Oil & Gas Equipment

The organization announced on Thursday that Chris Wright, Donald Trump's nominee to lead the U.S. Energy Department will be speaking to a conservative think-tank in London, next month. Wright has advocated expanding fracking operations in previous meetings. Wright, who will be confirmed by Senate on Friday, according to a spokesperson for the department, will not attend in person the Alliance for Responsible Citizenship Conference. It wasn't immediately clear if he would be addressing the conference from Feb. 17-19 virtually. Wright, CEO of the oilfield services firm Liberty Energy, spoke last at an ARC in 2023, when he said that fracking...

On Monday, ProPetro Services conducted fracking at a Permian Resources Corporation well site in Texas. One man died and two other people were injured. Edward Rodriguez, 45 years old, died when a pressured device ruptured. Two other workers were taken to hospital. According to a Reeves County Sheriff's Office statement, ProPetro has shut down its fracking operation and turned off the power in the area during a safety inspection. ProPetro released a statement confirming the incident and stating that the company is working with relevant authorities to determine what caused the incident. Permian Resources Corp has not responded to a...

On Monday, ProPetro Services conducted fracking at a Permian Resources Corporation well site in Texas. One man died and two other people were injured. Edward Rodriguez, 45 years old, died when a pressured device ruptured. Two other workers were taken to hospital. According to a Reeves County Sheriff's Office statement, ProPetro has shut down its fracking operation and turned off the power in the area during a safety investigation. ProPetro and Permian Resources Corp have not responded to requests for comment. The Sheriff's Office Criminal Investigation Division investigators determined that the incident was caused by a pressurized pipe containing approximately...

Halliburton anticipates flat to slightly lower incomes in 2025, the oilfield service company said on Wednesday, as it warned of softer activity in North America and Mexico. Shares of the business, which beat analysts' quotes for fourth-quarter earnings by 1 cent, were down 1% at $29.23 in midday trading. The lukewarm outlook echoed that of competing SLB, which flagged flat revenue in 2025 revenue as customers limited activity and costs due to an oversupply of oil. Halliburton is expecting flat earnings from international markets in 2025 due to lower activity in Mexico. Revenue from worldwide markets had gained 2.4% in...

Shares of Flowco Holdings opened almost 21% above the going public cost in their market debut on Thursday, offering the oilfield services supplier a market price of about $2.55 billion. The business's shares opened at $29 apiece, compared to the IPO cost of $24. Hopes of a friendlier regulative environment for offers and offerings under the incoming Donald Trump administration have boosted investor cravings in fresh stock flotations. Strong equity markets and falling rates of interest have also enhanced companies' self-confidence to come forward with listings. Houston, Texas-based Flowco offered 17.8 million shares above the marketed variety of $21-$ 23...

A judge has dismissed New York City's lawsuit declaring that Exxon Mobil, BP and Shell were accountable for misinforming the public about their items, and their commitment to renewable energy and battling climate modification. In a decision on Tuesday, state Supreme Court Justice Anar Patel in Manhattan declined the city's argument that the oil business must have informed climate-conscious residents that fossil fuels cause climate change due to the fact that this information was openly understood. Patel also found no proof that the companies conducted greenwashing projects, including declarations about clean energy and alternative energy sources, so they might offer...

Upstream oil companies wound down employing in November, the Texas Independent Producers and Royalty Owners Association (TIPRO) said on Friday, ending 5 straight months of job development. WHY IT is essential Employing in the upstream sector, which includes activities associated to drilling and producing oil, can function as an indication of the health of the oil and gas market. Companies causing more staff members could imply more drilling to come. TIPRO represents nearly 3,000 independent manufacturers and royalty owners across Texas, home to the respected Permian Basin which accounts for simply under half of total U.S. crude production, according to...

The Biden administration will use oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The firm will make 400,000 acres (161,874 hectares). readily available to drillers at the auction, the minimum needed by a. 2017 law that mandated the sale. ANWR is a 19-million-acre haven for types including polar. bears and Porcupine caribou. The wild landscape does not have roads and. public centers, however its 1.6-million-acre coastal area along. the Beaufort Sea is estimated to have up to 11.8 billion barrels. of recoverable oil. Alaska's...

A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, an individual with direct knowledge of the matter stated, pushing rates down more than 1% within minutes and causing traders to rush to understand the factor. The sale, just hours ahead of an OPEC+ virtual conference at which the group is anticipated to extend supply cuts through the end of the very first quarter, left traders scrambling to make sense of the reasoning for the transaction. The bank sold 4,000 great deals of U.S. West Texas Intermediate petroleum futures in a single...

Worldwide oil need will fall to around 80 million to 100 million barrels per day by 2035 in a. netzero environment, BP's primary U.S. financial expert informed an. energy conference in Dallas on Wednesday. Petroleum need has to do with 102 million barrels of oil daily. now, and the forecast assumes renewables and more efficient. automobile increase over that period. But BP's Michael Cohen. said the world will need continued financial investment in fossil fuels to. make sure an organized shift to cleaner energy. Non-OPEC oil supply development will exceed need growth over. the next several years, restricting the ability...

U.S. oil production increased 1.5% in August to a regular monthly record high of 13.4 million barrels per day ( bpd), the U.S. Energy Details Administration (EIA) stated in its month-to-month oil and natural gas production report. That tops the prior record high of 13.31 million bpd in December 2023, the information showed. In top oil-producing states, output in Texas rose 1.7% in August to a record 5.82 million bpd, while in New Mexico output increased 2.8% to a record 2.09 million bpd. That compares with previous record highs of 5.76 million bpd in June in Texas and 2.04 million...

Canada's main stock index rose a little on Friday, led by energy and technology shares, though gains were restricted by telecom shares, while financiers parsed domestic economic information. The Toronto Stock Exchange's S&P/ TSX composite index was up 16.55 points, or 0.07%, at 24,568.1, however was set to sign up a weekly loss. Among sectors, heavyweight energy rose 0.8% as oil prices gained, with simmering Middle East tensions and prepared resumption of Gaza ceasefire talks keeping the marketplace on the edge. Canada's information technology included 0.7%,. benefitting from a 3% increase in Celestica as it continued. its momentum from the...

French food catering service Sodexo reported a 4.6% increase in its firstquarter natural revenue on Tuesday, missing market expectations, as robust growth in India, Brazil and Australia was balanced out by decreased activity in Continental Europe. Consolidated earnings was 6.4 billion euros ($ 6.7 billion) in the 3 months through November, compared to the 6.5 billion euros anticipated by experts in a company-provided consensus and 6.3 billion euros a year previously. Throughout the past years, the catering sector has actually benefited from tailwinds such as inflation which caused record outsourcing and volumes, boosting development. The France-based business's development began the...

Exxon Mobil want to participate in Hess Corp.'s sale of its Guyana oil production possessions, and extract worth from the work it has actually put into developing the nation's offshore fields, two of its top executives said on Wednesday. A three-person panel in May is to choose whether Hess's deal to offer itself to Chevron can go on its initial terms. A. difficulty by Exxon and CNOOC Ltd has stalled the second-largest. deal in a recent wave of oil megamergers. Exxon wants a role in any sale of Hess's 30% stake in its. Guyana holdings and a choice on the...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Brazilian staterun oil giant Petrobras is thinking about changes to guidelines on the payment of remarkable dividends as part of its new fiveyear strategic plan, Chief Financial Officer Fernando Melgarejo said on Monday. Melgarejo, without offering further details, said the firm might change its current minimum cash level of $8 billion and disperse any excess cash to shareholders, while looking for a. minimum money level that warranties Petrobras' operations. It was uncertain if the move would be to raise or decrease the. minimum money level. Sao Paulo-traded shares of Petrobras pared some earlier. losses following the news to trade near...

Shares in U.S. oil manufacturer Hess suffered their biggest day-to-day portion drop in 20 months on Thursday on fallout from the lengthy brand-new delay to its proposed sale to Chevron An arbitration panel arranged to hear an Exxon Mobil challenge to the $53 billion sale will not meet until next May, pressing back any closing until the second half of 2025. The 2 business initially had hoped to conclude the merger previously this year. Hess' stock fell $11.25, or 7.35%, the largest day-to-day percentage drop since November 2022. Chevron shares were also off 4%, or $6.57, at $153.93 in midday...

British oil and gas manufacturer BP, Venezuela's state oil business PDVSA and Trinidad and Tobago's National Gas Company are speeding settlements for a Venezuelan license to develop gas deposits in the Caribbean Sea, 4 individuals knowledgeable about the matter said. The companies in 2015 resumed settlements for establishing the Cocuina-Manakin gas field on the maritime border between Trinidad and Venezuela, which includes about 1 trillion cubic feet of gas. The talks have progressed because the U.S. in May gave an permission for the task, supplying an exemption to energy sanctions on Venezuela. The parties now aim to sign the Venezuelan...

The head of Brazil's ecological agency stated on Wednesday that he anticipates a choice soon on state-owned oil business Petrobras' demand to conduct exploratory studies in an area called the Equatorial Margin, as both the business and the federal government push for a drilling license. Petrobras has been looking for to explore the northern most part of the Equatorial Margin, near the mouth of the Amazon River, however got a traffic signal from environment guard dog Ibama in May of in 2015 due to concerns over the possible influence on Native communities and the environment. Ever since, Petrobras has been...

Venezuelalinked lender G&A Strategic Investments has submitted a claim in Texas state court seeking to recover $1.5 billion from promissory notes defaulted by Venezuela's state oil company PDVSA, according to a. court document seen on Tuesday. The suit was filed in Harris County District Court. against PDV Holding, among the business in between. Caracas-headquartered PDVSA and its U.S. refining. system, Citgo Petroleum. Shares in PDV Holding are being auctioned by a federal court. in Delaware to pay up to $21.3 billion in claims from past. expropriations and defaults in Venezuela. This new lawsuit could. complicate an auction that is expected...

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** New Period Cap, a provider of major U.S. sports league headware, has accepted acquire sports lifestyle brand name '47,. people familiar with the matter stated. ** Investment company MNC Capital has raised its offer to. get sporting and outside items company Vista Outdoor. to $39.50 per share, or over $3 billion, the investment. company said. ** Dolby Laboratories said it was getting GE. Licensing, an intellectual property service targeting the. customer digital media and electronic devices sectors, in a $429. million offer. ** Trading platform...

Italy is intending to sign a. letter of intent with Germany and Austria to accelerate. development of a more than 4billion euro ($ 4.35 billion). southern pipeline for supplying hydrogen to main Europe,. sources near to the matter told on Tuesday. The administration of Giorgia Meloni has actually laid out strategies to. turn Italy into an energy entrance and in 2015 it signed with. Germany and Austria a joint letter for a hydrogen-ready pipeline. between North Africa and Europe. The European Union aims to produce 10 million metric tons. and import 10 million lots of eco-friendly hydrogen by 2030 in...

An Exxon Mobilled oil consortium will need to choose by October whether it will proceed and establish a big natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has actually been pressing for a gold mine from mostly untapped gas reserves found by the Exxon-led group. The consortium, that includes Hess Corp and CNOOC Ltd. , is needed under its production contract to return. to the federal government by October about 20% of its huge Stabroek. block if that area stays undeveloped. Exxon has said it wishes to finish an appraisal of...

Argentina's oil production in the key province of Neuquen reached a record high in April, driven by increased activity in the huge Vaca Muerta shale development, the city government stated on Tuesday, edging up to around 390,326 barrels daily. The embattled South American country is making a significant push on energy output in Vaca Muerta, the world's second-largest shale gas reserve and fourth biggest for shale oil, where state energy company YPF leads development along with local and international firms. Petroleum production rose around 19% compared to April 2023 and has notched a similar boost so far this year, the...