Drilling ///
As recently as March, the Texas giant had pinned its future to huge capital spending on oil and natural gas at a time when peers were exploring ways to decarbonize. Exxon CEO Darren Woods’ plan was to lean on the company’s impeccable balance sheet to drill for gushers and still cover almost $15 billion in annual dividends.
A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges.
The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement.
Denbury Resources elected in mid-July to skip paying about $3 million of interest on notes maturing in 2023, triggering a 30-day grace period before it entered a formal default. It listed almost $2.3 billion of borrowings in a recent regulatory filing.
A full-scale deployment of the Carbon-Negative Energy concept will produce renewable fuel and power, and simultaneously remove greenhouse gases from the atmosphere. The net negative carbon emissions can be converted into carbon credits.
Upwing Energy has made new technology inventions in downhole rotating devices, including its Subsurface Compressor System™ (SCS), a high-speed downhole compressor system, and its Magnetic Drive System™ (MDS), a reliable and retrievable drive system for downhole pumps.
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.
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.
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 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.
With Chevron agreeing to pay just a 7.5% premium over Noble’s July 17 closing price, the all-stock deal isn’t eliciting much speculation that a new spree of acquisitions is in the offing. That means little prospect of relief for investors in hundreds of struggling drillers in places like West Texas and Oklahoma.
“As oil demand recovers, I expect the international business will continue to be a more meaningful contributor to our revenue going forward,” Chief Executive Officer Jeff Miller told analysts and investors during a conference call. “North America production is likely to remain structurally lower in the foreseeable future and has slower growth going forward.”
In this podcast episode, Buffett sees a longer future for natural gas in the U.S., encouraging signs of a recovery in drilling continue to emerge, and the UK seeks to put an expiration date on internal-combustion vehicles.
While Biden's multi-trillion-dollar plan seeks to reshape energy, OPEC projects a return to record oil demand in 2021 - and global drilling activity appears to be backing that bet.
Joe Biden’s climate-change plan unveiled Tuesday includes $2 trillion in spending over four years with a goal of a 100% clean-energy standard by 2035. That’s more spending over a shorter period than the $1.7 trillion, 10-year plan that Biden had offered during the Democratic primary.
Weatherford International signed an 18-month contract with the Iraqi Drilling Company to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq.
The company confirmed that the Stena Carron and Noble Tom Madden vessels returned to full operations last month. The rigs had been shut when the country of less than a million closed its borders after the pandemic hit South America.
One of the more exasperating, outrageous situations being played out in the global upstream industry is the Trudeau administration turning a deaf ear, so far, to repeated requests and pleas for federal officials to lend substantive help to Newfoundland and Labrador’s (NL) offshore oil and gas industry.
Total and its partners are planning to drill a well in the Luiperd prospect in water depths of as much as 1.8 kilometers by September, Africa Energy Chief Executive Officer Garrett Soden said in a statement.
The shale industry is getting at least $2.4 billion in loans from the U.S. government’s Paycheck Protection Program aimed at helping businesses that are struggling with the impact of the coronavirus pandemic.