Thursday, December 5, 2024
Steel manufacturing company to close Houston facility amid slowing energy sector- oil and gas 360

Steel manufacturing company to close Houston facility amid slowing energy sector

Houston Chronicle TimkenSteel Corp., a manufacturer of steel products, will shutter a Houston plant after nearly 50 years in operation amid a slowdown in the energy sector that has hurt demand for the company’s services in Houston. The closure early next year will result in around 100 layoffs, the company said. TimkenSteel expects to save between $6 million and $8 million annually

Renewables get a boost from lower cost batteries- oil and gas 360

Renewables get a boost from lower cost batteries

Houston Chronicle Lower costs and more capacity helped to drive growth in the renewable energy industry this year, according to a new study. The lifetime cost of operating utility-scale solar facilities declined by 18 percent and on-shore wind dipped by 10 percent during the first half of the year, according to the consulting firm Deloitte. The biggest decline in cost

Aramco IPO: It's a thanks but no thanks from Petronas- oil and gas 360

Aramco IPO: It’s a thanks but no thanks from Petronas

Reuters KUALA LUMPUR/LONDON – With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia’s state energy company Petronas (PETR.UL) decided to take a pass on Friday. Expectations that Aramco customers and allies around the world would take significant stakes in the company have so far not materialized, with the listing looking like it will

U.S. oil drillers cut rigs for fifth week in a row: Baker Hughes

Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling. Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the lowest since April 2017, energy services

Another record year expected for Gulf of Mexico oil production- oil and gas 360

Another record year expected for Gulf of Mexico oil production

Houston Chronicle The U.S. Gulf of Mexico is expected to set another oil production record in 2020 with most of the growth coming from deep water projects, according to a new study. Average production next year is expected to exceed 1.9 million barrels a day, according to the Norwegian-based energy research and consulting firm Rystad Energy. Oil production in the

Oil holds near two-month high on OPEC+ extension expectations- oil and gas 360

Oil holds near two-month high on OPEC+ extension expectations

Reuters LONDON – Oil prices held near two-month highs on Friday, set for a third consecutive week of gains on expectations of an extension to OPEC+ production cuts, though concern over U.S.-China trade talks continue to hang over the market. Brent crude futures LCOc1 eased 13 cents to $63.84 a barrel by 1442 GMT and West Texas Intermediate (WTI) crude