Posts filtered on Category
Hess, which has a major Houston presence, saw its income fall from a gain of $931 million during the same time last year. Excluding one-time expenses, Hess posted adjusted net income of a $147 million loss, or a loss of 52 cents per share, down from a $432 million gain last year, or $1.38 a share.
The Paris-based company said low oil prices were partially offset by a 12 percent increase in oil and gas production compared to last year, strong refining margins and the results of Total’s cost reduction program.
Oil companies could get 10 more years to drill on their Arctic leases, under a provision in a broader offshore drilling bill advancing in the Senate.
Environmental activists in Portland are protesting the arrival of the Fennica, a vessel that Royal Dutch Shell plans to use in its Arctic offshore drilling project after it’s repaired.
Oceaneering International’s profit fell 40 percent in the second quarter as its fleet of more than 300 underwater robots found less work at offshore oil-industry projects compared to last year.
FMC Technologies executives say its joint venture with another subsea oil-equipment maker has been welcomed by operators but it will have to continue to cut its workforce in coming quarters as activity stagnates.
As other companies slow down their expensive deep-water Gulf investments, Ridgewood says it can find and develop oil there for cheap.
New offshore safety rules would make drilling some wells too difficult, industry lobbyists tell White House
More than a dozen oil companies and drilling contractors joined leading industry trade groups in pushing back against proposed federal mandates for offshore wells they say would make some impossible to drill. The proposed requirements were spurred by the Deepwater Horizon disaster.
U.S. crude’s recent fall to $51 a barrel is making a widely anticipated recovery in domestic drilling much more tenuous, bringing lower profits and probably even more job cuts to oil field service companies, analysts say.
The deal will send 1,100 miles of crude oil pipeline, 1,200 miles of natural gas pipeline and interest in six offshore hub platforms from Houston’s Enterprise to Genesis, which is also based in Houston.