EOG Resources CEO Bill Thomas at EOG's offices in downtown Houston Thursday Sept. 25, 2014. (Billy Smith II  / Chronicle)

EOG CEO: Industry wary of false start on oil recovery

The energy sector won’t repeat last year’s mistake of rapidly boosting production the next time the price of oil hits $60 a barrel, said the chairman and CEO of EOG Resources.
In search of natural gas, Jacob Spraggins with Helmerich & Payne works on a drill in the Piceance Basin on the western slope of the Rocky Mountains, Monday, June 22, 2009, in Rio Blanco County. (Johnny Hanson / Chronicle)

Cash-strapped drillers face deeper financial problems amid cuts

Domestic oil explorers with high levels of debt will struggle the most this year if they’re forced to cut spending and give up cash from new oil production.
European Union (EU) flags fly outside the European Council building in Brussels, Belgium, on Tuesday, Nov. 24, 2015. Authorities in Brussels extended the city's highest-level terror alert into next week as they maintained their warning Islamic State terrorists plan to attack highly populated areas like shopping malls and public transport systems. Photographer: Jasper Juinen/Bloomberg

EU signs off on Schlumberger’s acquisition of Cameron

Schlumberger, the world’s largest oil field services company with headquarters in Houston, Paris and The Hague, has moved quickly to wrap up the acquisition of the large oil equipment and technology manufacturer since the deal was first announced at the end of August.
Equipment is housed at National Oilwell Varco's distribution center in La Porte, Texas. (NOV)

NOV records $1.5 billion net loss for the fourth quarter

The oilfield equipment and services giant saw its revenues drop 60 percent in the quarter, but NOV also recorded $1.63 billion in pre-tax impairment charges.
In an undated photo from a 2015 investor presentation, a Cameron International worker examines oil field separation and processing equipment produced by the Houston-based manufacturer. Schlumberger said on Aug. 26, 2015, that it would acquire Cameron in a $12.8 billion deal. (Cameron International photo)

Cameron profits tumble 43 percent

Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.
A worker fixes a spot weld, at the main assembly warehouse, at the Baker Hughes facility, Thursday, May 12, 2011 in Tomball, Texas. (Todd Spoth/For the Chronicle)

Baker Hughes loses $1 billion in the fourth quarter

The company forecasts additional tough times in 2016 as crude prices remain stuck around $30 a barrel.
In this March 25, 2014 photo, a worker oils a pump during a hydraulic fracturing operation at an Encana Corp. well pad near Mead, Colo. The first experimental use of hydraulic fracturing was in 1947, and more than 1 million U.S. oil and oil wells have been fracked since, according to the American Petroleum Institute. The National Petroleum Council estimates that up to 80 percent of natural oil wells drilled in the next decade will require hydraulic fracturing. (AP Photo/Brennan Linsley)

Flotek releases report refuting criticism that it manipulated data

The Houston-based oil field services company launched an investigation of its chemicals and data analysis software after an Australian fund manager in November disputed the accuracy of Flotek’s self-reported results.
(Eddie Seal, Bloomberg News)

Keane Group buys Trican’s U.S. business for $250 million

A relatively small and quiet oil field services company, Keane Group is more than doubling its size through the deal with the goal of additional future acquisitions, said Keane CEO and Chairman James Stewart.
FMC Technologies elaborate booth in the Offshore Technology Conference at the NRG Center Wednesday, May 6, 2015, in Houston, Texas. (Gary Coronado/Houston Chronicle)

FMC Technologies scores $180 million contract for project offshore Australia

Houston-based FMC Technologies landed an $180 million contract to design, manufacture and supply subsea production systems for a project offshore Western Australia, the company announced.
U.S. regulators expect their review of the proposed Halliburton-Baker Hughes merger to last into the new year.  (AP Photo)

Halliburton sheds another 4,000 jobs

Collapsing commodity prices have spurred a retreat from the oil patch in the U.S. and around the world.