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Month: March 2020

Fire on the Constellation Alpha Star

March 24, 2020
| Archives

On Thursday night (19), at 10:05 pm, a fire was detected in the Alpha Star rig of Constellation, a company that provides drilling services for onshore and offshore wells. According to information from Constallation, the incident started in the engine compartment of the rig’s starboard crane. Fortunately, there were no casualties or environmental damage. The brigade team was called immediately

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Chevron cuts spending and suspends share buybacks

March 24, 2020
| Archives

Chevron became the latest oil company to take an ax to its budget, cutting capital expenses by $4 billion and suspending its share buybacks. Just weeks ago, Chevron Chief Executive Officer Mike Wirth pledged to keep the buyback through a downturn in oil prices. But this month’s collapse represents such a profound challenge that retaining the shareholder-friendly $5

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Talos Energy announces budget changes and updated 2020 Guidance

March 24, 2020
| Archives

Talos Energy Inc. announced their updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The Company will continue to evaluate additional opportunities to further reduce 2020 costs. Those reductions would be incremental to the $170.0 million already identified. Talos continues to expect to generate positive free cash flow in

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Parker Drilling Appoints New President

March 24, 2020
| Archives

Parker Drilling Company announced that its Board of Directors, following a global search led by Heidrick & Struggles, has appointed Sandy Esslemont, a veteran of the oil & gas industry, to serve as President and Chief Executive Officer. Mr. Esslemont will also join the Company’s Board of Directors. He succeeds Gary Rich, who retired from the Company

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Maersk Drilling receives early termination from Tullow Ghana

March 24, 2020
| Archives

Maersk Drilling announced today that it has received a notification from Tullow Ghana Ltd. of early termination for convenience of the drilling contract for the drillship Maersk Venturer. Since February 2018, Maersk Venturer has worked for Tullow offshore Ghana with an expected end of contract in February 2022. The rig is now expected to end the contract in

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Popular News – Top 5 from this past week

March 23, 2020
| Weekly Rundown

This past week we had 26k page views and the top 5 grabbed up 16.7k of them, below are our top 5 articles for the week of March 15 – March 21! Unprecedented times, everyone stay safe and healthy out there! #1 with 8,143 views Oil rebounds from 18-year low #2 with 6,025 views Halliburton furloughs 3,500 staff at Houston Headquarters #3 with

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Shelf receives early termination for Trident XIV

March 23, 2020
| Archives

Shelf Drilling, Ltd. announced today that it has received a notification from customer on early termination of the Trident XIV contract. The contract end date for the jack-up rig has been changed from February 2021 to July 2020. Photo for illustration purposes only Source: Shelf Drilling Canada – Technical Section LeaderAngola – Rig Admin from Canada, US or AustraliaHouston –

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It’s Not The First Time OPEC Has Pulled Up a Chair for Texas

March 23, 2020
| Archives

The crisis in the oil industry is so bad that Texas regulators are weighing whether to coordinate production cuts with OPEC. If they’re seeking advice, they should look no further than the man who first went to Vienna on behalf of the state’s oil industry. In 1988, Kent Hance, a member of the Texas Railroad Commission, boarded a

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Maersk Drilling revises financial guidance for 2020

March 21, 2020
| Archives

Today, The Drilling Company of 1972 A/S (“Maersk Drillingâ€) provides the following update on the impact of COVID-19 and lower oil prices. To date, Maersk Drilling’s operational and financial performance has been in line with expectations for 2020.  However, the rapidly developing situation around COVID-19 and the lower oil price environment is assessed to have implications for the commercial

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North America Rig Count: U.S. down 20 and Canada down 77

March 21, 2020
| Archives

U.S. Rig Count is down 20 rigs from last week to 772, with oil rigs down 19 to 664, gas rigs down 1 to 106, and miscellaneous rigs unchanged at 2. U.S. Rig Count is down 244 rigs from last year’s count of 1,016, with oil rigs down 160, gas rigs down 86, and miscellaneous rigs up 2

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