Oil Field

Upstream news: exploration and production, oil field services
A Frank's International crew works on a rig. (Frank's International handout photo)

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 »
(RJ Sangosti/The Denver Post via Getty Images)

Sabine Oil & Gas working to avoid defaulting on its debt

All told, Sabine had $2.82 billion in debt as of March 15, with $326.8 million in cash on hand.  More »
(Photo by Andrew Burton/Getty Images)

Another state joins the fight against the White House’s new fracking rules

The Obama administration is requiring companies that drill on federal lands to disclose chemicals used in hydraulic fracturing.  More »
(Apache Corp.)

Apache has pumped almost 1 million barrels of oil from its Egypt fields since November

Apache has already spent $14 million to install production facilities at two fields in Egypt’s Western Desert.  More »
(AP Photo/Williston Herald, Jerry Burnes, File)

Warburg is pumping $500 million into a start-up oil producer

The transaction is only the latest foray of buyout firms into the oil industry, as firms raise billions to take advantage of bargains in the oil patch.  More »
(AP Photo/Hasan Jamali)

Oil workers in West Texas and New Mexico were underpaid millions, Labor Department says

Among the problems found, employers were failing to include bonus payments when calculating overtime rates, weren’t paying for time spent working off-the-clock and paying flat rates despite the hours worked by employees.  More »
(Jim Gehrz/Minneapolis Star Tribune/MCT)

U.S. crude production sets record in 2014

The shale boom in 2014 fueled the most dramatic rise in U.S. oil production since the government began keeping records more than a century ago.  More »
(Eddie Seal/Bloomberg)

Blackstone CEO sees ‘remarkable’ opportunities in slumping oil

Most of Blackstone’s energy investments aren’t in oil, meaning its exposure to lower oil prices is limited, CEO Stephen Schwarzman said.  More »
(AP Photo/Sue Ogrocki, File)

Low oil prices force 2 Oklahoma companies to cut jobs

Samson Resource Co. produced oil and liquids after primarily being a natural gas driller. The company reported a net loss of $1.6 billion for its third fiscal quarter in 2014. The company’s layoffs are effective immediately.  More »
(Photographer: Eddie Seal, Bloomberg)

Oil rigs fall by lowest number since December

Total rigs drilling for both oil and natural gas fell by 21 to 1,048, with gas rigs down 9 to 233, and miscellaneous rigs unchanged at 2.  More »
conoco

ConocoPhillips hires Scotiabank to sell some Canadian assets

Details on the sale from the Houston-based company will be provided in the second quarter, according to Scotiabank.  More »
(David Paul Morris/Bloomberg)

Chevron seeks over $3.6 billion for Caltex Australia stake

The deal is the largest block trade ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion.  More »
(Jim Wilson/The New York Times)

Oklahoma adds more counties to earthquake list

Letters were sent last week to 92 companies holding permits for waste-water disposal wells directing them to provide evidence that their wells are not at a depth most likely to trigger earthquakes.  More »
A jar holding waste water from hydraulic fracturing is held up to the light at a recycling site in Midland, Texas. (AP Photo/Pat Sullivan)

Both Democrats and Republicans are unhappy with new fracking rules

Republicans say the new regulations, announced last week, will delay new drilling projects and take marginal lands out of production. Democratic lawmakers say the regulations are so mild that they won’t change current operating standards.  More »
Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

Report: Drilling activity could rebound as service costs fall

The number of wells will fall this year, but drilling should recover by next year as oil companies “seize their chance to drill at lower cost,” the report notes.  More »
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