From The Houston Chronicle The top executive of British-owned Centrica, owner of Direct Energy, will be stepping down after what the company describes as an exceptionally challenging six months which included outages at its nuclear sites, pension deficits and low natural gas prices. The company announced on Tuesday that it is cutting the dividend for investors. Iain Conn, group chief
From Reuters ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy. The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from
From The Houston Chronicle Job cuts are expected at Houston oilfield service company National Oilwell Varco following the implementation of a company restructuring plan created in response to an ongoing industry slump in the U.S. shale basins. The drilling and oil well completion service company has started trimming its workforce by offering voluntary early retirement to eligible employees, the news
By Tyler Losier, Energy Reporter, Oil & Gas 360 Jud Bailey named vice president of investor relations at Baker Hughes General Electric Baker Hughes (stock ticker: BHGE), an oilfield services company owned by General Electric (stock ticker: GE), has appointed Jud Bailey as its new vice president of investor relations, effective as of August 2019. Bailey will replace Philipp Mueller,
From Bloomberg Company executing new ‘playbook’ to deal with customer changes, shale producers are trimming spending amid investor pressure Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by trimming 8% of its North American workforce and shelving unused frack gear. The world’s biggest provider of fracking equipment, including heavy duty rock-blasting pumps and
By Tyler Losier, Energy Reporter, Oil & Gas 360 Schlumberger appoints Olivier Le Peuch as CEO, Mark G. Papa as non-executive chairman of the board Schlumberger Limited (stock ticker: SLB), the largest public oilfield services company in the world by both market capitalization and enterprise value, has elected Olivier Le Peuch as its chief executive officer, effective August 1, 2019.
By Tyler Losier, Energy Reporter, Oil & Gas 360 Vanguard Natural Resources completes financial restructuring, emerges as Grizzly Energy Vanguard Natural Resources, a Houston-based onshore energy company, has successfully completed its Chapter 11 financial restructuring process, emerging as a new limited liability company under the name Grizzly Energy. According to the Houston Chronicle, this is the second time in two
By Tyler Losier, Energy Reporter, Oil & Gas 360 Acquisition of Lineal Star completed in an all-stock transaction Camber Energy (stock ticker: CEI), an independent E&P with a new focus on adding midstream, downstream and field service activities, closed its previously announced acquisition of Lineal Star Holdings on Monday through an all-stock transaction by entry into an agreement and plan
By Tyler Losier, Energy Reporter, Oil & Gas 360 Bechtel and Cheniere deliver seventh LNG train since 2015 Cheniere Energy’s Corpus Christi Liquefication export terminal, built by construction and project management company Bechtel, has delivered its first commissioning cargo from Train 2 of the facility, located on the La Quinta Channel on the northeast side of Corpus Christi Bay in
From The Houston Chronicle Weatherford International filed for Chapter 11 bankruptcy protection Monday The oilfield services company Weatherford International filed for Chapter 11 bankruptcy protection Monday, after struggling to assimilate the companies it bought during a quest for growth, taking on too much debt and fighting to recover from falling oil prices in 2014 that hammered the energy industry. Weatherford,
From SAFE Domino’s will start delivering pizzas via an autonomous robot this fall Domino’s and self-driving car startup Nuro announced a partnership Monday under which Nuro’s electric R2X AV will begin delivering Domino’s pizzas this fall in Houston. Operations will begin at one Domino’s location, delivering to customers who order online. Nuro has been operating in Houston since March, working
By Tyler Losier, Energy Reporter, Oil & Gas 360 Riverstone Credit-backed company adds 6.5 million barrels of crude storage capacity Converge Midstream LLC, a crude oil storage and transportation company backed by Riverstone Credit Partners, has completed the acquisition of assets being sold off by Fairway Energy Partners, LLC as part of its chapter 11 restructuring. Fairway, after filing a
