Nasdaq staff determined Hercules no longer met the requirements to continue being listed on the exchange and the Houston-based company did not appeal the decision. Its last trading day will be Sept. 7.
The most severe oil-industry collapse since the 1980s has prompted explorers to curtail drilling budgets, cancel rig contracts and shelve plans to search for untapped crude fields from the Indian Ocean to the Gulf of Mexico.
The energy construction and engineering company is teaming up with the state-owned China National Offshore Oil Corp., or CNOOC, and its subsidiary, the Offshore Oil Engineering Co., to form the new COOEC Flour Heavy Industries Co.
With just five companies participating and only 33 leases sold, the turnout was the lowest western Gulf auction since area-wide leasing began in 1983, according to the Bureau of Ocean Energy Management.
Rhode Island-based Deepwater Wind reached its first “steel in the water” milestone in the early construction phase of its Block Island Wind Farm at the end of July, and the company has some other projects planned offshore of the Atlantic coast.
The Houston-based offshore oil company set its annual capital expenditure budget around $140 million, down from the $640 to $670 million Energy XXI projects it spent during their 2015 fiscal year, which ended on June 30. That budget is based on $50-per-barrel oil, but Energy XXI said it would consider expanding development drilling if prices rebounded.
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