowdown. Coking coal is used in steal production. The domino effect of the world Covid-19 pandemic

Texas Economic Activity Sharply Falls in Wake of COVID-19

Texas Economic Activity Sharply Falls in Wake of COVID-19

Dallas Fed


Oil & Gas 360 Publishers Note: The entire country has been changed forever due to the shutdown. The Dallas Fed has some great numbers to review, but does not totally cover the impact of the oil prices and

May 7, 2020 - 8:25 am Economy, Energy News, Jobs
Source: Reuters

States ask Trump administration to pay laid off oil workers to plug abandoned wells

Reuters


A coalition of U.S. oil producing states has asked the Trump administration for stimulus funds to hire laid off energy workers to plug abandoned wells, a proposal aimed at fending off unemployment while tackling a growing environmental problem, a …

Notice to Oil and Gas Operators: Temporary Exceptions to Certain Administrative Rules

Notice to Oil and Gas Operators: Temporary Exceptions to Certain Administrative Rules

360 Feed Wire


In its open meeting today the Railroad Commission of Texas (Commission), in recognition of the unprecedented national and global economic conditions currently impacting the oil and gas industry, took action to provide relief in the form of …

Sourcee: Reuters

‘Like watching a train wreck’: The coronavirus effect on North Dakota shale oilfields

Reuters


NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart …

Source: CNBC

Fed pledges to keep rates near zero until full employment, inflation come back

CNBC


The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy stance until it is comfortable that the U.S. economy is back on its feet.

Following this week’s Federal Open Market …

April 29, 2020 - 3:00 pm Closing Bell Story‎, Economy, Finance, Jobs
(left) Schlumberger's drilling operator Adrian Gabriel (cq) is directly in charge of drilling operation on the Genesis Drilling Test Facility where other employees train with a real life size drilling simulator which was commissioned in 1986 at company's U.S. headquarters in Sugar Land and continues to train on Wednesday, September 27, 2006. Schlumberger is the world's largest oilfield services company and has had a local presence since the 1930s; it recently consolidated its New York offices in Houston. Schlumberger is coming off a record quarter and anticipates solid financial growth as profit-rich oil companies invest more in exploration. Photo by Mayra Beltran / Houston Chronicle

Schlumberger’s $7.4B loss sets stage for ‘most uncertain’ future

Chron


Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.

The company attributed the loss to writing down the value of assets …

America’s ‘clean energy’ workforce projected to fall by 15% in months ahead

America’s ‘clean energy’ workforce projected to fall by 15% in months ahead

CNBC


Over 106,000 people working in the U.S. “clean energy” sector lost their jobs in March as the industry struggled to soften the impact of the coronavirus pandemic, it was claimed Wednesday.

The analysis of Department of Labor data, released …

Source: CNBC

Fed will keep rates near zero until economy has ‘weathered’ coronavirus impact, minutes show

CNBC


The Federal Open Market Committee released minutes Wednesday of its March 15 meeting, during which it lowered its benchmark interest rate to near zero.  The meeting summary indicated that not only did members believe it was important to use …

April 8, 2020 - 2:30 pm Closing Bell Story‎, Economy, Finance, Jobs

Vallourec reduces its workforce in North America

Boulogne-Billancourt (France), April 6th 2020 – Vallourec announces today the reduction of its workforce in North America in response to the unforeseen, sudden and significant drop of activity confirmed by its Oil and Gas customers.

April 6, 2020 - 2:15 am Jobs, Press Releases
Source: Reuters

Trump to host Big Oil execs at White House to discuss market slump

Reuters


WASHINGTON  – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war.…

April 3, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: CNBC

House passes $2 trillion coronavirus stimulus bill, sends it to Trump

CNBC


The House passed a $2 trillion coronavirus relief bill on Friday, sending the unprecedented measure to President Donald Trump’s desk after a scramble to block an effort to delay its passage.

The chamber approved what is believed to …

March 27, 2020 - 3:30 pm Economy, Jobs, Politics & Opinions, Regulatory
Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

CNBC


Oil & Gas 360 Editor’s Note: Excellent CNBC Fast Money Interview with Scott Sheffield, CEO, Pioneer Natural Resources. Scott talks about several key points:

  • He has asked President Trump to get involved with the price war between Russia and
Source: Houston Chronicle

Oil pain spreads beyond Permian to small towns across America

Houston Chronicle


The oil market turmoil sparked by Saudi Arabia and Russia is threatening U.S. jobs even in Cut Bank, Montana, and Magnolia, Arkansas — relatively obscure communities in the world of energy.

In such places, mom-and-pop outfits run so-called …

Source: Houston Chronicle

U.S. Halts Plan to Buy Crude Amid Uncertainty Over Funding

Houston Chronicle


The Trump administration halted plans to start buying oil to top up the nation’s emergency stockpile after failing to win funding from Congress, throwing a wrench in its most tangible efforts to help struggling drillers cope with the …

Source: NBC

US economy grew at 2.1% rate in fourth quarter

CNBC


The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for some time as the country endures a sharp contraction due to the …

March 26, 2020 - 2:00 pm Economy, Jobs, Regulatory, Uncategorized
Source: Houston Chronicle

Oxy enacts pay cuts amid deeper budget cuts

Houston Chronicle


Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.

Occidental plans to cut $2.5 billion from its capital …

Source: Houston Chronicle

FTS International furloughs hydraulic fracturing crews, cuts executive pay

Houston Chronicle


Fort Worth oilfield service company FTS International had a full calendar for its hydraulic fracturing crews two weeks ago but is now furloughing employees as crude oil prices continue to fall and exploration and production companies continue to …

March 24, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, Fracing, Jobs
Source: CNBC

Historic slide in oil could cost energy industry thousands of jobs

CNBC


This month’s historic swoon in oil prices has some on Wall Street worrying that crude will settle in a range under $40 a barrel. For the industry’s hundreds of thousands of workers, the bigger worry is their jobs.

Though 

Source: Houston Chronicle

Halliburton to furlough 3,500 employees in Houston amid falling oil prices

Houston Chronicle


Oilfield service giant Halliburton plans to furlough about 3,500 employees of its Houston headquarters for the next two months amid grim market conditions that include four year-low oil prices and the coronavirus outbreak.

Employees at the company’s North …

Devon joins shale firms to cut spending as oil hovers at $30

Devon joins shale firms to cut spending as oil hovers at $30

Reuters


U.S. oil and gas producer Devon Energy Corp on Thursday cut its 2020 spending forecast by $500 million or nearly 30% to about $1.3 billion, joining its shale peers as the industry battles a slump in crude prices. Shale …

Houston energy co. cuts jobs, closing headquarters after bankruptcy auction

Houston energy co. cuts jobs, closing headquarters after bankruptcy auction

Houston Business Journal


With a buyer secured for Houston-based Alta Mesa Resources Inc. and its affiliated companies, more job cuts have been announced for the company’s headquarters.

Alta Mesa Services LP notified the Texas Workforce Commission on Feb. 18 that …

February 22, 2020 - 4:12 pm Exploration and Production (E&P), Jobs
Climate change and the coal industry; how are regulations impacting coal production.

Climate change and the coal industry; how are regulations impacting coal production.

WTHI-TV10


Oil & Gas Publishers Note: WTHI-TV10 provides a good report on the coal industry, and some good advice is offered in the report: “We need more diversity on our system that our customers would be hurt if we have

Canadian construction labour demand to intensify over short term; will require more than 300,000 new workers over decade

Canadian construction labour demand to intensify over short term; will require more than 300,000 new workers over decade

Canadian construction labour demand to intensify over short term; will require more than 300,000 new workers over decade

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 …