Post Tagged with: "Oilfield services"

Source: Reuters

Baker Hughes posts second quarterly loss as oil slump slams demand

Reuters


Baker Hughes Co (BKR.N) posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility.

 

Oil producers stopped drilling new wells …

Fortis Inc. reports first quarter 2020 earnings¹

Fortis Inc. reports first quarter 2020 earnings¹

Oil and Gas 360


ST. JOHN’S, Newfoundland and Labrador, May 06, 2020 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its first quarter …

Source: Reuters

Patterson-UTI sees 60% decline in activity as oil prices crater

Reuters


Oilfield service firm Patterson-UTI Energy Inc (PTEN.O) on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices.

The …

Source: Reuters

Oilfield spending to fall 21% as producers slash outlays: report

Reuters


Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and …

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 …

Source: Houston Chronicle

Bankruptcy allows Weatherford to realize first profit in more than six years

Houston Chronicle


Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Shedding roughly $6 billion of debt after successfully emerging from Chapter 11 reorganization in mid-December, …

Key Energy Services announces completion of restructuring

Key Energy Services announces completion of restructuring

Oil and Gas 360


HOUSTON, March 09, 2020 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) announced today that on March 6, 2020, the Company completed the transactions described in its previously announced Restructuring Support Agreement (the …

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 …

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 …

December 27, 2019 - 2:30 pm Closing Bell Story‎, Energy News, 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
Source: Ashtead Technology

Forum Energy Technologies Sells Ashtead Technology

By Tyler Losier, Energy Reporter, Oil & Gas 360

Forum Energy Technologies to sell its aggregate 40% interest in Ashtead Technology for $39 million
Forum Energy Technologies Inc. (stock ticker: FET), a global oilfield products company, has entered into a

Source: Lonestar Resources

Energy Bankruptcies Back on the Rise in 2019

From The Houston Chronicle


After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019.

The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and …

Source: TOPS/LinkedIn

Black Bay Energy Capital Backs Permian-Based Oilfield Services Company

By Tyler Losier, Energy Reporter, Oil & Gas 360

Black Bay Energy Capital forms partnership with Total Operations and Production Services
Black Bay Energy Capital, a private equity firm focused primarily on the oilfield services and equipment sector, has formed

Halliburton Lands Nine Contracts for Offshore Project in West Africa

Halliburton Lands Nine Contracts for Offshore Project in West Africa

From The Houston Chronicle


Houston oilfield service company Halliburton has landed nine contracts to drill and complete a series of wells off the coast in West Africa.

Australian exploration and production company Woodside Energy awarded the contracts to Halliburton as …

Source: Quintana Energy Services

Quintana Energy Services Names New CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360

Christopher J. Baker named president and CEO of Quintana Energy Services
Quintana Energy Services (stock ticker: QES), an onshore oilfield services company operating across the United States, has named Christopher J.

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

From Reuters


General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%.

Revenue in the oilfield …

Oil & Gas 360 - KLX Energy Services Completes Motley Acquisition frac truck

Job Cuts Expected at NOV Amid Ongoing Oil & Gas Industry Slump

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 …

Bam! – It’s Earnings Season Again

Bam! – It’s Earnings Season Again

By Aaron Vandeford, Managing Director, EnerCom

EnerCom, Inc. has compiled Second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 95 E&P and 73 Oilfield Service companies in the EnerCom database.

Download EnerCom’s full

Source: Parker Drilling Company

Parker Drilling’s President and CEO Retires

By Tyler Losier, Energy Reporter, Oil & Gas 360

President and CEO of Parker Drilling will retire later this year
Parker Drilling Company’s (stock ticker: PKD) president, CEO and director Gary Rich will be retiring from his position later this

Weatherford Files for Bankruptcy Protection

Weatherford Files for Bankruptcy Protection

From The Houston Chronicle


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 …

U.S. Well Services Deploys Clean Fleet to Permian

U.S. Well Services Deploys Clean Fleet to Permian

By Tyler Losier, Energy Reporter, Oil & Gas 360

PowerPath technology will be utilized at 16 wells
U.S. Well Services (stock ticker: USWS) has deployed its all-electric hydraulic fracturing Clean Fleet, powered by a technology it calls PowerPath, to the

Equals to Merge

Equals to Merge

By Tyler Losier, Energy Reporter, Oil & Gas 360

Oilfield service consolidation rolls on
C&J Energy Services (stock ticker: CJ) and Keane Group, Inc. (stock ticker: FRAC) have entered into a definitive agreement to combine in an all-stock merger of

Gregg Taylor, Chief Financial Officer for Texas-based Purple Land Management.

Land Management Firm Names CFO

Purple Land Management Announces Gregg Taylor As Chief Financial Officer

June 11, 2019 - 5:00 am Closing Bell Story‎, People, Press Releases
Oil & Gas 360 - KLX Energy Services Completes Motley Acquisition frac truck

KLX Energy Services Completes Motley Acquisition

KLX Energy Services Completes Motley Acquisition

November 5, 2018 - 10:20 am Closing Bell Story‎, Oilfield Services, Press Releases
EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a …

Oilfield Services and Midstream Bankruptcies

Oilfield Services and Midstream Bankruptcies

Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone

less damage to midstream sector

Oilfield services

International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s …

Eco-Stim Energy Pushes Further Into STACK

Eco-Stim Energy Pushes Further Into STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported a net loss of $26.9 million, or $(0.41) per basic and diluted share for the full year of 2017. For Q4 2017, EcoStim reported a net loss of $9.1 million, or $(0.12) per …

Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with …

International E&Ps to Present at EnerCom Dallas Oil & Gas Investment Conference Feb. 21-22, 2018

International E&Ps to Present at EnerCom Dallas Oil & Gas Investment Conference Feb. 21-22, 2018

Oil industry senior management teams will discuss 2018 operations at the EnerCom Dallas investment conference

Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy space should register now for the EnerCom Dallas

Liberty Oilfield Services Increases Flexibility with Debt Deal

Liberty Oilfield Services Increases Flexibility with Debt Deal

Liberty Oilfield Services announces closing of $175 million term loan and $250 million revolving credit facility

Denver-based oilfield services company Liberty Oilfield Services announced Tuesday that the company closed a debt deal. The company entered two new debt facilities consisting …