At end of Q1 2016 Basic Energy had stacked 134,000 hydraulic hp, 127 well servicing rigs Revenue is down and losses are up at Basic Energy Services, as the Fort Worth-based service company struggles with low prices along with the rest of oil patch. Basic Energy reported that Q1 2016 revenue declined 19 per cent to $130.4 million […]
Basic Energy Services says Q1 was worse than industry expected Read More »
Pioneer says it will add 5 to 10 horizontal drilling rigs As global markets slowly recover, Pioneer Natural Resources Company says it plans to begin drilling again when oil prices hit $50 a barrel. The company was reporting its financial and operating results for the quarter ended March 31. “The performance from our Spraberry/Wolfcamp horizontal drilling program continues to
Pioneer Natural Resources to ramp up Permian Basin drilling at $50/b Read More »
Nabors Q1 loss almost $4 million April 25 (Reuters) – Contract driller Nabors Industries Ltd posted a quarterly loss, compared with a year-earlier profit, as oil producers used fewer rigs amid persistently low crude oil prices. Net loss attributable to the company was $398.3 million, or $1.41 per share, in the first quarter ended March 31, compared
Contract driller Nabors posts quarterly loss as oil tumbles Read More »
Pioneer Natural quarterly loss widens on cheap oil prices HOUSTON, April 25 (Reuters) – Oil producer Pioneer Natural Resources Co reported a smaller-than-expected quarterly loss on Monday as the company successfully slashed costs to offset a more than 30 percent drop in the price it received for its crude. Like many of its peers, Pioneer has
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Swift Energy sells assets in Central Louisiana to TEXEGY LLC. HOUSTON, Texas – Swift Energy Company says it has completed its financial restructuring and has emerged from Chapter 11. The company said in a press release that it has concluded its reorganization after completing all required actions and satisfying the remaining conditions to its Plan of Reorganization, which
Swift Energy Company emerges from bankruptcy Read More »
Thai coal miner Banpu makes first investment in U.S. shale BANGKOK, April 20 (Reuters) – Banpu Pcl, Thailand’s largest coal miner, said on Wednesday it had spent $112 million to buy a 29.4 percent stake in the Chaffee Corners Joint Exploration Agreement (JEA), a U.S. shale gas operation in the U.S. state of Pennsylvania. The
U.S. shale operation gets investment from Thai coal mining company Read More »
Company says it expects to pay suppliers in full under normal terms for goods and services provided on or after the Chapter 11 filing date HOUSTON- Energy XXI Ltd announced Thursday that it and certain of its subsidiaries have entered into a restructuring support Agreement (the “RSA”) with holders of more than 63 per cent of the company’s
Energy XXI files Chapter 11 after spending $5 billion on acquisitions during oil boom Read More »
PDVSA maintain they are not having problems paying their bills, and labelled it manipulation by the media LONDON- Schlumberger Limited announced today that it will reduce its activity in Venezuela after it failed to collect payments from the national oil company. In October, Schlumberger was said to be shifting some of its workers from Brazil
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Basic Energy expects Q1 revenues to be 18 – 20% lower than Q4 2015 rather than previous guidance of 16 – 17% lower FORT WORTH, Texas-based Basic Energy Services, Inc. has reported selected operating data for March and the numbers illustrate the pain American service companies are feeling as a consequence of low oil prices. “Activity in the month
Basic Energy Services reports higher than projected March losses Read More »
Forestar completely exits its oil and gas working interest assets in North Dakota AUSTIN, Texas – Forestar Group Inc. today announced that it has entered into two separate agreements with the same buyer to sell the company’s oil and gas assets in the Bakken/Three Forks formation in North Dakota for nearly $60 million. “These transactions
Texas-based Forestar sells remaining Bakken/Three Forks oil and gas assets Read More »
