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Tag Archives: oil slump

U.S. crude stocks rise, gasoline draws down as refining slows

NEW YORK, Aug 19 (Reuters) – U.S. crude oil inventories rose and gasoline stocks fell last week as crude imports surged while refinery problems cut runs during the summer driving demand season, data from the Energy Information Administration (EIA) showed on Wednesday. Crude inventories rose 2.6 million barrels to 456.21 million in week to Aug. 14, compared with analysts’ expectations ...

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U.S. shale drillers struggle amid slumping prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON, Aug 7 – North America’s shale drillers are struggling with the renewed slump in oil prices, despite cutting costs, boosting output, and in some cases employing hedging to improve realized prices. Stock prices for most of the main shale drillers have fallen faster than the price ...

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US oil and natural gas rig count down 2 to 874

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by two this week to 874. Houston-based Baker Hughes said Friday 664 rigs were seeking oil and 209 explored for natural gas. One was listed as miscellaneous. A year ago, 1,889 rigs were active. Among major ...

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Kennametal expects to consolidate plants as it shrinks manufacturing

Kennametal Inc. has cut more than 800 people from its global workforce under a restructuring program meant to reduce costs as sales to energy companies plummet. CEO Don Nolan said Thursday that the Unity-based tooling company eliminated 6 percent of its 13,500 employees. The company also has closed six plants, sold one and is consolidating two others as it shrinks ...

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Haynesville Adds More Rigs

According to oil services company, Baker Hughes, recent North America rotary rig count, Haynesville has been busy. Three rigs were added this week for a total of 29 up from 26 just last week. Despite the recent increase, the count is down from 43 rigs last year, weighing in at a -14 percent decrease. Other rig numbers are on the ...

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Weatherford announces cuts to workforce

Weatherford executives on Thursday announced plans to further cut costs and lay off another 1,000 employees after shedding 10,000 workers earlier this year. The company will also close 30 more facilities this year in addition to 60 closed across North America in the first half of 2015. Weatherford officials did not specify the regions where those cuts would happen, leaving ...

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Ex-oil hand turns to crime during slump

arrested

Its still hard times for roustabouts and as some have taken to other fields of work, one Texas man turned to the black market of human smuggling for cash. According to court records obtained by Breitbart Texas, Brandon Lee Gamez was recently arrested near Freer, Texas. Federal prosecutors claim he drove a truck down a rural road known for drug ...

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Hotel rates plummet with oil drop

When Sleep Inn and Suites opened a few weeks ago along Business 20, its owners found themselves entering a far different market than they anticipated. The investment made sense back in 2013, when hotel rates notoriously climbed as high as $250 a night during the frenzy of an oil boom, said Jay Patel, a co-owner and manager. But that was ...

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Federal Reserve finds a huge reduction in oil service costs

pump jacks

The newest monthly assessment from the Federal Reserve claims that oil production companies are experiencing lower than usual service costs. For the most part, the June issue of the Beige Book prepared by the Federal Reserve Bank of Dallas regurgitated what most already know about the state of the industry. Oil and natural gas activity continued to decline for majority ...

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