After last week’s EIA inventory report yielded a lower refining/higher imports-sponsored build to crude stocks, last night’s 7.3 million barrel drop from the API report is indicating we should see a fairly hefty draw from the EIA this morning. After last night’s last-minute sell-off in US equities, risk appetite has picked itself up again and […]
The most severe oil-industry collapse since the 1980s has prompted explorers to curtail drilling budgets, cancel rig contracts and shelve plans to search for untapped crude fields from the Indian Ocean to the Gulf of Mexico.
The Houston-based, oil-field services company said Chairman and CEO Dick Alario is giving up the top board seat immediately and retiring next year. President and Chief Operating Officer Robert Drummond, who just joined the company in June, will assume the CEO role no later than the end of 2016. Independent board member Mark Rosenberg, whose background is in private equity firms, is the new chairman.
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