WorldOil Oxy restores employees’ pay, doubles executive salary cap Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year. Quarterly losses are a reality check for shale producers In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further reduced its capital spending budget, while Concho Resources Inc. stuck with plans to keep crude volumes flat from 2019 levels, ending years of growth. QEP shares dipped as much as 20%. Oil and Gas Climate Initiative to develop online gas-flaring tracking system The Global Gas Flaring Explorer platform will deliver improved monitoring, visibility and transparency in flaring volume data, and will be publicly available in early 2022. The tracking of flare volumes over time, including identifying which flares are currently active and which ones are inactive, through a standardized methodology will improve the ability to monitor and demonstrate progress towards the elimination of routine flaring. Delaware Basin driller Rosehill Resources declares bankruptcy Rosehill Resources Inc. filed for bankruptcy protection after a plunge in oil prices forced the Permian shale explorer to seek a restructuring of its debt. As the oil industry struggles, are national leaders waiting until it's too late to intervene? In today's podcast, World Oil editors discuss service companies' unbiased market projections running counter to OPEC and IEA's models; Canadian drillers want new tax structures to replicate Norway's success; and a Texas regulator changes his tune on tariffs. Schlumberger cutting 21,000 jobs on weak Q2 sales, dismal outlook The second-quarter rout was so bad for Schlumberger that it’s spending $1 billion on job severance in a move that will shrink staffing to an 11-year low. Various restructuring and impairment charges cost it another $2.7 billion, the company said Friday in a statement. Texas regulator proactively inspects Permian Highway Pipeline construction Inspectors with the Railroad Commission of Texas are continuing critical inspections of the Permian Highway Pipeline, one of the largest pipeline projects under construction in Texas in 2020. Funding for shale drillers dries up as lenders leave the sector Banks lending against the reserves of hundreds of independent U.S. drilling companies has pulled back at an unprecedented rate this year as prices slumped. Meanwhile, many in the industry expect further reductions to credit facilities in the fall, with higher costs and more stringent protections for lenders. Gardner Denver’s new GD 250HDD pump enters horizontal directional drilling market Gardner Denver High Pressure Solutions has launched its new GD 250HDD pump to serve as a durable, reliable, American-made pump for a range of horizontal directional drilling (HDD) applications. World Bank: Global gas flaring at its highest since 2009 According to World Bank research. gas flaring results in more than 400 million tons of CO2 equivalent emissions every year and wastes a valuable resource, with harmful impacts to the environment from un-combusted methane and black carbon emissions.