Hello Energy Insiders, I hope you all had a safe and relaxing Labor Day weekend. This past week there were several trending topics happening in the industry. From major players selling off some of their business units to more layoffs announced by a well-known oil service provider. Here are the latest headlines you should know.
Houston-based Cameron International Corp. (NYSE: CAM) is a company known for their capability in developing equipment and tools for offshore drilling operations. On Monday, the firm announced a deal to sell their offshore jack-up rig business. The deal was finalized with a subsidiary of Singapore’s Keppel Offshore & Marine and estimated to be worth $100 million. The details of the sale centered around Cameron’s drilling portion of their overall business. The drilling segment primarily consisted of the sale and servicing of equipment used to seal wells completely shut…(Read more)
An OPEC publication written by the exporter group’s public relations team helped oil prices jump and prompted speculation over a possible shift in output policy — to the bafflement of some OPEC insiders.
The commentary on Monday in the OPEC Bulletin, a magazine issued by OPEC’s Vienna headquarters, said downward pressure on prices due to higher production “remains a cause for concern” and OPEC “stands ready to talk to all other producers.”..(Read more)
Texas-based energy company ConocoPhillips will cut about 10 percent of its global workforce, with the largest percentage occurring in North America, it confirmed to CNBC.
Its pre-reduction workforce numbers 18,100 people.
“As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary,” wrote Daren Beaudo, director of communications, in an email to CNBC…(Read more)
Liberty Resources CEO Chris Wright describes himself as part science and tech geek, part oil-and-gas guy, and part entrepreneur.
Many in the American oil industry know him as one of the pioneers who made drilling more efficient on the cusp of the steepest crude oil downturn in decades.
U.S. drillers like Liberty have confounded expectations by driving down the break-even cost of producing a barrel of oil through innovation and cost-cutting. One of the tools producers are increasingly turning to is a type of high-intensity hydraulic fracturing that helps them produce oil and gas more economically…(Read more)
Most OPEC members would like to see crude prices at $70 to $80/bbl and the producer group doesn’t need to coordinate with other oil suppliers to determine output levels, Oil Minister Bijan Namdar Zanganeh said in an interview.
Oil’s slump below $40/bbl in New York last month hasn’t tempered Iran’s aims to restore output as soon as sanctions are lifted. The nation must boost crude output to regain market share even as U.S. shale producers increase drilling activity, Zanganeh said at the Petroleum Ministry in Tehran…(Read more)
Buried in the latest government analysis on lifting the crude-oil export ban is a piece of data that shows why ending the limits will be a heavy lift: It would cut refiners’ profits by $22 billion a year.
The report shows that dropping the ban, which dates to the 1970s Arab oil embargo, could lower gasoline prices for drivers and boost domestic oil drillers. But refiners — one of the nation’s most powerful industries — would be the losers…(Read more)
A stock-market crash could erase as much as $170.3 billion from major cities’ gross domestic product in the U.S. and Canada and is the biggest threat to their economies, Lloyd’s of London said.
The losses, which represent about 2 percent of combined GDP for the 35 cities studied, surpassed estimates for the impact of natural disasters such as floods and earthquakes as well as terrorist attacks, the London-based insurance market said Thursday in a report…(Read more)