Interior secretary to oil industry: Don’t throw regulators under the bus
During a closed-door meeting with oil industry leaders on the sidelines of the Offshore Technology Conference, Interior Secretary Sally Jewell pleaded for cooperation and a little understanding, as federal drilling regulators aim to keep pace with rapidly evolving technology.
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Well plugging and abandoning costs will continue to add up, engineer says
As more wells are drilled around the world in search of new sources of oil and gas, technology and collaboration between contractors will be key to plugging and abandoning those wells in a cost-effective and safe manner, a Schlumberger official said Monday. More »
Baker Hughes reports earnings decline
Baker Hughes reported Friday a 30 percent decline in net income for the first quarter, dropping to $267 million, or 60 cents a share. More »
Schlumberger first-quarter profit falls 3 percent
Schlumberger, the world’s largest oil field services firm, reported Friday that its first-quarter earnings fell 3 percent despite a rise in revenue. More »
Schlumberger Eagle Ford deal to showcase cutting-edge technology
Schlumberger’s $90 million deal for a 50 percent stake in Forest Oil Corp.’s Eagle Ford shale play doesn’t signal a shift in strategy for the world’s largest oil field services firm, but rather appears to be an opportunity to showcase the company’s technology, an analyst said. More »
Gas rig count declines to near 14-year low
The U.S. gas rig count has shrunk to almost a fourth of its peak in September 2008 as a glut of domestic supplies pushed prices of the fuel down to 10-year lows and drove energy producers toward more profitable oil and liquids-rich plays. More »
Barclays calls refineries top stocks for 2013
Refining stock prices are undervalued by about 50 percent, Barclays wrote in a 2013 Global Energy Outlook issued on Wednesday. But the investment bank cautioned investors on Big Oil stocks, amid declining production. More »
Houston energy giants weak in diversity, report finds
Houston-based energy companies rank near the bottom of Calvert Investments’ diversity index for S&P 100 companies, with Apache Corp. and National Oilwell Varco falling into the bottom five. More »
Former BP America chief says company knew blowout was possible
British oil giant BP had identified a deep-water blowout in the Gulf of Mexico as a “high-level” risk prior to the 2010 oil spill, the former chief representative of the company’s U.S. operations testified Tuesday at a civil trial over the disaster. More »
Schlumberger profits down 3.7 percent in Q4
Schlumberger has benefited from the explosion in tight oil and shale gas exploration in North America over 2012 as a whole, but a slowdown in services activity has resulted in weaker end of the year performance than Schlumberger had earlier estimated. More »
Schlumberger third-quarter profit rises on strong revenue
Schlumberger Ltd., the world’s biggest oilfield services company, reported Friday that third-quarter profit rose 9 percent on a double-digit increase in revenue that it recorded despite challenges in the North America market. More »
Subsea equipment providers see boom ahead
Oil and gas service companies are increasingly seeing subsea equipment as one of the best opportunities for growth, according to recent analyst reports. More »
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