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Occidental shares tank after Anadarko win

May 10, 2019
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Occidental Petroleum will hear directly from investors one day after clinching victory in the battle for Anadarko Petroleum and seeing its shares touch a new 10-year low. The oil company will host its annual general meeting Friday in Houston, including an investor vote on the board of directors. The meeting could become a proxy referendum on the $38

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Transocean highlights new rig technology at Houston’s 50th OTC

May 8, 2019
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Offshore drilling rig technologies are continuing to develop and evolve in response to increased industry demand for safer and more efficient systems, said Transocean CEO and President Jeremy Thigpen at the Offshore Technology Conference on Tuesday. While the market downturn of the past five years led many companies to sacrifice their R&D budgets, Thigpen explained that this was

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Oil and Gas History Today– Erle P. Halliburton founds Well Cementing Company

May 7, 2019
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Erle Palmer Halliburton founded the Halliburton Company as an oilfield well service and cementing company. The Wilson, Oklahoma, venture succeeded his New Method Oil Cementing Company formed a year earlier during the Burkburnett oil boom in North Texas. Go visit American Oil and Gas Historical Society!link- AOGHS The use of cement in drilling oil wells has remained an integral part of

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Awilco Drilling confirms decom extensions with Shell

May 7, 2019
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Awilco Drilling PLC is pleased to confirm that Shell UK Limited has given notice of its intention to exercise two options under the WilPhoenix decommissioning contract covering the abandonment of 5 further wells. The contract is therefore extended to 24 firm wells with the firm duration now estimated to run to late Q1 2020. Options remain under

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Anadarko accepts Occidental’s sweetened bid

May 7, 2019
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Anadarko Petroleum Corp.’s board has declared Occidental Petroleum Corp.’s sweetened $38 billion takeover “superior,†allowing Chevron Corp. to either boost its offer or walk away with a $1 billion breakup fee. The announcement by Anadarko, which had rebuffed several prior bids from Occidental, comes almost a month after it agreed to be purchased by Chevron for $33 billion.

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Bassoe: Floater Report

May 6, 2019
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Floater contracting activity has picked up again, with several one-year or longer awards in W Africa, S America, and SE Asia. Dayrates in the spot market continue to linger at low levels, but forward rates (to 2022) for UDW drillships have approached $300,000, as seen in the contracts for Diamond’s Ocean BlackRhino and Ocean BlackHawk with Woodside

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“The worst is behind us†says Halliburton CEO on 1st Q results

May 3, 2019
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“Our results for the first quarter played out as we expected and I’m pleased with how our organization executed both in North America and internationally. We continued to collaborate with our customers to engineer solutions that maximize their asset value,†commented Jeff Miller, Chairman, President and CEO. “Total company revenue of $5.7 billion was essentially flat compared

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IPAA says final well control rule puts “the protection of its workers, the environment, and coastal communities first.â€

May 3, 2019
| Archives

Representing the independent producers that develop 90% of America’s oil and natural gas wells, Independent Petroleum Association of America (IPAA) President and CEO Barry Russell issued the following statement on the release of the Bureau of Safety and Environmental Enforcement (BSEE) final improved Blowout Preventer Systems and Well Control regulations (Well Control Rule): “The BSEE revisions to the

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