Revenue

Schlumberger Ltd. lost more than $1 billion in the fourth quarter and reduced its workforce by another 10,000 as tight exploration budgets slammed profits for the world’s largest oilfield services company.

During 2014, the oil and natural gas industry in Colorado accounted for $31.7 billion in overall economic impact, including 102,700 jobs worth $7.6 billion in compensation, according to a University of Colorado (UC) study released Tuesday.

The Interior Department said “substantially lower oil and gas prices” impacted royalties from energy production on federal and Indian lands and offshore areas in 2015, resulting in a decline of more than $3.5 billion to states, Indian tribes, the Treasury Department and others.

The management team of Tulsa-based Helmerich & Payne Inc. (H&P) offered a dismal view of the state of the market on Thursday during a conference call to discuss fiscal 4Q2015 results. Of the firm’s 344 U.S. land rigs available between July and September, 132 were generating revenue while 212 were idle.

Low natural gas prices and a consequent pullback from drilling have hit Arkansas hard. During the fiscal quarter ended Sept. 30, gross natural gas severance tax revenues were less than half what they were during the year-ago period. Arkansas isn’t alone, but the oil/gas downturn is affecting producing states differently, Fitch Ratings said.

North America’s rig count is going to get worse before it gets better, dropping by another 5% “at least” during the third quarter, Halliburton Co. predicted Monday.

Halliburton Co.’s management team on Monday said it may be 2016 before there’s an upturn in North America’s oil and gas markets, with more pain expected through the second half of this year.

Pennsylvania could see a significant decline in impact fee revenue from shale gas wells this year, and could receive the smallest amount since the controversial fee was enacted in 2012, according to projections by the commonwealth's Independent Fiscal Office.

Pennsylvania could see a significant decline in impact fee revenue from shale gas wells this year, and could receive the smallest amount since the controversial fee was enacted in 2012, according to projections by the commonwealth’s Independent Fiscal Office (IFO).