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Schlumberger Rips Off Band-Aid With $12.7B Writedown

Industry Headlines

Oil Prices Down for the Week
Friday, October 18, 2019 Both the WTI and Brent contracts are down approximately two percent.

US Natural Gas Inventories Beat Five-Year Average
Friday, October 18, 2019 This week's inventory level ends a 106-week streak of lower-than-normal natural gas inventories.

US Drops Six Gas Rigs
Friday, October 18, 2019 The U.S. dropped six gas rigs and added one oil rig for a net loss of five rigs this week, according to Baker Hughes Co.

Energy Chief Perry Tells Trump of Exit Plans for this Year
Friday, October 18, 2019 Energy Secretary Rick Perry notified President Donald Trump that he'll leave the post this year.

Oil Prices Rise Again
Thursday, October 17, 2019 WTI and Brent crude oil finished higher for the second consecutive day.

Saudi Aramco to Delay IPO Launch
Thursday, October 17, 2019 Saudi Aramco has postponed the launch of the world's largest IPO, a move that may put the oil giant's planned November listing in jeopardy.

Deepwater Transformation Sparking New Interest
Thursday, October 17, 2019 Changes have revived interest in deepwater projects and enabled new ones in regions including the North Sea, the Gulf of Mexico and China Seas.

Oil Prices Settle Higher
Wednesday, October 16, 2019 WTI and Brent crude oil futures on Wednesday posted their first day-on-day gains since Oct. 11.

ADNOC Forges Closer Ties with Russia
Wednesday, October 16, 2019 In the past two days, ADNOC has announced deals with the Russian Energy Agency and Lukoil.


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Exploration

OPITO Unveils Roustabout Assessment Tool
Friday, October 18, 2019 Pictured are offshore workers performing roustabout duties. PHOTO SOURCE: OPITO

Colorado Cracks Down on Oil, Gas Drilling Near Homes
Friday, October 18, 2019 Companies planning to drill wells within 2,000 feet of a home should now expect additional scrutiny from Colorado's energy regulator.

Brazil Pre-Salt Block Goes to Total-Led Group
Friday, October 11, 2019 A consortium of Total, QP and Petronas has won the C-M-541 deep offshore license in Brazil's pre-salt Campos Basin.

Offshore Australia Permit Goes to Equinor
Thursday, October 10, 2019 Equinor has won a new exploration permit in the Northern Carnarvon Basin offshore Western Australia.

US Opens Up California Land for Oil, Gas Leasing
Monday, October 07, 2019 The U.S. Department of the Interior's Bureau of Land Management has opened up 722,000 acres of federal land in California's central coast for oil and gas leasing and development.

Brazil Oil Auction Attracts Interest from Supermajors
Monday, September 30, 2019 The auction of drilling rights off the coast of Brazil planned for November has attracted interest from some of the world's largest producers.

BP Strikes Out in Offshore Oil Exploration Hotspot
Monday, September 30, 2019 It was supposed to be BP Plc's big Brazilian breakthrough after years of setbacks in one of the world's top destinations for offshore oil.


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Production

TechnipFMC Wins Woodside Subsea Contract
Friday, October 18, 2019 The EPCI contract corresponds to the Pyxis and Xena field developments.

Gulf Oil Production to Set Records Through 2020
Thursday, October 17, 2019 Annual oil production in the Gulf of Mexico is expected to jump to 1.9 million bpd in 2019.

US Shale Production on Track to Hit Almost 9 MM Bpd
Wednesday, October 16, 2019 The increase in shale oil production in the US reflects a month on month increase of 58,000 bpd.

OPEC+ Will Have to Cut Output Again
Wednesday, October 16, 2019 The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December.

IEA Cuts Oil Demand Forecast as Economy Eclipses Saudi Attack
Friday, October 11, 2019 The International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month's attack on Saudi Arabia.

Alve Life Extension Gets PSAN Consent
Thursday, October 10, 2019 Petroleum Safety Authority Norway gives Equinor consent to use the facilities on the Alve field beyond their original operating life.


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Finance and Investing

Aramco's IPO Comes in Midst of Rough Times for Saudi Markets
Thursday, October 17, 2019 Anyone buying into Saudi Aramco's initial public offering in anticipation of a quick rebound in the country's stock market may be in for a disappointment.

Buyer for Chevron's UK Fields Seeks Funds From Traders
Thursday, October 17, 2019 A unit of Delek Group is seeking alternative means of financing to complete its $2B acquisition of some of Chevron’s North Sea oil and gas assets.

Mozambique Votes Against Backdrop of $50B Gas Windfall
Tuesday, October 15, 2019 Mozambicans voted Tuesday in elections that have the highest stakes in the southeast African nation's history, after a campaign marked by violence, insurgent attacks and fallout from a debt scandal.

Aramco May Pay $450MM in Fees to IPO Advisers
Tuesday, October 15, 2019 Advisers working on Saudi Aramco's mammoth share sale may split a fee pool of as much as $450 million, making it one of the biggest IPO pay outs globally.

Goodnight Midstream Secures $500MM Investment from Tailwater
Wednesday, October 09, 2019 Private equity firm Tailwater Capital LLC has committed to investing more than $500 million to Goodnight Midstream, a company that builds and operates midstream oilfield water infrastructure for producers.

Warren's Fracking Proposal Has Shale Investors Weighing Risk
Wednesday, October 09, 2019 The prospect of Elizabeth Warren becoming the 2020 Democratic presidential nominee, or the 46th president of the United States, has energy investors worrying about risks to hydraulic fracturing.


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Company Operations

Aker Solutions to Cut Jobs in Aberdeen
Friday, October 18, 2019 The energy services firm revealed plans to cut nearly 100 jobs in Aberdeen.

Schlumberger Rips Off Band-Aid With $12.7B Writedown
Friday, October 18, 2019 Wall Street guessed that writedowns from Schlumberger were coming, but some analysts were taken aback by the sheer size of the $12.7B in pretax charges reported.

Marathon Petroleum Board, Investors in Talks About CEO
Thursday, October 17, 2019 Marathon Petroleum Corp. board members are meeting this week with activist investors to discuss CEO Gary Heminger's future and the company's strategy amid calls to split up its businesses.

BHGE Drops the GE
Thursday, October 17, 2019 Baker Hughes, a GE company (BHGE) reported Thursday that it has changed its name to Baker Hughes Co.

Wood Taps Schlumberger Exec for Americas CEO Role
Wednesday, October 16, 2019 Stephanie Cox will succeed Andrew Stewart, who is moving into another executive role in Australia.

Offshore Myanmar Platform FEED Goes to Doris, Hyundai
Wednesday, October 16, 2019 Pictured is the Shwe Platform. PHOTO SOURCE: DORIS Engineering


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