McDermott International exits Chapter 11 bankruptcy
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
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Built by oil’s riches, Houston goes 100% green years earlier
The oil and natural gas capital of the world is going all-in on solar power.
Success as transatlantic tie-up goes digital
Business events linking Aberdeen and Houston in the US have significantly extended their reach by going 100% digital, the man behind the annual tie-ups has said.
Quantum seeks $5.5bn for new fund amid energy-market rout
Quantum Energy Partners is in discussions to raise roughly $5.5 billion for a new fund designed to pounce on opportunities that arise amid turmoil in energy markets, according to people with knowledge of the matter.
Halliburton lays off 1,000 workers at Houston headquarters
Houston oil field services company Halliburton has laid off 1,000 employees at its headquarters as low crude prices take their toll on demand for the products and services to company sells to energy producers.
Houston feeling the oil price pain
The US oil industry has been shrinking in much the same way as the country’s car industry – and the price crash will accelerate the process, according to a top economist.
Controlled fire at Shell refinery blackens Houston sky
A controlled fire at Royal Dutch Shell Plc’s refinery near Houston cast a plume of black smoke over the city’s industrial suburbs.
Baker Hughes to write down $15 billion, cut spending
Houston oilfield service company Baker Hughes plans to write down the value of its assets by $15 billion and cut capital spending by more than 20% from 2019 levels as market conditions worsen for the oil and gas industry.
OTC 2020 cancelled due to coronavirus
The annual Offshore Technology Conference (OTC) in Houston has been cancelled due to the Covid-19 pandemic.
OTC postponed until third quarter
The annual Offshore Technology Conference (OTC) in the US has become the latest business event casualty of the Covid-19 pandemic.
Houston oil companies act fast to protect bottom lines in wake of biggest crash in 30 years
Energy companies swiftly slashed spending and dividends after oil prices on Monday suffered their biggest one-day decline in 30 years.
Thousands of Houston jobs could be cut if oil fails to recover from Friday plunge
The price of crude oil plunged below $42 per barrel Friday, threatening thousands of Houston-area jobs if the price languishes there for several months, an economist says.
Not even Hurricane Harvey could halt Houston’s Pink Petro movement
Most people whose home and business were swept away by a hurricane would be stopped dead in their tracks, consumed by the disaster.
Earnings down 22% in 2019 for Texas-based Valero Energy
Valero Energy Corp. said Thursday it finished 2019 with earnings of $2.4 billion, down more than 22 percent from the prior year, which the company attributed to higher prices it paid for sour crude and high gasoline inventories.
Bristow to merge with rival helicopter firm Era following Chapter 11 bankruptcy
Helicopter operator Bristow has announced plans to merge with US rival Era, three months after emerging from Chapter 11 bankruptcy.
Oil and gas industry works to increase awareness of human trafficking
Ataria Malveaux was 18, just out of high school, when she fled a chaotic family life in Houston for the promise of making quick money in Dallas. She soon discovered her would-be employer was a pimp; only the help of another woman allowed her to escape forced prostitution.
Reuters DecomWorld confirm over 30 international E&P’s to Join 12th annual decommissioning summit in Houston, 2020
DecomWorld – part of Reuters Events- today announced the confirmation of over 30 international E&P delegations to attend their 12th Annual D&A Summit (March 31 – 1 April, Houston).
Impairments cut Halliburton’s pre-tax earnings in half
Pre-tax earnings at Halliburton were nearly halved in the first nine months of 2019 amid asset impairments and write-downs of its Venezuelan investments.
Houston firm Classic Energy fined $1.5m for illegal trades
A Houston energy investment firm has been fined $1.5 million by the U.S. Commodity Futures Trading Commission for trading against its own customers.
Greenpeace protesters partially shut crucial US oil route
The Houston Ship Channel was partially shut Thursday after Greenpeace activists suspended themselves from a bridge spanning the key oil route in protest against the fossil fuel industry.
Houston rig giant keeps Astros owner on board, defying investors
Jim Crane, the former All-American pitcher who owns the Houston Astros, was voted off of Nabors Industries Ltd.’s board by shareholders. The world’s biggest owner of land-drilling rigs says it wants him to stay.
Halliburton cuts 8% of North American workforce amid fracking slump
Houston oilfield service company Halliburton said it cut 8 percent of its North American workforce as it took fleets of hydraulic fracturing equipment from the field in response to a continued slump in demand for fracking services in the United States and Canada.
US oil executive gets 18 years in prison for defrauding investors
A Houston oil executive was sentenced to state prison for defrauding investors who thought they were paying for the drilling and testing of wells -- but instead paid the executive's mortgage.
Baker Hughes GE enters into deal to boost oil field artificial intelligence
Oilfield service company Baker Hughes GE (BHGE) has entered into a deal to boost artificial intelligence in the oil and natural gas industry.
Saudi Aramco’s venture arm pumps cash into startups seeking to reshape the energy industry
Jim Sledzik is a firm believer that the energy industry is in the middle of a fourth industrial revolution. Only this industrial revolution isn’t about big engines or big machines - it’s about big data and big machine learning accelerating the pace of automation and efficiency from the oilfield to the oil refinery.