Tuesday, September 22, 2020
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United States Oil & Gas News

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April. But that bump in output is unlikely to be sustained as...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep fall in natural gas prices caused by the coronavirus crisis hurt the value of some of its assets. Energy companies have been hard hit by the...

Baker Hughes posts second quarterly loss as oil slump slams demand

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility. Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that...

Oil prices jump on vaccine hopes & EU deal

Oil rose on Tuesday, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.24 cents at $44.52 by 1337 GMT, on track...

Chevron CEO sees continued ‘choppy economic and price activity’

The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning for "choppy" oil prices and economic activity globally. Chevron said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock, the...

Halliburton posts third-straight quarterly loss on shale slump

Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and collapse in drilling by North American customers. Demand for drilling services offered by Halliburton and rivals like Schlumberger and Baker Hughes sank...

Oil falls as virus infections rise, eyes on EU recovery plan

Oil prices fell on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 32 cents, or 0.7%, at $42.82 per barrel by...

Chevron to buy Noble for $5 bln in stock, biggest oil deal since price crash

Chevron Corp said on Monday it would buy Noble Energy Inc for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global demand for oil and sent crude prices to historic lows. Chevron has been widely seen as the industry's flag bearer of financial...

Oil firm BJ Services files for Chapter 11 bankruptcy

The company, which offers hydraulic fracturing of shale wells, said it was in discussions with bidders for sale of its cementing business and portions of its fracking operations. "Severe downturn in activity and subsequent lack of liquidity resulted in an unmanageable capital structure", Chief Executive Officer Warren Zemlak said, and...
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Recently Added

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly...

Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep...
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