Category: Oil field services

Energy CEO: No need to spend capital until service costs come down

The CEO of U.S. oil explorer Magnum Hunter Resources Corp. told investors Friday the company won’t spend any more money on drilling or hydraulic fracturing until oil-field service costs come down.  More »

Hercules Offshore to lay down five more Gulf rigs

Hercules has already cold-stacked four of the rigs this month and a fifth is scheduled to end its contract in March.  More »

Report: U.S. land rig count could fall 30 percent

The number of onshore oil and gas wells in the U.S. will fall 26 percent this year to 27,000, research firm Wood Mackenzie said in a new report published Thursday.  More »

Halliburton leaders suggest layoffs to hit North America

Halliburton acknowledged challenges ahead for the company as it faces pressure from exploration and production companies who are reeling from a more than 50 percent drop in the price of oil.  More »

Baker Hughes to lay off 7,000 after record-breaking quarter

The oil services company reported that net income in its final quarter rose to a record high of $629 million.  More »

U.S. rig count sees biggest drop in six years

This week’s plunge marked the third-biggest one-week drop since Baker Hughes began tracking rig data in 1987.  More »

Cal Dive skips interest payment

The Houston-based marine contractor, which provides manned diving, pipelay and other services for the oil and gas industry, said it is looking to sell non-core assets in a bid to get debt off its books.  More »

Schlumberger CEO sees new tech elevated amid falling prices

The oil-field service industry will face a tough year in 2015 as North American oil producers plan on cutting spending around 30 percent.  More »

Schlumberger to cut 9,000 employees, including in Houston

Schlumberger’s profits fell 82 percent in the fourth quarter as it wrote down $1.7 billion in assets.  More »

Diamondback Energy to delay drilling, push for cuts to service costs in 2015

Diamondback said that it expects the cost of a horizontal well with a 7,500-foot lateral segment to fall to between $6.2 million and $6.7 million.  More »

Halliburton cuts jobs in Houston

Halliburton Co. said Tuesday it has cut jobs in Houston because of weakening market conditions as oil prices slide but refused to say how many employees were let go.  More »

Investment firm lays off 150 employees from oil field companies

OFS Energy’s layoffs come after oil field service companies like Halliburton and Hercules Offshore have announced sizable layoffs in November and December.  More »

Crude price slump exposing oil field risk takers

For the biggest explorers, the impacts of slumping prices are dramatic.  More »

Activist investor sells off oil field “man camp” stake

Jana Partners sold 12 million shares in Civeo Corp. on Tuesday after the Houston-based firm said it would have to dramatically cut 2015 spending, shutter some sites and slash its North American workforce. It said it sees far fewer oil workers returning to well sites in 2015 amid sunken crude prices.  More »

Midland Basin oil worker talks crude prices, fracking bans in Reddit AMA

The worker answered dozens of questions from Redditors on life as a roughneck and the feelings among workers as dropping crude prices threaten to halt drilling.  More »
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