HOUSTON (Reuters) – Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn.
As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans.
By Terry Wade
(Reuters) – Bankruptcy filings in the oil and gas sector are
widely expected to increase in the coming months following a
slide of more than 50 percent in crude oil prices since June, to
about $50 per barrel.
The price decline has put acute pressure on small companies
with weak balance sheets and hurt sales for related services
companies that sell everything from sand to drilling rigs to
HOUSTON (Reuters) – Major global oil companies have moved to cut pay for contract engineers by 15 percent as they grapple with crude prices down by half since June, the chief executive of Swift Worldwide Resources, a top energy staffing firm, said in an interview.
Tobias Read said the hardest hit areas in the industry would be U.S. and Canadian unconventional onshore oil operations, which tend to have higher operating costs than conventional fields.
HOUSTON/NEW YORK (Reuters) – Oilfield services provider Baker Hughes Inc said on Thursday it is in preliminary merger talks with its larger rival Halliburton Co, though any potential deal would likely face antitrust concerns.
Two people familiar with the matter, who spoke on condition of anonymity, said Halliburton was looking to buy Baker Hughes, in what would be the second-largest energy deal of this year.
HOUSTON, Nov 13 (Reuters) – Oilfield Water Logistics LLC
(OWL), which transports, treats and disposes of water for energy
companies in the U.S. shale oil boom, said on Thursday it bought
competitor WestWater Energy, the latest step towards
consolidation in the fragmented sector.
The terms of the purchase were not disclosed. The
acquisition means Dallas-based OWL, a recently formed company
backed by a unit of private equity group Natural Gas Partners,
now has 27 oilfield water facilities in operation or development
in states including Texas, Utah, Colorado and Wyoming.
HOUSTON (Reuters) – Output from U.S. shale oil fields will keep growing for some time even if crude prices dip further, and people have been too quick to write off companies in shale basins, the head of a company that provides hedging services to U.S. producers said.
Conventional wisdom among oil analysts is that Saudi Arabia, frustrated by a global supply glut caused by soaring output in the United States, is prepared to let prices fall to squeeze U.S. capital-intensive shale oil producers out of the market.
DALLAS (Reuters) – Several schools were closed and six airline crew members placed on leave Thursday following news a nurse with Ebola had taken a commercial flight, heightening anxiety over the spread of the virus and how authorities were handling the health emergency.
In Washington, federal health officials will be questioned by lawmakers at a congressional hearing into their response to the Ebola outbreak, a virus that has killed more than 4,400 people in West Africa and appeared on U.S. soil last month.
DALLAS (Reuters) – The second nurse to contract Ebola in the United States was receiving care at an Atlanta hospital on Thursday, a day after the news emerged that officials did not stop her flying on a commercial flight even after she reported a slight temperature.
The nurse, 29-year-old Amber Vinson, flew from Cleveland to Dallas on Monday, a day before she was diagnosed with Ebola, the U.S. Centers for Disease Control and Prevention (CDC) said.
DALLAS (Reuters) – A second Texas nurse who has contracted Ebola told a U.S. health official she had a slight fever and was allowed to board a plane from Ohio to Texas, a federal source said on Wednesday, intensifying concerns about the U.S. response to the deadly virus.
Amber Vinson, 29, flew from Cleveland, Ohio, to Dallas, Texas, on Monday, the day before she was diagnosed with Ebola, the U.S. Centers for Disease Control and Prevention said.
DALLAS, Oct 15 (Reuters) – A second Texas nurse who had
contracted Ebola flew on a commercial flight from Ohio to Texas
with a slight temperature the day before she was diagnosed,
health officials said on Wednesday, raising new concerns about
U.S. efforts to control the disease.
Chances that other passengers on the plane were infected
were very low, but the nurse should not have been traveling on
the flight, U.S. Centers for Disease Control and Prevention
(CDC) Director Dr. Thomas Frieden told reporters.