Reuters OSLO – Oil services firm Subsea 7 announced on Thursday that it will cut its global workforce by a quarter and reduce its fleet of specialized vessels by up to a third to preserve cash following the slump in the oil market. The company said it planned to lay off about 3,000 workers, both contractors and permanent employees, by
Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma.
How E&Ps and OilService Firms Navigate in Tandem James Constas, Managing Director of EnerCom spoke at The Oil and Gas Conference 21 on Thursday morning. Constas spoke about the cyclical nature of the oil and gas cycle, the dynamics of the current cycle and what might lie ahead. By Constas’ calculations, since 1975, the oil and gas industry has been
Oil service companies FMC and Technip announced a plan to merge in an all-stock deal worth about $13 billion to create a larger player in the energy services sector. The Houston-based FMC Technologies and the Paris-headquartered Technip will combine to form TechnipFMC. FMC investors will get one share in the company, while those with Technip shares will get two, the
The most common adage heard among the investment community is “buy low, sell high.” But depressed oil prices combined with the rise in bankruptcies led many industry insiders to wait for increased M&A activity. But the onslaught of fire sales and corporate mergers has yet to earnestly materialize. This week, industry bellwether Schlumberger (ticker: SLB) announced its second 2016 acquisition:
The current running rig count of 809 in the United States is the lowest in five years, but analysts from Raymond James Equity Research believe we haven’t reached the trough yet. Not even close. In a market report issued on October 5, 2015, the firm believes lower-than-expected drilling activity and a delayed rebound in commodity prices will drag the U.S.
Shortage of Frac Crews, Equipment Drives Favorable Pricing in Argentina “Eighty percent of the shale in the world has been identified as being outside of North America,” EcoStim Energy Solutions (ticker: ESES) CEO Chris Boswell told Oil & Gas 360® in an exclusive interview at EnerCom’s 20th The Oil & Gas Conference® in Denver, “but eighty percent of the equipment
Second Half 2015 Projections: Revenue of $408 to $415 Million, Free Cash Flow of $110 Million Core Laboratories (ticker: CLB) reported net income of $34.6 million, or $0.81 per share, on revenues of $204 million in its Q2’15 earnings release issued on July 22, 2015. The net income is 10% greater than Q1’15 and is exceeded by its free cash
Positive Reception in a Negative OilService Environment The effects of reduced drilling activity were apparent in Schlumberger’s (ticker: SLB) Q1’15 revenues, but the oilservice giant still managed to report net income (excluding charges and credits) of $1,358 million, or $1.06 per share, in the three months ended March 31, 2015. The net income for Q1’15 represented respective declines of 30%
EnerCom, Inc. is pleased to present its 13th edition of The Oil & Services Conference™ from the Omni Hotel in San Francisco. The two-day affair will feature 34 presentations from E&Ps, OilService providers and industry experts from around the country. The market capitalizations of presenting companies range from $35 million to $4.8 billion. Consider this piece to be your primer
CARBO Ceramics (ticker: CRR), a production enhancement services provider based in Houston, Texas, is not immune from the recent commodity downswing. Even though United States production is expected to remain flat or even increase through 2015, the declining rig count will affect CARBO’s operations in the near-term. “This is pretty historic,” said Gary Kolstad, Chief Executive Officer of CARBO Ceramics,
Projecting oil recovery within fiscal year Core Laboratories (ticker: CLB) closed the book on 2014 as its most profitable year in company history in its Q4’14 earnings release on January 28, 2015. Revenue for fiscal 2014 was $1,085 million, up 1% from 2013’s total of $1,074 million. Net income experienced a much higher jump, climbing to $257 million from $242
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