HOUSTON (Reuters) – Cam Hewell runs Premium Oilfield Technologies, a small company that makes equipment and spare parts for drilling rigs from North Dakota to Texas. Like his rivals, he is trying to withstand the worst oilfield downturn in six years, but they face a vexing obstacle: cannibals.
In a bid to save cash, rig owners are cannibalizing parts such as motors and drill pipe from idled rigs to fix 800 active ones in the U.S. when stuff breaks.
HOUSTON (Reuters) – Easy money, super-sized frack jobs, and desperate drillers offering deep discounts to oil producers – all three have been credited for sustaining U.S. crude output during the worst price slump in six years.
Now there appears to be a new factor in the mix: old vertical wells that can quickly be drilled, injected with water or fracked for a second time to increase production at low cost.
HOUSTON, Aug 21 (Reuters) – Top shale oil producer Pioneer
Natural Resources Co has found an unusual way to both
save water and cut costs for its wells: tapping the treated
runoff from toilets, sinks and showers in west Texas.
Pioneer has signed an 11-year, $117 million deal with the
city of Odessa, Texas that will guarantee it access to millions
of gallons of treated municipal wastewater each day, for use in
nearby oilfields. Deliveries of the so-called effluent, are
expected to start at the end of the year.
HOUSTON (Reuters) – A renewed slide in crude prices is having the effect U.S. energy sector dealmakers and private equity managers have been looking for: oil companies are now returning calls from potential buyers.
Throughout much of the crude market rout that started in mid-2014 oil firms could rely on generous capital markets investors betting on a quick recovery in prices, which made any asset sales look unattractive. But since crude prices began tanking again in early July after a partial three-month recovery, oil firms have finally started to feel the squeeze.
HOUSTON (Reuters) – Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: “frack now and pay later.”
The moves by the world’s No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel.
HOUSTON, Aug 7 (Reuters) – Business is so tough for oilfield
giants Schlumberger NV and Halliburton Co that
they have come up with a new sales pitch for crude producers
halting work in the worst downturn in years. It amounts to this:
“frack now and pay later.”
The moves by the world’s No. 1 and No. 2 oil services
companies show how they are scrambling to book sales of new
technologies to customers short of cash after a 60 percent slide
in crude to $45 a barrel.
July 31 (Reuters) – Weak oil prices shriveled
quarterly profit at Exxon Mobil Corp and Chevron Corp
, compelling both companies to rethink operations and
plan for what many expect to be a sustained period of cheap
Earnings at Exxon and Chevron, two of the world’s largest
oil producers, also missed analysts’ expectations, adding to
concerns that perhaps executives had not acted quickly enough to
mitigate the impact of an over-50-percent drop in oil prices
since last summer.
HOUSTON (Reuters) – The stark reality of a much-feared second dip in crude prices is prompting global oil majors and nimble U.S. shale companies alike to ax spending once again a year after the first price crash started.
Just days into the second-quarter earnings season, Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) and Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) said they would slash a combined 8,000 thousand jobs around the world.
/HOUSTON, July 9 (Reuters) – A handful of
optimistic U.S. shale drillers are sticking with plans to deploy
more rigs in the coming months even as oil prices take a sharp
dive well below many producers’ $60-a-barrel breakeven point.
On Wednesday, Pioneer Natural Resources Co. became
the first big company to publicly confirm it was drilling more
wells, saying it had already added two rigs in the Permian Basin
of Texas this month and would keep on adding two a month as long
as the oil price “remains constructive.”
HOUSTON (Reuters) – Petty legal filings. Diversionary ballot measures. Counting abstentions as no votes. These are just some of the tactics U.S. oil companies used this spring to quash efforts by investors to win the right to nominate climate experts for board seats.
Led by New York City Comptroller Scott Stringer and proposed at 75 U.S. companies in various industries this year, the so-called proxy access measure would give investor groups who own 3 percent of a company for more than three years the right to nominate directors. At the 19 oil and gas companies targeted, the aim was to demand more accountability on global warming.