Thursday, February 6, 2025

North American Recovery Drives Schlumberger Revenue Growth

Year-over-year revenue growth returns Schlumberger (ticker: SLB) announced first quarter earnings today, reporting net earnings of $297 million, or $0.20 per share. Total revenue was $6.89 billion, up from the $6.52 billion earned in Q1 2016. This is the first year-over-year revenue growth the company has seen in the last two years. The resurgence of U.S. shale drilling has been

Parsley Closes $2.8 Billion Midland Acquisition

Permian-focused Parsley Energy (NYSE: PE) closed the acquisition of undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian LLC for an aggregate purchase price of approximately $2.8 billion, consisting of approximately $1.4 billion in cash and approximately 39.8 million units of Parsley Energy, LLC (together with a corresponding number of shares of

Ban on Sand for Oil and Gas Development Prompts Lawsuit in Minnesota

Is sand the new oil & gas battleground? Is sand the next battleground for energy development? The early salvos are taking place in Minnesota’s Winona County. In late 2016, Winona County commissioners voted to ban what the Minneapolis Star Tribune phrased in its report “the highly contentious industry of frac sand mining.” According to the report, opponents of frac sand

Study Values Damage From Deepwater Horizon Blowout at $17 Billion

From the Orlando Business Journal The April 2010 BP Deepwater Horizon oil spill did $17.2 billion in damage to the Gulf of Mexico, scientists at Virginia Tech concluded after a six-year study. The 134-million-gallon spill lasted 152 days and became the largest ever in U.S. waters. The previous infamous record-holding oil spill was the 1989 Exxon Valdez in Prince William