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FTS Joins Expanding List of Oil, Gas Operators Seeking Chapter 11

FTS Joins Expanding List of Oil, Gas Operators Seeking Chapter 11

Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet.  Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the…

September 24, 2020
Look Beyond 2Q2020’s ‘Atrocious’ Earnings Results in E&P, OFS Sectors, Say Analysts

Look Beyond 2Q2020’s ‘Atrocious’ Earnings Results in E&P, OFS Sectors, Say Analysts

Natural gas and oil operators may prefer to talk about 2021 than second quarter performance as earnings season begins, with low commodity prices and Covid-19 literally sucking the energy out of the room. Halliburton Co. kicked off earnings season for the oilfield services (OFS) sector on Monday, with the deluge of results to follow from…

July 22, 2020
Covid-19 Still Battering Canada’s OFS, Supply Sectors With Job Losses

Covid-19 Still Battering Canada’s OFS, Supply Sectors With Job Losses

Employment continued to shrink during June in Canadian oil and natural gas fields, with service and supply contractors suffering the deepest losses, according to the industry’s workforce monitoring agency. Cuts of 5,600 field personnel accounted for 84% of 6,700 layoffs recorded last month by Calgary-based Petroleum Labor Market Information (PetroLMI) from Statistics Canada surveys. The…

July 14, 2020
Oil, Natural Gas Activity Across Louisiana, New Mexico and Texas Still Grim, Says Dallas Fed

Oil, Natural Gas Activity Across Louisiana, New Mexico and Texas Still Grim, Says Dallas Fed

Oil and natural gas activity has declined further in the second quarter across Louisiana, New Mexico and Texas, according to a survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every quarter surveys energy executives across the Eleventh District, which encompasses northern Louisiana, most of New Mexico and Texas,…

June 24, 2020
Bruised OFS Sector Offering E&P Price Concessions, Staff and Salary Cuts, but Is It Enough?

Bruised OFS Sector Offering E&P Price Concessions, Staff and Salary Cuts, but Is It Enough?

The oilfield services (OFS) sector was under pressure before the oil price war was launched and Covid-19 became a pandemic, but the future of many companies appears to hang on a thin thread, battered by the outbreak and plunging oil market. One analyst predicted up to one million jobs could be lost, mostly in the onshore sector.

March 25, 2020
OFS Likely Off to Slow Start in 2019 on Falling Oil Prices

OFS Likely Off to Slow Start in 2019 on Falling Oil Prices

The oilfield services (OFS) sector, slowly returning to normal following the downturn four years ago, now faces more uncertainty, as oil prices continue to decline and Lower 48 producers trim spending plans for 2019.

December 28, 2018

Weatherford Toning Up, but U.S. Drilling Activity Weighs in 3Q

Seasonal improvements in Canada and stronger activity overseas could not offset a drop-off in U.S. activity during the third quarter, but a transformation is taking effect as Weatherford International plc uses muscles it’s never used before, the CEO said Monday.

October 29, 2018
Halliburton CEO Cites Lack of ‘Customer Urgency’ in North America; 3Q Outlook Cut

Halliburton CEO Cites Lack of ‘Customer Urgency’ in North America; 3Q Outlook Cut

U.S. onshore well completions expert Keane Group Inc. joined Halliburton Co. this week in reducing third quarter forecasts on less demand than anticipated, with customer drilling efficiencies beginning to level off.

September 5, 2018
BHGE’s Backlog, Orders Climbing While Merger Synergies Cutting Costs

BHGE’s Backlog, Orders Climbing While Merger Synergies Cutting Costs

Less than a year after General Electric Co. (GE) combined its oilfield business with Baker Hughes Inc., which created the second largest oilfield services (OFS) company by revenue, the venture appears to be paying dividends, while the backlog grows and costs decline.

April 20, 2018
Lewis Energy Snags Pemex OFS Contract for Burgos Unconventional Natural Gas Project

Lewis Energy Snags Pemex OFS Contract for Burgos Unconventional Natural Gas Project

San Antonio, TX-based Lewis Energy Group has inked an oilfield services (OFS) contract to evaluate and develop an unconventional natural gas project owned by Petroleos Mexicanos (Pemex) in northeast Mexico.

March 29, 2018
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