West Virginia’s severance tax revenues for fiscal year 2016 came in $195 million below projections, capping what officials characterized as a brutal year for the state’s energy industries.
Revenue
Articles from Revenue
Drop in Oil Prices Cripples OPEC’s Net Oil Export Revenues, EIA Finds
The collapse in crude oil prices has decimated net oil export revenues for the Organization of the Petroleum Exporting Countries (OPEC) over the last three years, and the decline is expected to continue into 2016, according to the U.S. Energy Information Administration (EIA).
June 15, 2016
Technip-FMC Merger Muscles Into Competition With Leading OFS Providers
Houston-based FMC Technologies Inc., a technology innovator in the subsea and on land, on Thursday agreed to merge with Paris-based Technip, an energy engineering and construction giant, in a transaction valued at $13 billion.
May 19, 2016
NOV Lays Off 6,000 More People, Closes 200 Facilities as Revenues Decline in All Four Businesses
National Oilwell Varco Inc., which designs and manufactures equipment and components used in oil and natural gas drilling, laid off 6,000 more people in the first quarter and has closed or is in the process of closing 200 facilities worldwide, painful reductions to allow the Houston operator to “maintain its investment for the future,” CEO Clay Williams said Thursday.
April 28, 2016
NOV Lays Off 6,000 More People, Closes 200 Facilities as Revenues Decline in All Four Businesses
National Oilwell Varco Inc., which designs and manufactures equipment and components used in oil and natural gas drilling, laid off 6,000 more people in the first quarter and has closed or is in the process of closing 200 facilities worldwide, painful reductions to allow the Houston operator to “maintain its investment for the future,” CEO Clay Williams said Thursday.
April 28, 2016
Schlumberger Weighing Whether to Shutter Some U.S. Ops or Wait Out Downturn
Schlumberger Ltd., the No. 1 oilfield services operator on the planet, eliminated more than 8,000 people from its workforce between January and March, but the sour business environment may take even more jobs before the end of June, CEO Paal Kibsgaard said Friday.
April 22, 2016
E&P Investments Not Matching Growing Demand, Says Schlumberger CEO
No. 1 oilfield services operator Schlumberger Ltd. laid off another 8,000 people in the first quarter, with more job cuts likely to happen before the end of June, CEO Paal Kibsgaard said Friday.
April 22, 2016
Schlumberger Weighing Whether to Shutter Some U.S. Ops or Wait Out Downturn
Schlumberger Ltd., the No. 1 oilfield services operator on the planet, eliminated more than 8,000 people from its workforce between January and March, but the sour business environment may take even more jobs before the end of June, CEO Paal Kibsgaard said Friday.
April 22, 2016
E&P Investments Not Matching Growing Demand, Says Schlumberger CEO
No. 1 oilfield services operator Schlumberger Ltd. laid off another 8,000 people in the first quarter, with more job cuts likely to happen before the end of June, CEO Paal Kibsgaard said Friday.
April 22, 2016
Natural Gas Drilling Activity in Canada’s Deep Basin Higher, But Business Still Slow, Says Precision Drilling
Precision Drilling Corp., Canada’s most active land drilling contractor, is seeing strengthening natural gas and liquids drilling in the Deep Basin, which runs through northwestern Alberta and northeastern British Columbia, but the bias in the United States continues toward oil, the CEO said Thursday.
February 11, 2016
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