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Oilfield services giant, Halliburton, yesterday, reported a net loss in the fourth quarter, slipping on a charge of over $2.2 billion on its fracking business because of falling demand from oil and gas producers in North America. The Houston-based firm reported a net loss attributable of $1.7 billion, or $1.88 per share, compared with a profit of $664 million, a year earlier.
Oilfield services giant, Superior Energy yesterday informed about its decision to exit the hydraulic fracturing business. Analysts have attributed the cause to slower shale activity and weaker oil and gas prices this year. Superior’s divestiture move is second in line to Basic Energy’s decision to let go of its hydraulic fracturing unit. A regulatory filing by Superior said that the firm will use earnings from the divestiture for debt reduction.
In a major setback to the oil and gas industry in California, the state disclosed new regulations for drillers in an attempt to reduce its dependence on fossil fuels. The newly announced measures also include a moratorium on the extraction technique, fracking which uses high-pressure steam to break up oil formations underground. The regulations received heavy applause from environmental groups.
In an unprecedented move, the UK government has effectively banned the controversial practice of hydraulic fracing, dealing a severe blow to the fracing industry. The move came just weeks ahead of a general election, putting an end to the technique in the UK after growing concerns about earthquakes in the region. The decision will serve as a major roadblock to firms like Cuadrilla Resources Ltd. and Ineos Group Ltd.
Fracking expert, Houston-based Halliburton has introduced new service MicroScout Plus to enhance hydraulic fracturing and microfracture stimulation. The new service will allow deeper penetration into the formation and extended conductive complexity. The service was recently used on a well in Permian basin, and the well produced 20% more than comparable offset wells.
Houston-based Halliburton International yesterday reported a drop of some 7.6% in profits in the second quarter, owing to the slowdown in the Permian shale and other parts of the United States. The fracing-service provider had a consistent performance since 2015, but the 2Q2018 saw a $789m operating profit for the company. Halliburton’s oil-service peer, Patterson-UTI Energy also suffered a 7.4% drop, on the disappointing outlook.
India’s top oil refiner, Indian Oil, has developed its own refining processes using catalysts and hydro-cracking for converting crude oil into fuels like gasoline, diesel and liquefied petroleum gas. This move may help the firm save at least $1.5 billion in terms of cost. The director of research and development at Indian Oil believes that the firm will soon turn into a technology provider in near future and would not have to be at the mercy of a few multinational suppliers.
Oklahoma is placing stringent norms which are to be followed for 'fracking' for there has been a study which reveals a new cluster of earthquakes in one of the hottest U.S. regions for drilling. The Oklahoma Corporation Commission has announced that all explorers must use seismic array for monitoring and detecting movement underground. It also lowered the threshold for pausing work from 3.0 magnitude to 2.5.