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Month: March 2020

Nabors and Parker go with reverse stock split

March 20, 2020
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Parker Parker Drilling Company announced that in connection with its previously announced plan to deregister its common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Actâ€), the Company’s Board of Directors (the “Boardâ€) determined the reverse stock split ratio to be 1-for-50 and the forward stock split ratio to be 50-for-1. These stock split

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Shelf Tenacious contract cut short

March 20, 2020
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Shelf Drilling, Ltd. announced today that it has entered into a mutual agreement with the customer to amend the contract end date for the Shelf Drilling Tenacious from January 2022 to September 2020. This contract was originally executed in 2017 and commenced in early 2018 in the Middle East. The premium jack-up rig of BMC Pacific Class

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I3 issues Dolphin Drilling a contract for one of their semi-submersibles

March 20, 2020
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  I3 Energy has awarded a drilling contract to Dolphin Drilling to deploy one of the latter’s semi-submersible drilling rigs in Block 13/23c  in the UK North Sea. As per the contract, the UK-based oil and gas development company will either use the Borgland Dolphin or Blackford Dolphin drilling rig. The drilling campaign will last a minimum of 82 days and

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Oil rebounds from 18-year low

March 19, 2020
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Oil rebounded after plunging to the lowest level in 18 years as policy makers across the globe try to strengthen economies against the impact of the coronavirus pandemic. Futures rose as much as 18% in New York, the most since December 2008, following a 24% rout in the previous session. Prices have cratered over the past two weeks

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Hess will move from 6 rigs to 1 in the Bakken

March 18, 2020
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Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil

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Halliburton furloughs 3,500 staff at Houston Headquarters

March 18, 2020
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  Halliburton, the world's biggest provider of fracing services, will furlough about 3,500 workers at its Houston headquarters as crude prices plunged to an 18-year low. The mandatory time-off will last as long as 60 days, Halliburton said in an emailed statement. Employees will work one-week-on, one-week-off schedules and without pay during off weeks as the oilfield-services company tries

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$93m generated in U.S. Gulf lease sale

March 18, 2020
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A major sale of oil and gas leases in U.S. waters on Wednesday generated $93 million in high bids, the lowest total since 2016 amid a steep slide in oil prices that has cast doubt over energy projects around the globe. The more than 78 million-acre (31.6 million hectares) sale attracted bids on 397,286 acres, or 0.5 percent

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Weatherford CEO: We are pleased to begin a new chapter for Weatherford

March 17, 2020
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Weatherford International plc announced its results for the fourth quarter and full year 2019. Weatherford emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization on December 13, 2019 and eliminated $6.2 billion of debt as part of its financial restructuring.  Upon emergence, Weatherford adopted fresh-start accounting which results in Weatherford becoming a new entity for accounting and financial reporting purposes.  As required by

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Noble CFO steps down

March 17, 2020
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  Noble Corporation plc announced that Richard Barker (38) will replace Stephen M. Butz as Chief Financial Officer of the Company, following Mr. Butz’ decision to step down as Executive Vice President and Chief Financial Officer to pursue other opportunities. Mr. Butz made the decision to leave the Company following the recently announced Chief Executive Officer transition plan. His departure is not the result of any

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Carnarvon: Current spot prices for oil do not represent longer term prices

March 17, 2020
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  Carnarvon’s strategy has intentionally targeted projects that have the potential to produce in low cost environments and thereby absorb extreme economic events such as we’re experiencing at present. The sheer size and nature of the Dorado field means that it is a strong and robust project which is expected to produce at globally competitive capital and operating costs

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