Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…
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National Oilwell Sees Opportunities Amid Mayhem as E&Ps Prize Efficiencies, ‘ESG-Friendly’ Equipment
Covid-19’s impact on demand has tossed aside forecasts for the oil and gas industry, but there’s still a solid future for the fossil-fueled world, the chief of National Oilwell Varco Inc. (NOV) said Tuesday. During a conference call to discuss second quarter performance, CEO Clay Williams said the downturn from the coronavirus is unlike anything…
July 28, 2020
Precision Drilling Improves Bottom Line, but Pandemic Clouds Outlook
Global drilling behemoth Precision Drilling Corp. cut costs by double-digits and improved efficiencies across its operations during the second quarter, but there’s paltry visibility as uncertainties surrounding the impacts of Covid-19 remain a concern, management said. Even though revenue plunged by nearly half from a year ago to $47 million, the multi-talented operator is poised…
July 24, 2020
Schlumberger CEO Calls on Oil, Gas Industry to ‘Engineer and Innovate’ from Downturn
The oil and natural gas industry may be going through one of its most challenging periods in modern history from diminished global demand and an uncertain future, but Schlumberger Ltd. CEO Olivier Le Peuch said Friday it’s more than up to the task. During a Friday conference call to share second quarter results, the chief…
July 24, 2020
Patterson-UTI Sees U.S. Rig Count Stabilizing, Fracturing ‘Bump’ as Lower 48 Drilling Improves
Houston-based Patterson-UTI Energy Inc. CEO Andy Hendricks on Thursday credited solid relationships with its exploration customers and “top tier performance” as Covid-19 decimated demand in helping to stem losses during the second quarter. The contract drilling specialist saw its earnings and revenue tumble, but shuttering facilities, laying off crews and stacking equipment improved the bottom…
July 23, 2020
U.S. Rig Decline Said Near Bottom, with ‘Slow, Methodical Recovery’ to Year’s End
The decline in the U.S. oil and natural gas rig count may be close to a bottom, and the current commodity strip could allow activity to grind higher, according to Raymond James & Associates Inc. Analysts Praveen Narra and Kirk Presley Sr. in a note to clients said most of the pain of the downturn…
July 14, 2020
EnerCorp Merging with Pro Oil to Build OFS Business in Lower 48
EnerCorp Engineered Solutions said Monday it is merging with well flow specialist Pro Oil & Gas Services LLC to expand well construction services across North America. EnerCorp, headquartered in The Woodlands near Houston, formerly was EnerCorp Sand Solutions. The oilfield services (OFS) specialist has focused on sand separation technologies, as well as providing ancillary flowback…
July 13, 2020
Liberty Oilfield Says U.S. E&Ps Slowing Annual Activity Earlier than Usual
Denver-based Liberty Oilfield Services Inc., which provides completions services across North America’s onshore, saw headwinds begin to strengthen midway through the third quarter, with the usual year-end slowdown by customers beginning earlier than usual.
October 31, 2019
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