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Shell Delays Decisions on GoM, North Sea Projects

Apr 22, 2020

Royal Dutch Shell has postponed decisions on whether to go ahead with two large oil and gas developments in the Gulf of Mexico and North Sea after oil prices collapsed due to the coronavirus crisis, a company source said on Wednesday.The Anglo…

Baker Hughes Posts $10B Loss

Apr 22, 2020

Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment.Oil futures this week turned negative for the…

SEC Closes Probe Into Eni's Dealings in Nigeria, Congo

Apr 22, 2020

The U.S. SEC has closed its investigation into Eni over the Italian oil major's activity in Nigeria and the Congo without recommending further action, Eni said on Wednesday.'Based on the information currently available to the SEC, it is otherwise…

U.S. Oil Firms' Quarterly Reports to Show Depths of Slump

Apr 22, 2020

Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices…

Oil Price Crash, What Next?

Apr 21, 2020

A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.U.S. West…

The Year 2020 Will be a Large Stress Test for the Offshore Industry

Apr 20, 2020

As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact…

Halliburton Books $1.1B Charge, Slashes Spending Amid Oil Rout

Apr 20, 2020

Halliburton Co on Monday joined its bigger rival Schlumberger in taking impairment hits in the first quarter and issued a bleak outlook for North America as oilfield providers grapple with an unprecedented decline in oil prices.Oil prices have…

Hornbeck Offshore Strikes Restructuring Deal with Lenders

Apr 14, 2020

US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company…

Offshore Helicopter Merger Nears Completion as HSR Waiting Period Ends

Apr 14, 2020

Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10…

Baker Hughes Taking $1.5 bln Earnings Hit on Drop in Oil Services

Apr 13, 2020

Oilfield services provider Baker Hughes Co said on Monday it will take a $1.5 billion charge to its first-quarter earnings, write down the value of its oilfield business and slash this year's capital spending by 20%.Oil and gas producers have cut 2020 spending by about 30%…

Offshore Oil Trio in NYSE Listing Warning

Apr 13, 2020

Offshore oil and gas contractors Seadrill, Pacific Drilling, and Hermitage Offshore have in the past week received listing warnings from the New York Stock exchange.All three companies have been warned by the New York Stock Exchange (the 'NYSE')…

Murphy Oil CEO Back at Work after Medical Leave

Apr 13, 2020

U.S. oil firm Murphy Oil Corporation has informed that its CEO Roger W. Jenkins has recovered and resumed his responsibilities 'following his temporary medical leave.'Jenkins had taken medical leave in March due to coronavirus concerns when…

Boskalis Buys Salvage Firm Ardent Americas

Apr 09, 2020

Dutch dredging and marine services giant Boskalis has acquired the U.S.-based maritime emergency response specialist Ardent Americas.Ardent, created by the 2015 merger of salvage divisions of Svitzer and Crowley, specializes in emergency preparedness and response…

U.S. Promises Royalty Relief for Offshore Drilling Firms

Apr 09, 2020

The U.S. Interior Department said on Wednesday that one oil company had begun the process of requesting relief from royalty payments on its offshore production as the industry reels from slumping prices.Lawmakers representing U.S. Gulf Coast…

Oil Holds near $32 ahead of OPEC-Led Talks on Output Cuts

Apr 08, 2020

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.Thursday's videoconference…

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