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Tag Archives: oil slump

Weekly US oil and natural gas rig count down by 13 to 864

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by 13 to 864. Houston-based Baker Hughes said Friday that 662 rigs were seeking oil and 202 explored for natural gas. A year ago, with oil prices about double the prices now, 1,925 rigs ...

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Shifting oilfield workforces: from Boomers to Millennials

Interested in observing how multiple generations are working together? Then, get thee to an oilfield where you’ll find Baby Boomers (b. ‘46-’65), Generation Xers (b. ’66-’80) and Millennials (b.’80-2000) working in tandem. This may sound rather harmonious, but every generation has its gripes about the other. The advent of technology has left the most distinguishable impression that accounts for differences ...

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One Texas company claims even $15 per barrel is profitable

Texas-based oil giant Carson Energy may have figured out a means to completely scoff at even the lowest of oil prices. The industry can’t remove its gaze away from Carson. This week, the company released new analysis that shows rich Texas oil fields can be profitable at just $15 a barrel. “Many investors feel you have to be getting over ...

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Economist: ConocoPhillips Alaska job cuts will hurt, but it could be worse

The announcement this week by ConocoPhillips that it may cut about 120 jobs in Alaska is bad news for the economy, but a state labor department official said Wednesday the damage could have been worse. Neal Fried, an economist for the Alaska Department of Labor and Workforce Development, said Alaskans should be nervous, but not panicked about ConocoPhillips’ 10-percent job ...

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Eagle Ford continues to pull billions in investments

These days, petroleum prices are a calamity at best, but according to a new projected capital analysis, energy companies will spend $20 billion in the Eagle Ford Shale this year. The new projections come from a recent study from research firm Wood Mackenzie. Last week, the firm stated that even with severe reductions in activity, the Eagle Ford remains resilient ...

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28 Shreveport-area oil service employees losing jobs

SHREVEPORT, La. — A corporation that provides services for the oil and gas industry is laying off 28 employees at its Shreveport facility. Baker Hughes notified the state of the layoffs in a letter late last week. A copy was released Monday by Louisiana’s labor department. The company said the layoffs are the result of cutbacks in exploration, drilling and ...

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Oil market displays its irrational side: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Sept 1 (Reuters) – U.S. crude prices jumped more than 27 percent in three trading days between Thursday and Monday, which should convince even the most die-hard believers the oil futures market is neither efficient nor rational. The rally has left traders, analysts and journalists struggling ...

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JM Oil Field Services downsizing in the Eagle Ford Shale

Job cuts keep coming in the Eagle Ford as JM Oil Field Services (JMOS) laid off 150 or more workers Monday morning. The news came to a surprise to employees operating at the company headquarters in Gonzales, Texas. As one source noted, many believed their jobs were secured thanks to an acquisition on behalf of Twin Peaks Field Services in ...

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OPEC cracks, ready to talk with world producers

The stubborn drive of OPEC is finally weaning down as the crude cartel has stated that it’s ready to talk to other producers about crashing oil prices, according to a release from an OPEC publication on Monday. “Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and ...

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Oil glut pushing down gas prices

Gasoline prices are dipping below $2 per gallon at some pumps, a trend that is expected to continue into the new year. For some investors, the declining price of oil will mean lower profits. Consumers, on the other hand, will be driving a little farther as pump prices dip in their favor. “It’s the world oil glut,” Jet Pep General ...

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