Category: Oil field services

Halliburton cuts 9,000 jobs as oil slump takes toll

Oil field services firm Halliburton posted a first-quarter net loss of $643 million as drilling rigs continued to go silent in North American oil fields and producers asked for pricing concessions for services, it said Monday.  More »

Schlumberger CEO lays out his plan to weather the crude crash

The growing re-fracturing business is one that could boost Schlumberger’s suffering bottom line amid tumbling commodity prices.  More »

Schlumberger cuts another 11,000 jobs in wake of oil crash

Oil field services firm Schlumberger announced Thursday it plans to ax another 11,000 workers, kicking off what could be a second major wave of layoffs across the oil industry.  More »

IHS: 1,400 wells drilled but not completed in Eagle Ford Shale

There are nearly 1,400 wells in the Eagle Ford Shale that have been drilled but not completed, according to new analysis from the firm IHS. Oil prices are hovering around $50 per barrel, down by half since last summer. And some Eagle Ford oil producers have been drilling but not fracking wells.  More »

U.S. oil rig count down 42 as industry’s slowdown accelerates

The number of rigs drilling for oil in the U.S. fell by 42 this week, a reversal from previous figures that suggested the industry’s pull back was slowing down.  More »

Halliburton to put drilling business units up for sale to clear Baker Hughes merger

The Houston oil field services firm said Tuesday it is putting its fixed cutter bits, roller cone drill bits, directional drilling, logging-while-drilling and measurement-while-drilling businesses on the auction block in separate deals.  More »

Hundreds more Houston-area jobs cut as oil-equipment demand falls

Falling oil prices have prompted businesses affiliated with the the energy industry to announce more than 400 job cuts in the Houston area as demand for their products and services falls.  More »

Baker Hughes closes Bryan office, lays off 54 employees

Baker Hughes is closing its Bryan office and laying off 54 employees, marking the latest reduction for the Houston-based oil field services company.  More »

German engineering giant expanding U.S. operations in Houston

Siemens AG, a global engineering giant that employs about 2,000 workers in Houston, is establishing an oil and gas headquarters at its offices in Houston’s Energy Corridor.  More »

Willbros says it escaped a potential debt default after reaching a deal with its lenders

The Houston firm, which builds equipment for oil producers and refiners, agreed to issue 10.1 million shares to lenders in exchange for waivers on certain leverage requirements it might have breached. That represents nearly 17 percent of the firm’s outstanding shares.  More »

The crash in U.S. oil rigs is finally slowing down

Six of the oil rigs were idled in Texas. The slight dip – compared to the past four months of steep drops in active U.S. rigs – brought the nation’s oil-rig count to 802.  More »

Oil layoffs slowed in March, but firms still say 12,800 jobs will get axed

So far, Texas is outpacing every other state in planned layoffs, with 47,000 job cuts this year.  More »

Transocean to scrap two more offshore rigs

The Swiss driller said it’ll take a non-cash charge up to $110 million in the first quarter.  More »

Moody’s predicts tough year for oil field services firms

Even if oil prices rebound, oil field services firms still have a tough year ahead as producers squeeze them for deeper discounts, Moody’s Investors Services said in a new analysis.  More »

Frank’s International says it will cut up to 600 jobs

Job cuts at Frank’s International follow tens of thousands of job cuts in the oil field service industry, a labor-intensive business that has been hammered by falling oil prices since June.  More »
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