Tag: Oil Drilling
Maersk Drilling CEO says company aims to avoid laying up rigs
Maersk Drilling to use warm stacking for quick activation COPENHAGEN, Aug 15 (Reuters) – Maersk Drilling expects the weak market to continue in the short and medium term but still hopes to avoid laying up or cold stacking rigs and instead keeping idle rigs on standby, ready for use, Chief Executive Claus Hemmingsen told Reuters. “We […]
Atlantic drilling barred; Obama builds environmental legacy
Atlantic drilling plan reverses 2015 proposal WASHINGTON _ In a major reversal, the Obama administration said Tuesday it will bar oil drilling off America’s Atlantic Coast, a move cheered by environmentalists and consistent with the president’s aggressive steps to combat climate change. Interior Secretary Sally Jewell said the decision “protects the Atlantic for future generations.” […]
Drillers say oil well rules dire for business; others disagree
Oil well rules outgrowth of BP catastrophic 2010 Gulf of Mexico spill NEW ORLEANS _ An industry-funded study warns of dire consequences if pending rules to prevent another catastrophic oil spill in the Gulf of Mexico go into effect, but critics questioned that claim. The dire economic analysis was done by Wood Mackenzie, a business […]
Precision Drilling suspends dividend, says Q4 loss more than doubled
Precision Drilling capital spending $72 million less than announced in revised Oct. plan CALGARY _ Precision Drilling Corp. (TSX:PD) says uses of its rigs was cut by more than half in Canada and the United States in the fourth quarter compared with a year earlier, resulting in less cash from operations and a bigger loss. […]
Schlumberger reports big 4Q loss, says cut 10,000 more jobs
Schlumberger CEO says drilling down 68 per cent from peak in 2014 HOUSTON _ Schlumberger said Thursday that it lost more than $1 billion and slashed another 10,000 jobs in the fourth quarter as tumbling energy prices took their toll on the world’s largest oilfield services company. Like others in the industry, Schlumberger NV has […]
US rig count declines by 14 this week to settle at 795, Oklahoma loses 6 rigs
Sixth consecutive week of US rig count decline HOUSTON – Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by 14 to 795. It was the sixth consecutive week of declines. Houston’s Baker Hughes said Friday that 605 rigs were seeking oil and […]
Trinidad Drilling, CanElson Drilling merge in $505M deal
Trinidad Drilling deal will create ‘stronger, more diverse’ drilling company On Thursday, Trinidad Drilling Ltd. (TSX: TDG) and CanElson Drilling Inc. (TSX: CDI) announced they are merging to create a stronger, more diverse North American drilling company. CanElson’s President and Chief Executive Officer, Randy Hawkings, said “The combined company will be strongly equipped with high-quality rigs across Western Canada, the […]
Cuts in US oil, gas drilling lower industrial production for 5th straight month
US oil, gas drilling down 14.5 per cent in April A plunge in energy-related drilling and sluggish manufacturing sent U.S. industrial output down for a fifth straight month in April. Overall industrial production slid 0.3 per cent in April after a drop of the same size in March, the Federal Reserve said Friday. The figures […]
New study says Texas drilling rig decline could bottom out in May
Morgan Stanley report suggests Texas drilling outlook already improving in some top tier counties Is Texas drilling ready for an upswing this summer? A Morgan Stanley analyst says Texas operators may already be ramping up as the decline in the drilling rig count appears to be bottoming out. “Many of the second tier counties are starting to […]
North American rig count drops again this week
North American rig count down 23 for week ending April 24 Baker Hughes reports the North American rig count has declined by 23 this week and in the US, rig counts are down by 22. A total of 1011 rigs were operational in North America, 932 in the US, 33 in the Gulf of Mexico […]
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