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Most Active User Contest

May 12, 2020
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Most Active User Contest We know that you are spending more time at home and in most cases on your mobile devices, so we want to have some fun over the next few weeks. We want to see you using the app, getting active on the newsfeed, sharing the app with your friends by using the invite option, bringing

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Ensign Energy Services outlook from Q1 results

May 11, 2020
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OUTLOOK Industry Overview The outlook for the oil service industry is uncertain. The macroeconomic environment for its oil and natural gas producer customers has shifted rapidly as a result of the global COVID-19 pandemic and geopolitical events. Global COVID-19 mitigation strategies have dramatically and adversely impacted demand for oil and natural gas in the short term, exacerbating a supply

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Kosmos books asset impairments of $151 million in Q1

May 11, 2020
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Kosmos Energy Ltd. announced today the financial and operating results for the first quarter of 2020. For the quarter, the Company generated a net loss of $183 million, or $0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $66 million or $0.16 per diluted share for the first quarter of 2020. FIRST

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Pacific Drilling 1st Qtr results

May 11, 2020
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Pacific Drilling S.A. reported results for the first quarter of 2020. Net loss for first-quarter 2020 was $61.0 million or $0.81 per diluted share, compared to net loss of $308.1 million or $4.11 per diluted share in fourth-quarter 2019. Pacific Drilling CEO Bernie Wolford commented, “The first quarter of this year started strong with improving market fundamentals and solid

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Equatorial Guinea puts three year limit on foreign labor and expatriates

May 8, 2020
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In line with Equatorial Guinea’s efforts to ensure that the country’s recovery benefits local jobs creation and national content development, the Ministry of Mines and Hydrocarbons has published a new Ministerial Order to encourage the hiring of local workforce. Ministerial Order Number 1/2020 limits to three years the period during which companies can employ foreign labour and expatriates

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Drillers expect rig count to drop to lowest point ever

May 8, 2020
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The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four units above the

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Noble 1st Qtr Highlights

May 7, 2020
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Revenue: Results for the first quarter included net after tax unfavorable items totaling $977 million, or $3.91 per diluted share – including a pre-tax non-cash charge totaling $1.1 billion ($1.024 billion, or $4.10 per diluted share on an after-tax basis) relating to the impairment of the semisubmersible rigs Noble Danny Adkins and Noble Jim Day, the drillships Noble Bully I and Noble Bully II, and certain capital spares; partially offset by

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“Oil prices to continue recovery”, says Pioneer CEO

May 7, 2020
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U.S. shale producer Pioneer Natural Resources expects oil prices to recover to at least $45 per barrel this year, its chief executive said on Thursday in a call with investors. Even when U.S. benchmark prices return to that level, few shale producers will be able to expand production because of their high debt levels, said Scott Sheffield, Pioneer’s

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$100 oil in 18 months?

May 7, 2020
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Egyptian billionaire Naguib Sawiris said the price war between de facto OPEC leader Saudi Arabia and Russia was a "calculated" effort to kill the shale industry in the United States, and that the Saudis "got it right" on oil in the long term. In March, OPEC and other major producers aligned with it failed to reach a deal to cut production, just as the coronavirus began

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