Marvin Odum, Shell Oil President, discusses the company's new project in the Gulf of Mexico. He says this is going to be a profitable project because the breakeven price is about $55 per barrel.» Read More
Feb 27- Offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn." Nabors posted a net loss of $891.1 million, or $3.08 per share, in the...
Feb 27- Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices. The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier. Revenue rose 11.1 percent to $1.79 billion.
WASHINGTON- U.S. economic growth brakes more sharply than initially thought in the fourth quarter as businesses slow their pace of stock accumulation and the trade deficit widens, but the underlying fundamentals remain solid. CHICAGO- Moody's Investors Service cuts Chicago's already-weak credit rating one notch to Baa2, citing the city's growing costs...
Feb 27- Contract driller Rowan Cos Plc wrote down the value of 12 of its oldest jack-up rigs by $438.4 million, joining rivals such as Transocean Ltd in recording big asset impairment charges. Rowan swung to a quarterly loss on the impairment charge, although the company's revenue rose 41 percent to $556.2 million due to two ultra-deepwater rigs coming into...
Oilman Harold Hamm says the Saudi hard line on production has turned the Russian "ruble into rubble" while also squeezing U.S. producers.
Feb 26- Offshore driller Ensco Plc said it would shut down an ultra-deepwater rig as demand dwindles due to a slump in crude prices, a day after it slashed its quarterly dividend by 80 percent. Ensco reported a fourth-quarter loss on Wednesday, compared with year-ago profit, hurt mainly by a $3 billion goodwill impairment charge. Ensco cut its quarterly dividend...
Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.
Chevron announced it is relinquishing concessions in Romania, the last of its shale gas projects in Europe.
HOUSTON, Feb 20- Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. A Transocean official declined to comment. According to a Transocean presentation, its fleet is about 25 percent larger than...
Activist hedge funds are buying stakes in North American oil and gas producers whose stocks have fallen because of the collapse of energy prices.
Falling oil prices have helped give rise to tech firms that focus on making drilling more efficient.
Oil's recovery may be short-lived, but some analysts believe now is the time to get back into energy stocks.
OSLO, Feb 13- Seadrill, the world's third-biggest offshore driller, cut $1.1 billion worth of Petrobras orders from its backlog due to the Brazilian firm's troubles, sending its shares 13 percent lower. Seadrill, which had an order backlog of $20 billion at the end of the third quarter, announced the contract extensions in November in a relief to investors as...
Energy bonds took a hit from fears low oil prices would spur a surge in defaults, but most issuers should stay resilient, Goldman Sachs said.
The life cycle of U.S. shale oil wells could put a question mark over American output and price stability.
*Q4 adjusted loss of 23 cents/ share vs estimate of 32 cents. *Company had cut 15 pct jobs, shut 4 rigs in Gulf of Mexico. Larger rival Diamond Offshore Drilling Inc and land driller Patterson-UTI Energy Inc have warned of a challenging 2015..
OPEC is claiming victory in the latest oil war. Here's what the US needs to do, says Ron Insana.
Oil prices will get a heck of a lot worse before they get better, a top industry analyst said on Tuesday.
Halliburton will layoff between 6.5 and 8 percent of its global staff, the oil field services company said Tuesday.
Job cuts are inevitable as oil prices tumble, but layoffs today could have significant ramifications for the sector tomorrow.