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 …

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 …

October 29, 2019 - 9:05 am Closing Bell Story‎, Earnings, Oilfield Services
Drillers Cabin on a Patterson-UTI rig.our Rig 222. The Houston drilling rig operator retired 36 older rigs during the third quarter amid weaker demand from shale fields across the United States and Canada.

Shale Slump: Patterson-UTI pulls 36 rigs from service

Houston Chronicle


Houston drilling rig operator Patterson-UTI Energy is retiring 36 older rigs amid weaker demand from shale fields across the United States and Canada.

In a Thursday morning statement, the company reported a $262 million loss on $599 million …

October 25, 2019 - 8:30 am Closing Bell Story‎, Oilfield Services
Source: patenergy.com

Patterson-UTI cost cuts help it post smaller-than-expected loss

Source: Reuters


(Reuters) – Oilfield services firm Patterson-UTI reported a smaller-than-expected loss on Thursday, as cost cuts helped it limit the impact of an ongoing decline in North American shale activity.

An investor push toward higher returns instead of growth …

Source: Houston Chronicle

Troubled oil field service company McDermott lands $1.7 billion in new financing

Houston Chronicle


Roughly a month after its stock plummeted in value by 75 percent, Houston oil field service company McDermott International has landed $1.7 billion in new capital.

In a Monday morning filing with the U.S. Securities and Exchange, McDermott …

Source: Houston Chronicle/ Jon Shapley

Drilling Down: Houston company makes big push in Spraberry play

Houston Chronicle


Houston oil company Birch Resources is planning a big push in the Permian Basin’s prolific Spraberry field.

The company is seeking permission from the Railroad Commission of Texas to develop 19 horizontal wells targeting the Spraberry at total …

FILE PHOTO: Oil production equipment is seen in a Halliburton yard in Williston, North Dakota, U.S., April 30, 2016. REUTERS/Andrew Cullen/File Photo

Halliburton vows more cost cuts as shale demand dwindles, shares rise

Reuters:


Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%.

The biggest …

October 21, 2019 - 8:53 am Closing Bell Story‎, Oilfield Services
Photo: Mayra Beltran

Schlumberger posts $11.4 billion loss amid hefty pretax charges

Source: Houston Chronicle


The world’s largest oil field service company beat Wall Street expectations on revenue but got stung by pretax charges that resulted in a multibillion loss for stockholders during the third quarter.

Schlumberger reported a $11.4 billion loss …

October 18, 2019 - 7:30 am Closing Bell Story‎, Company Earnings, Oilfield Services
Photo: Steve Gonzales, Staff

Halliburton lays off 650 employees in four western states

Houston Chronicle


Houston oilfield service giant Halliburton has laid off 650 employees in four western states from New Mexico to North Dakota.

In a notice filed on Monday with the Colorado Department of Labor and Employment, Halliburton reported that the …

October 9, 2019 - 3:21 pm Closing Bell Story‎, Economy, Oilfield Services
Photo: Eddie Seal

Weatherford lands three contracts in Iraq

Source: Houston Chronicle


Struggling oilfield service company Weatherford International has landed three contracts in the oil fields of Iraq.

In a statement released Tuesday afternoon, Weartherford reported that the company has been awarded a pair of two-year drilling rig contracts …

October 9, 2019 - 11:30 am Closing Bell Story‎, International, Oilfield Services
Pierre Bechelany (center), Fluor's president of Pipelines & LNG, signs contract. (Photo: Business Wire)

Fluor, JGC and Technip to work Rovuma LNG Project in Mozambique

Fluor Corporation (NYSE: FLR) announced today that a consortium of Fluor, JGC Corporation of Japan and TechnipFMC of France was awarded an engineering, procurement and construction contract by Mozambique Rovuma Venture S.p.A. (MRV) for its Mozambique Rovuma Liquefied Natural Gas …

Independent again: Baker Hughes rolls out new look

Independent again: Baker Hughes rolls out new look

Source: Houston Chronicle


Baker Hughes rolled out its new look Tuesday to mark its independence after more than two years of majority ownership by the industrial conglomerate General Electric Co.

The Houston oilfield service company is dropping the GE logo …

October 8, 2019 - 1:15 pm Closing Bell Story‎, Oilfield Services
Executive Leadership announced for C&J Energy Services and Keane

Executive Leadership announced for C&J Energy Services and Keane

C&J Energy Services (“C&J”) (NYSE: CJ) and Keane Group, Inc. (“Keane”) (NYSE: FRAC) today announced the future executive leadership team of the combined company effective upon completing their pending merger of equals.

Executive Leadership announced for C&J Energy Services and Keane - oil and gas 360

“This announcement is another important step forward in …

October 3, 2019 - 8:58 am Closing Bell Story‎, Oilfield Services, People
FILE PHOTO: A wall with the carved phrase that reads "Superior Council of the Judiciary, Council of State" is seen on the facade of the Palace of Justice in Bogota, Colombia September 10, 2019. REUTERS/Luisa Gonzalez

Four Colombia fracking projects could bring $5 billion in annual investment

Source: Reuters


Four fracking pilot projects in Colombia could bring in $5 billion annually in investment once they are in the production phase, industry leaders said on Tuesday, as the country awaits regulation that will allow the projects to begin.…

Source: Houston Chronicle

Fluor to sell off $1 billion in assets as engineering firm refocuses on energy projects

Source: Houston Chronicle


Irving engineering, procurement and construction Fluor plans to sell off $1 billion in assets as the company refocuses on energy sector projects.

During a Tuesday morning investors call, Fluor CEO Carlos Hernandez said the company is selling …

September 24, 2019 - 11:45 am Closing Bell Story‎, Crude Oil News, Oilfield Services
Source: Houston Chronicle

Weatherford moves forward with bankruptcy proceedings in Ireland

Source: Houston Chronicle


Oilfield service company Weatherford International moved forward with the second phase of its bankruptcy proceedings — filing in Ireland.

The company, which is incorporated in Ireland but has a large presence in Houston, filed for a type …

September 24, 2019 - 10:05 am Closing Bell Story‎, Energy News, International, Oilfield Services
McDermott to Explore Strategic Alternatives for Lummus Technology

McDermott to Explore Strategic Alternatives for Lummus Technology

Company recently received unsolicited approaches for Lummus Technology with valuation exceeding $2.5 billion

McDermott to Explore Strategic Alternatives for Lummus Technology - oil and gas 360

McDermott International, Inc. (NYSE: MDR) today announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott’s industry-leading technology business, with valuation exceeding …

September 20, 2019 - 10:15 am Closing Bell Story‎, Crude Oil News, Oilfield Services
Permian ‘child’ wells may cut oil recovery up to 20%, bank says

Permian ‘child’ wells may cut oil recovery up to 20%, bank says

Source: Bloomberg


Oil producers drilling so-called parent-child wells in the Permian Basin are risking the loss of 15% to 20% of the crude that can ultimately be recovered from those wells by spacing them too close together, according to a …

September 20, 2019 - 9:23 am Closing Bell Story‎, Crude Oil News, Oilfield Services
Source: Houston Chronicle

Weatherford lands five-year equipment deal with Saudi Aramco

Source: Houston Chronicle


Saudi Aramco has awarded a five-year equipment contract to struggling oilfield service company Weatherford International.

The two companies announced the deal on Tuesday afternoon. Financial terms were not disclosed but Weatherford described the deal as a five-year …

September 18, 2019 - 9:35 am Closing Bell Story‎, International, Oilfield Services
Source: The Houston Chronicle

Baker Hughes to change name, stock ticker symbol

Source: Houston Chronicle


Houston oilfield service company Baker Hughes is dropping “a GE Company” from its name and changing its stock ticker symbol.

Baker Hughes made the announcement on Monday after its parent company General Electric closed $3.3 billion in …

September 17, 2019 - 2:44 pm Closing Bell Story‎, Oilfield Services
Source Reuters

Low-cost fracking offers boon to oil producers, headaches for suppliers

From Reuters


At a dusty drilling site east of San Antonio, shale producer EOG Resources Inc recently completed its latest well using a new technology developed by a small services firm that promises to slash the cost of each by …

September 12, 2019 - 12:46 pm Closing Bell Story‎, Fracing, Oilfield Services
Source: The Houston Chronicle

Baker Hughes to become independent again in stock sale

From The Houston Chronicle


Houston oilfield service giant Baker Hughes is poised to become an independent company again.

Boston industrial conglomerate General Electric will lose its majority ownership of Baker Hughes in a planned stock sale that could be worth …

September 11, 2019 - 10:51 am Capital Markets, Finance, Oilfield Services
Source Data Gumbo

Oil and gas majors sign deal to implement blockchain in Bakken oilfield

From Reuters


A group of oil and gas companies has agreed to begin testing blockchain, a technology at the heart of digital currencies, in a bid to lower administrative costs in their field operations while also reducing payment disputes and …

September 10, 2019 - 12:10 pm Analytics, Closing Bell Story‎, Oilfield Services
Source Reuters

Drilling Down: Denver saltwater disposal well operator makes Permian Basin push

From The Houston Chronicle


Water remains a big issue in the arid Permian Basin of West Texas where for every barrel of oil produced, another four to 10 barrels of saltwater — the remnants of an ancient inland sea — …

Exclusive Interview: Jack Greer, Chief Operating Officer of JCA Companies

Exclusive Interview: Jack Greer, Chief Operating Officer of JCA Companies

JCA Companies’ COO, Jack Greer was interviewed by EnerCom’s Angie Austin at The Oil & Gas Conference® 2019.

JCA Companies and its three subsidiary companies, which are headquartered in Wyoming, are focused on innovation and improving safety in the oil

Source: Reuters

Halliburton CEO sees consolidation in oilfield services as shale matures

From Reuters


Slowing growth in the maturing U.S. shale industry and spending cuts by oil and gas customers will lead to a consolidation of oilfield-service suppliers, Halliburton Chief Executive Officer Jeff Miller told investors on Wednesday.

The largest U.S. supplier …

Source: SitePro

How do Oil & Gas Companies Reach Cash Flow Nirvana?

Compiled by Tyler Jones, Oil & Gas 360


Oil and gas companies are leveraging Machine Learning and Artificial Intelligence to reduce cost and improve returns.

The timeline on which investors in the oil and gas space expect a return on …

Source: Data Gumbo

Verisk to Acquire Genscape

By Tyler Losier, Energy Reporter, Oil & Gas 360

Genscape will become a part of Verisk subsidiary Wood Mackenzie
Verisk (stock ticker: VRSK), a data analytics provider headquartered in New Jersey, has signed a definitive agreement to acquire Genscape, a

Courtesy of Enbridge

Oil Services Firm TechnipFMC to Split Into Two Publicly Traded Companies

From Reuters


Franco-American oil services firm TechnipFMC Plc (FTI.N) said on Monday it would spin off its engineering and construction operations into a separate company, leaving it as a technology-focused equipment supplier to oil and gas companies.

TechnipFMC, which had …

Enerflex Appoints New CFO, General Counsel

Enerflex Appoints New CFO, General Counsel

By Tyler Losier, Energy Reporter, Oil & Gas 360

Enerflex names Sanjay Bishnoi as senior vice president and CFO, David Izett as senior vice president and general counsel
Enerflex Ltd. (stock ticker: ENRFF), a Calgary-based oilfield service company, has appointed