Category: Oil field services

Halliburton, Baker Hughes shareholders OK $35 billion deal

Roughly 98 percent of the shareholder votes cast in both votes were in favor of the deal, which is expected to close in the second half of this year.  More »

Frac sand exec to slumping oil producers: You’re not going to drill your way out of this

“Every so often we have to reinvent the oil industry again,” says an executive from frac-sand firm Trican Well Service.  More »

FMC, Technip forming new firm to streamline subsea operations

Subsea equipment maker FMC Technologies and engineering firm Technip are forming a new company together, one they say will be able to help oil companies reach their first barrels of offshore crude faster, for cheaper.  More »

Oil field services company cuts 200 of 250 employees in Arkansas

M&M Environmental Group CEO Sam McFadin told the Arkansas Democrat-Gazette that employees were told of the layoffs Friday and that remaining employees will be offered transfers to company offices in Oklahoma.  More »

Halliburton mum on future sales tied to Baker Hughes merger

The world’s second and third-biggest oil field service firms are just a week away from a March 27 shareholder vote on the transaction, one of the biggest energy deals so far this century, which emerged when oil prices were falling sharply last year.  More »

Baker Hughes’ CEO talked with global conglomerate before Halliburton deal

The CEO of Baker Hughes had met with a global conglomerate in Europe just weeks before his company struck a $35 billion deal to sell itself to Halliburton, new corporate disclosures show.  More »

Transocean to scrap four rigs, stack four others

The firm, which has its main U.S. offices in Houston, said Wednesday that scrapping the four rigs “in an environmentally responsible manner” will cost it $300 million to $325 million in non-cash charges during the first quarter.  More »

Willbros Group may come under financial pressure in oil slump

Willbros Group, an engineering firm that builds oil-industry projects, says it may not be able to pay off its debt if it can’t persuade lenders to alter its credit agreements.  More »

Carbo Ceramics cuts jobs, dividend as oil plunges

The Houston firm, which makes ceramic proppant used in hydraulic fracturing, didn’t say how many jobs would be cut.  More »

What to do if you lose your energy job

Some experts predict upstream oil and gas job cuts in Texas could reach 50,000. An energy sector recruiter explains what laid off workers should do to boost their job prospects.  More »

Oilfield safety a concern as companies cut costs during downturn

The oil and gas industry saw 112 workers die in 2013, the latest figures available from the U.S. Bureau of Labor Statistics. That’s up 31 percent from 2003. Meanwhile, producers and drillers doubled their workforce in the same period, to 507,000.  More »

Frank’s International to buy oil-tool firm for $95 million

Both firms have businesses running piping and casing for oil companies that are constructing wells, part of the post-drilling processes that lead firms to extract the first barrels of oil out of the ground.  More »

Carbo to mothball Georgia proppant plant

Carbo did not say how many jobs would be affected by the plant closure.  More »

Oil tool suppliers cut another 360 jobs in Texas

Baker Hughes led the pack, cutting 191 jobs last month at separate facilities in Kilgore and Snyder, Texas, according to the Texas Workforce Commission. That’s part of the firm’s plan to ax 7,000 jobs in the first quarter.  More »

Cal Dive files for chapter 11 bankruptcy protection

The Houston firm said this week it is set to sell off its least important assets and plans to either reorganize or sell its main subsea contracting business, which helps oil companies maintain offshore production platforms and pipelines.  More »
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