Conoco Turning on the Taps
Here are some of Rigzone's top stories during the last week, just in case you missed them…
ConocoPhillips to Ramp Up Oil Production
Bloomberg highlighted that ConocoPhillips will begin restoring curtailed output this month as crude prices rebound. The company is the latest oil driller to turn on the taps, according to Bloomberg.
McDermott Completes Restructuring
McDermott said it has successfully completed its restructuring process. The restructuring equitizes nearly all of McDermott's $4.6 billion of funded debt and sees the company emerge with $2.4 billion in letter of credit capacity and $544 million of funded debt.
US Rig Count Drops Again
According to Baker Hughes’ rotary rig count, the U.S. dropped another rig last week. The U.S. is now running 702 less rigs compared to this time last year.
Sapura Cutting 20 Percent of Full Time Workers
Sapura Energy revealed that it is axing about 20 percent of its full-time employees worldwide. Workers impacted by the reductions will be given a severance package, continued medical coverage for three months and help with personal branding, interview skills and job leads.
Shell Offshore Workforce Contract Goes to Danos
Shell has awarded Danos a contract to provide a production workforce across Shell production assets in the Gulf of Mexico. The GOM assets include Appomattox, Auger, Enchilada, Salsa, Mars, Ursa, Olympus, Perdido and Stones.
Chesapeake Energy Files for Chapter 11
Chesapeake announced that the company has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. The filing has been a long time coming, according to Alex Beeker, a principal analyst on Wood Mackenzie’s corporate upstream team.
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