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Halliburton lays off 350 employees in Oklahoma
April 7, 2020
Source: Reuters

Halliburton lays off 350 employees in Oklahoma

Oilfield services major, Halliburton yesterday informed about cutting about 350 jobs in Oklahoma and that its executives would reduce their salaries amid a deepening oil price rout. Spokeswoman Emily Mir said, “This was a difficult decision, but is necessary action as we face challenging market conditions,”. In a filing to the state, Halliburton said that permanent job cuts could begin this week at its Duncan, Oklahoma, facility.

Whiting Petroleum to proceed with Chapter 11 bankruptcy
April 1, 2020
Source: Reuters

Whiting Petroleum to proceed with Chapter 11 bankruptcy

Colorado-based Whiting Petroleum Corp today initiated Chapter 11 bankruptcy proceedings, as crude oil prices crashed to 18-year lows. The E&P firm currently has more than $585 million in cash on its balance sheet and will maintain business operations in the normal course, without any material interruption to its vendors, partners or employees.

Shell withdraws from LNG export plant project
March 31, 2020
Source: Reuters

Shell withdraws from LNG export plant project

In the wake of the crash in energy prices, oil supermajor Shell Plc has withdrawn from a major U.S. liquefied natural gas (LNG) export plant under development. The move quickly followed Shell's partner, Energy Transfer postponing its final decision on whether to move forward with the project to next year. Analysts have forecasted a number of under-development projects not moving into execution mode due to sinking energy demand.

Oil prices edge down over declining fuel demand
March 25, 2020
Source: Reuters

Oil prices edge down over declining fuel demand

Oil prices edged down in the international market on Wednesday, stressed by declining fuel demand due to the coronavirus pandemic offsetting the pending U.S. economic stimulus package. Brent crude slipped 1.66%, at $26.70 per barrel. US WTI crude dropped 0.42%, at $23.91 per barrel. The US Congress is expected to pass a bill today for pushing out a $2 trillion-stimulus, following an agreement between the U.S. senators and Trump administration.

Halliburton to furlough 3500 staff in Houston
March 18, 2020
Source: Reuters

Halliburton to furlough 3500 staff in Houston

Oilfield services giant, Halliburton yesterday said that it will furlough 3500 staff in Houston for 60 days amidst expenditure cut by shale producers due to falling oil prices. The move will mean that the affected staff will be working in a cycle of one-week on and one-week off during the period. While benefits will remain during the furlough, payment will not be made to workers for the weeks not at work.

Weatherford registers first-ever quarterly profits in six years
March 17, 2020
Source: PR Newswire

Weatherford registers first-ever quarterly profits in six years

Oilfield services major, Weatherford International yesterday registered a profit for the 4Q19, a first one in over six years. The Houston-based firm, which recently recovered from Chapter 11 bankruptcy, recorded a $5.3 billion in profits on more than $1.2 billion of revenue during the last quarter. The numbers were mixed on the $2.1 billion loss on $1.4 billion of revenue during the fourth quarter of 2018.

US Energy firms enforce Work-from-home rules for staff
March 16, 2020

US Energy firms enforce Work-from-home rules for staff

As coronavirus pandemic spreads throughout the world, major energy companies in the United States enforced work-from-home rules for office staff and began health checks for remote or critical workers starting Monday. Firms like BP, Exxon Mobil, Kinder Morgan, Motiva Enterprises and Royal Dutch Shell have directed most office staff to work from home. The COVID-19 pandemic has infected over 156,000 people, with more than 5800 deaths worldwide.

Oil prices fall as panic surrounds financial market amidst coronavirus outbreak
March 16, 2020
Source: Reuters

Oil prices fall as panic surrounds financial market amidst coronavirus outbreak

Oil prices fell in the international market on Monday, as markets continue to panic amidst the coronavirus outbreak and a price war between Saudi Arabia and Russia. Brent crude dipped $1.13 to $32.72 a barrel. US WTI crude slipped 72 cents, to $31.01 a barrel. An attempt to ease tension in financial markets came from the U.S. Fed which reduced interest rates yesterday in its second emergency cut this month.

Oil prices ramp up over low gains in US crude stocks
March 5, 2020
Source: Reuters

Oil prices ramp up over low gains in US crude stocks

Oil prices ramped up in the international market on Thursday, buoyed up by a smaller-than-expected build in US crude stockpiles. Brent crude climbed 1.5%, to $51.91 per barrel. US WTI crude was priced 1.5% higher, at $47.47 per barrel. Meanwhile, Saudi Arabia and other OPEC+ members, yesterday, struggled to find support from Russia for additional cuts in oil production in a bid to prop up prices amidst coronavirus outbreak.

IDEX buys out Flow Management Devices LLC
Feb. 12, 2020
Source: World Oil

IDEX buys out Flow Management Devices LLC

Illinois-based IDEX Corporation has inked a definitive agreement to purchase the flow measurement system provider, Flow Management Devices, LLC (Flow MD) for cash consideration of $125 million. Flow MD’s calibration products have been saving on enormous payment discrepancies for customers where slight inaccuracies in flowmeter measurements at transfer points. Flow MD made an annual sales of ~$60 million last year, and will join IDEX’s energy group.

NV5 lands a $34 million EPC contract
Feb. 11, 2020
Source: Oil and Gas 360

NV5 lands a $34 million EPC contract

Florida-based engineering and consulting solutions provider, NV5 Global Inc. has announced the award of a $34 million EPC contract for the liquefaction system upgrade at an LNG facility. The project will bring in a new liquefier to substitute an older system for increasing the capacity and improving reliability, safety, and ease of operation. The project is slated for completion in approximately 18 months.

US warns energy companies over their ties with Venezuelan government
Feb. 6, 2020

US warns energy companies over their ties with Venezuelan government

US has been constantly pressurizing the Venezuelan government of Nicolas Maduro over ties with other energy companies and vice-versa. From Russia's Rosneft to Chevron and Reliance, everyone has been warned to "tread cautiously". These comments have come in response to the question on about possible sanctions against Rosneft. I would tread cautiously towards their activities in Venezuela that are in support, directly or indirectly, of the Maduro dictatorship because ... we're halfway through our maximum pressure campaign", said US official.

Petronet to sign $2.5 bln gas deal
Feb. 3, 2020

Petronet to sign $2.5 bln gas deal

According to the sources, Petronet LNG and Tellurian Inc, US, are planning to sign a $2.5 billion deal. The deal will be finalized during US President Trump's maiden visit to New Delhi later this month. Petronet will invest for five years in the Driftwood LNG export project in Louisiana. A preliminary non-binding deal was signed by the two companies in September last year.

Valero Energy beats 4Q profit estimates
Jan. 31, 2020
Source: Reuters

Valero Energy beats 4Q profit estimates

U.S. refiner, Valero Energy Corp registered a jump in fourth-quarter profits on Thursday, easily beating Wall Street estimates. The refinery giant majorly earned from refining low-cost Canadian heavy crude, with refining margins in the U.S. Gulf Coast operations rising 16% to $1.64 billion. Despite a 3% drop in the revenue, net income attributable to the shareholders rose to $1.1 billion in the fourth quarter, up from $952 million.

Baker Hughes reports 49.2% jump in 4Q profits
Jan. 23, 2020
Source: Reuters

Baker Hughes reports 49.2% jump in 4Q profits

Oilfield services major, Baker Hughes Co's adjusted profits ramped up by 49.2% in the fourth-quarter on Wednesday, buoyed up by higher orders in its oilfield services unit. The Texas-based giant saw an adjusted net income climbing to $179 million in the three months ended Dec.31, from $120 million for the same quarter last year. Total revenue rose from $6.26 billion to $6.35 billion.

Kinder Morgan records 26% jump in profits
Jan. 23, 2020
Source: Reuters

Kinder Morgan records 26% jump in profits

Midstream giant, Kinder Morgan yesterday recorded a 26% jump in the quarterly profit, climbing on the back of higher gas carryout from Permian Basin through its Gulf Coast Express pipeline. The Houston-based company filed a net income of $610 million in the fourth quarter, rising from $483 million, a year earlier. The Gulf Coast Express pipeline, which came into service in September 2019, can transport 2 billion cfd.

Oil prices jump as the US and China establish truce
Jan. 16, 2020
Source: Reuters

Oil prices jump as the US and China establish truce

Oil prices climbed on Thursday, buoyed up by the long-awaited signing of Phase 1 of the proposed trade deal between Washington and Beijing. Brent crude LCOc1 was priced 0.5% higher, at $64.33 a barrel. US WTI crude futures CLc1 were traded 0.5% higher, at $58.09 a barrel. China is aiming to buy over $50 billion more of U.S. oil, liquefied natural gas and other energy products over two years.

Oil prices slip over fears of US-China deal not inducing demand
Jan. 15, 2020
Source: Reuters

Oil prices slip over fears of US-China deal not inducing demand

Oil prices fell on Wednesday, stressed by the possibilities of the US-China trade deal not inducing demand as Washington is looking to keep tariffs on Chinese goods until a second phase. Brent crude LCOc1 fell 0.3%, at $64.30 per barrel. US WTI crude futures CLc1 were priced 0.3% lower, at $58.04 a barrel. The Phase 1 agreement between the US and China will be signed at the White House today.

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