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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.
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.
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.
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.
Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.
The company forecasts additional tough times in 2016 as crude prices remain stuck around $30 a barrel.
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.
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.
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.
Collapsing commodity prices have spurred a retreat from the oil patch in the U.S. and around the world.