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The world’s largest offshore operator is also cutting back its workforce and consolidating most of its support functions in Houston.
The Houston producer’s plan to get rid of conventional drilling assets comes as several other companies plan similar divestitures.
Linn Energy said Thursday that cheap oil prices forced a $2.3 billion write down of its oil reserves.
Despite the downturn, the Houston oil producer believes it can boost its oil production this year
Minus the $537 million loss from its MLP, Houston’s energy transmission company said it had a $146 million net income gain for the quarter, up slightly from $143 million during the same period last year.
Marathon Oil Corp. lost $749 million in the third quarter, writing down the value of some oil assets and scaling back efforts to look for oil and gas in conventional plays.
Key Energy continued its retreat from international oil patches as the embattled oil field services company struggles with a diminishing demand for its services.
As oil companies scrap cash bonuses and raises amid a brutal downturn with no end in sight, one offshore drilling company is offering extra pay for some key employees it hopes to keep during difficult times.
“Losses in energy-related loans have been moderate so far, although we are likely to see some increases in the months ahead,” U.S. Comptroller of the Currency Thomas Curry said in a speech in Boston on Monday.
Despite pumping more oil and gas than it did the same time a year ago, Noble Energy swung to a loss in the third quarter as anemic prices couldn’t offset the higher volumes.