Oilfield services giant Weatherford International plc has emerged from voluntary bankruptcy in stronger financial shape after eliminating $6.2 billion of outstanding funded debt.
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Prices for oilfield products and services have begun to increase following a multi-year slump, said to be lifted in part on more market power as consolidation in the industry continues.
Citing impacts from low oil prices in late 2018, National Oilwell Varco Inc. (NOV), one of the largest oilfield services operators in the U.S. onshore, said it expects 1Q2019 revenues to come in lower than expected.
Regulators in Texas have given Milestone Environmental Services a permit to build its second oilfield waste landfill in the Permian Basin.
The journey by Baker Hughes, a GE Company, has been a bumpy one since it began operating two yearsago, but improvements are coming with a continued focus on innovation and technology for its global customers, CEO Lorenzo Simonelli said Tuesday.
Oilfield equipment specialist RPC Inc., whose activity is centered in the United States, reported a 17%-plus jump in revenue from a year ago on higher activity levels and a larger fleet of equipment, the Atlanta-based operator said Wednesday.
A number of small oilfields in Ventura County, CA, remained shut in Friday as the Thomas Firespread into Ojai and the unincorporated areas surrounding the city of Ventura, with major producer Aera Energy LLC closing down all of its operations.
Billing itself as “the world’s first and only fullstream oil and gas company,” Baker Hughes Inc. and GE Oil & Gas announced Monday that their mega-merger — estimated at $32 billion — is complete.
Houston’s Kirby Corp. and Stewart & Stevenson LLC (S&S), whose manufacturing and services offerings are expanding rapidly in the Permian Basin, Eagle Ford Shale and in Oklahoma, agreed late Tuesday to combine in a deal estimated to be worth close to $710 million.
Calgary-based operators Precision Drilling Corp. and Essential Energy Services Ltd. have agreed to swap some oilfield service assets, which would expand Precision’s rig operations and workforce in Canada while Essential would add coil tubing and pumping services.