Crews have begun raising steel poles for a new FirstEnergy Corp. transmission line designed to serve the needs of unconventional shale development in West Virginia.
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ConocoPhillips Slashes Capex Another $700M Following $1.5B 1Q2016 Loss
ConocoPhillips, determined to get out of deepwater drilling in the Gulf of Mexico (GOM) and battered by a $1.5 billion 1Q2016 net loss, said Thursday that it would slash its 2016 capital expenditures (capex) budget by $700 million.
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.
EQT Bolts From 2016 Starting Gate With Record Production, More Utica Progress
EQT Corp. started the year strong, once again turning in record natural gas production and gathering volumes as it continued to navigate through the commodities downturn during the first quarter.
ConocoPhillips Slashes Capex Another $700M Following $1.5B 1Q2016 Loss
ConocoPhillips, determined to get out of deepwater drilling in the Gulf of Mexico (GOM) and battered by a $1.5 billion 1Q2016 net loss, said Thursday that it would slash its 2016 capital expenditures (capex) budget by $700 million.
Patterson-UTI Stacks Half of Horsepower — 1 Million HP — as Producers Shun Onshore Drilling
Onshore drilling contractor Patterson-UTI Energy Inc. has to date stacked more than half of its pressure pumping horsepower, an estimated 1 million hp, and expects the fracturing unit to see a 20% further decline in activity during the second quarter, management said Thursday.
EQT Bolts From 2016 Starting Gate With Record Production, More Utica Progress
EQT Corp. started the year strong, once again turning in record natural gas production and gathering volumes as it continued to navigate through the commodities downturn during the first quarter.
Patterson-UTI Stacks Half of Horsepower — 1 Million HP — as Producers Shun Onshore Drilling
Onshore drilling contractor Patterson-UTI Energy Inc. has to date stacked more than half of its pressure pumping horsepower, an estimated 1 million hp, and expects the fracturing unit to see a 20% further decline in activity during the second quarter, management said Thursday.
Freeport McMoRan Lays Off 25% of Oil, Gas Workforce
Freeport-McMoRan Inc. (FCX) dismissed one-quarter of its workforce last week and continues to look for a buyer to take over the distressed U.S. energy portfolio, CEO Richard Adkerson said Tuesday.
Pennsylvania Governor’s Severance Tax Proposal Could Set Highest Rate in Nation
Pennsylvania’s Independent Fiscal Office (IFO) said this month that Democratic Gov. Tom Wolf’s latest proposal to enact a 6.5% severance tax on natural gas production would give the state the highest effective rate in the country.