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Houston And The Oil Market Crash: Schlumberger Sells Fracking Business | Houston Public Media

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The logo for Schlumberger appears above a trading post on the floor of the New York Stock Exchange.Updated 11:20 a.m. CT Sept. 1—Updated 3:05 p.m. CT Aug. 20—Updated 2:10 p.m. CT Aug. 20—Updated 3:25 p.m. CT Aug. 12—Updated 9 a.m. CT Aug. 10More than 59,000 Texas oilfield services jobs have vanished in the pandemic.Texas has lost 59,200 oilfield services jobs since the start of the pandemic — the most, by far, of any other state. Overall the sector has shed nearly 100,000 jobs, .Overall, more than 9,300 jobs were lost in July in the oilfield services sector, up from about 6,500 lost in June. Oilfield services companies, like Halliburton, have already posted losses this year in the millions and billions of dollars.Additionally, a PESA analysis of Small Business Administration data found that loans from the Paycheck Protection Program have supported approximately 180,000 oilfield services jobs.—Updated 10:45 a.m. CT Aug. 7—Updated 11 a.m. CT Aug. 6—Updated 3:20 p.m. CT Aug. 5—Updated 3:15 p.m. CT July 24—Updated 2:45 p.m. CT July 23—&nbsp;Updated 10:35 a.m. CT July 20—Updated 10:30 a.m. CT July 20—Updated 10:45 a.m. CT June 29—Updated 2:40 p.m. CT June 12—Updated 3:50 p.m. CT June 10—Updated 8:20 a.m. CT June 8LONDON (AP) — Energy company BP says that its global workforce will be trimmed by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic. Chief Executive Bernard Looney said Monday that the roles will be office-based and come mostly this year. The company's current global workforce is 70,000. The job cuts come amid a time of tremendous change for BP, which said it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050. The pandemic, meanwhile, has caused huge turmoil for the industry by causing demand for energy to plummet.—&nbsp;Updated 11:15 a.m. CT May 28—Updated 1:50 p.m. CT May 26—Updated 11:05 a.m. CT May 20—Updated 9:50 a.m. CT May 19—Updated 6 a.m. CT May 18When Texas oil traded in negative territory on April 20, many experts said one of the reasons why prices went so low was because of a trade deadline. That same deadline is coming up tomorrow, May 19th, .—Updated 11:20 a.m. CT May 14—Updated 12:10 p.m. CT May 12Experts say more bankruptcies for oil companies could be on the way. Houston energy companies are reporting billions in losses for the first quarter of 2020, and the next few months are not looking much better.“It's a common aspect of the industry that an exploration and production company borrows money,” says Charlie Beckham, oil and gas bankruptcy lawyer with Haynes and Boone. “I think many, many of the oil companies here in Houston and across the country have been caught with a decrease in the price for the oil that they sell compared to the amount of debt they're carrying on their books.” Read more from our interview with Beckham—Updated 11:20 a.m. CT May 7Another 1,000 Houstonians in the energy industry are out of work. Houston-based oil field services giant Halliburton will lay off that many people at its corporate headquarters. That's on top of the back in March.In a statement Halliburton said the cuts were necessary because of low oil prices and a dramatic drop in demand due to the coronavirus. Many companies, including Halliburton, have posted losses of $1 billion or more for the first quarter of 2020, and most have said they'll drastically cut spending. Meanwhile, since mid-March.This week Houston-based Apache Corporation also added its name to the list of companies reporting losses. Apache for the first quarter.—Updated 10:50 a.m. CT May 6—Updated 12:10 p.m. CT May 5—Updated 9:45 a.m. CT May 5The Texas Railroad Commission, which regulates oil and gas, is meeting this morning, but is to limit oil production in the state. The Commissioners may still discuss the proposal, but two out of three members have already said they do not support it. Watch the meeting .—Updated 5:20 p.m. CT May 4In a statement to Houston Public Media, Railroad Commissioner Christi Craddick says she does not support proration. The three member Commission regulates oil and gas in the state. A proposal to mandate companies cut oil production has been under consideration, but Craddick now joins Wayne Christian in opposing the measure. Ryan Sitton, the only Commissioner in favor of the cuts, said earlier today he believed the proposal to be dead.Here’s Commissioner Christi Craddick’s full statement:“My focus is and has been on jobs and the strength of Texas producers. The Railroad Commission continues to provide operators regulatory certainty in uncertain times. We have done this by reducing regulatory burdens, extending deadlines and having an open door, albeit digitally, to work with operators to resolve challenges they are facing. That work is ongoing. Individual operators have moved swiftly to respond and have done so better than any top down control of the market that some have called for. I will not support proration. All producing states, including the federal government, have a role to play and I have not seen concrete action to do more than what the market is already doing.”—Updated 4:25 p.m. CT May 4Prorationing will not be happening. I wish I could explain why so many Texans will lose their jobs while oil production drops in the US worse than anywhere else, but politics beats data, so there are no answers. Just "free market."— ryansitton (@RyanSitton)—Updated 11:20 a.m. CT May 1—Updated 1:45 p.m. CT April 30—Updated 12:45 p.m. CT April 29—Updated 9 a.m. CT April 27BANGKOK (AP) — Contract driller Diamond Offshore has with debts of $2.6 billion, as the energy industry is hammered by crashing oil prices.Court documents seen Monday show Houston-based Diamond Offshore Drilling Inc. filed the petition in Houston on Sunday, citing the downturn that accelerated with a recent oil price war between Russia and other major producers.The global economic crisis caused by the coronavirus pandemic has devastated the oil industry in the U.S., which pumps more crude than any other country. Both offshore and onshore oil companies have been laying off hundreds of people.—Updated 12:10 p.m. CT April 24Oil and gas companies have laid off more than 350 Houston workers over the last two weeks, according to . Companies reported more than 2,000 layoffs in oil and gas statewide since April 13, although some took place earlier in the year and are just now being filed. The layoff announcements come as oil reached its lowest price ever this week. In Houston, Baker Hughes and Diamond Offshore Drilling have both laid off more than 100 workers in April. Find more of our coverage on Houston area jobs .—Updated 2 p.m. CT April 23To embed this piece of audio in your site, please use this code:X—Updated 11:25 a.m. CT April 22—Updated 10:55 a.m. CT April 21Texas oil and gas regulators will not vote today on a proposal to cut oil production statewide. They will continue to research proration, along with other methods, to help Texas producers. They could take the issue up again at their May 5th meeting.—Updated 10:10 a.m. CT April 21The Texas Railroad Commission, which regulates oil and gas, is set to discuss the proposal to mandate oil production cuts during this morning’s meeting. Watch the live feed .—Updated 9:20 a.m. CT April 21After West Texas Crude traded below $0 a barrel for the first time ever on Monday, prices are back in the positive, but not by much. Traders are still concerned that storage space is running out as worldwide oil demand remains low because of the pandemic.—Updated 2:50 p.m. CT April 20NPR is reporting that . That means some in the oil trade are paying to offload their barrels amid a concern that storage space is getting low. Overall demand for oil has dropped significantly due to the Coronavirus pandemic, and international price disputes have contributed to an oversupply.—Updated 1:25 p.m. CT April 20NEW YORK (AP) — Stocks are mixed in midday trading on Wall Street, while the price of oil cratered to never-before seen lows. A barrel of benchmark U.S. oil for May delivery fell below $1.50 per barrel Monday. While the plunge was largely due to technical reasons, prices for other oil contracts also plummeted on the same fear. Demand for oil has collapsed so much due to the Coronavirus pandemic that facilities for storing crude are close to running out of room.—Updated 12:15 p.m. CT April 20The price of West Texas Crude continues to fall on Monday to less than $5 a barrel at times. One reason: oversupply of oil is leading to fears that there’s not enough storage space. Experts do say that futures are back in the $20 a barrel range.—Updated 11:45 a.m. CT April 20Houston-based oil giant Halliburton it suffered a $1 billion net loss for the first quarter of this year. Halliburton has already furloughed 3,500 workers in Houston and announced layoffs in other states. The announcement comes as Texas oil hits a 20 year low. West Texas Crude traded at less than $12 a barrel at times Monday morning, the lowest it's been since the late 1990s. Experts say futures are doing okay, though, and prices are expected to go back up slightly in coming weeks.Prices at the gas pump are also down. On average drivers in Houston will pay $1.57 per gallon according to . That’s down more than $1 from this time last year.—Updated 11:40 a.m. CT April 17Oilfield services company Schlumberger will furlough workers, cut jobs, and slash spending to try and keep up with the historically low price of oil. The Houston-based giant for the first quarter of 2020. The company says it will close some facilities and lower salaries but did not provide details.—Updated 1:25 p.m. CT April 16—Updated 10:15 a.m. CT April 15In a rare move, some oil and gas companies are asking the state to regulate them more. They want the Texas railroad commission to put a cap on production for all companies in the state, saying it will help stabilize historically low prices.However, not everyone agrees, and the commission heard both sides in a virtual hearing on Tuesday April 14. Listen to our coverage of the hearing, and read more from our Texas Newsroom partners .To embed this piece of audio in your site, please use this code:X—Updated 10 a.m. CT April 14Texas oil and gas regulators are discussing mandatory production caps at a virtual public hearing today. Watch the livestream meeting . Supporters say the move would help stabilize the now-plunging price of oil; opponents say they don't want state intervention in the market. Pioneer Natural Resources and Parsley Energy asked the Railroad Commission, which regulates oil and gas, for the meeting last month. Company leaders, economists, and other industry experts are expected to weigh in, and a vote could come as early as next week. The Commission hasn’t capped production since the 1970s. Find more of our coverage .—Updated 4 p.m. CT April 13Houston oil and gas workers have experienced price crashes before. However, with the global pandemic and international supply squabbles both driving down the price for Texas oil, is this downturn different than ones in the past? Find our coverage of how Houston workers are feeling .—Updated 9:20 a.m. CT April 10DUBAI, United Arab Emirates (AP) — The OPEC oil cartel and nations including Russia . Even more countries, including the United States, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilize the market. The agreement between OPEC and partner countries aims to cut 10 million barrels per day until July, then 8 million barrels per day through the end of the year, and 6 million a day for 16 months beginning in 2021. Mexico had initially blocked the deal but said Friday that the U.S. will take on some of its cuts.—Updated 11 a.m. CT April 9OPEC will hold an today to talk about production cuts. Listen to this from NPR’s Jackie Northam, and find more coverage on how the dispute between Saudi Arabia and Russia has impacted Houston .—Updated 1:15 p.m. CT April 8—Updated 12:40 p.m. CT April 7—Updated 11:05 a.m. CT April 7Texas-based ExxonMobil will by 30 percent this year. It's the latest oil and gas company to announce cuts due to COVID-19 and low oil prices. The company said it will also slash operating expenses by 15 percent. Most of the spending reductions will be in the Permian Basin in west Texas.—Updated 2:45 p.m. April 6—Monday, April 6, 2020Oil prices are at a historic low, and the impacts are being felt in Houston and across Texas.Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.· Most studies of what causes symptoms of COVID-19 to linger on after the virus has passed focused, with little success, on the heart muscle. Doctors at Houston Methodist Hospital instead looked at the heart arteries and hit on a promising idea.· The Centers for Disease Control and Prevention endorsed reformulated versions of the Moderna and Pfizer vaccines last week. The shots should better protect people from the most recent COVID-19 variants.&nbsp;· On Tuesday's show: Who should get newly approved COVID-19 boosters that target the omicron variant? Then, Carolyn Evans-Shabazz answers questions about issues facing the city. And we talk with writer Erika L. Sanchez.· The Houston Matters panel of non-experts weighs in on stories from the week’s news and decides if they’re good, bad, or ugly.

The logo for Schlumberger appears above a trading post on the floor of the New York Stock Exchange.Updated 11:20 a.m. CT Sept. 1—Updated 3:05 p.m. CT Aug. 20—Updated 2:10 p.m. CT Aug. 20—Updated 3:25 p.m. CT Aug. 12—Updated 9 a.m. CT Aug. 10More than 59,000 Texas oilfield services jobs have vanished in the pandemic.Texas has lost 59,200 oilfield services jobs since the start of the pandemic — the most, by far, of any other state. Overall the sector has shed nearly 100,000 jobs, .Overall, more than 9,300 jobs were lost in July in the oilfield services sector, up from about 6,500 lost in...

Houston And The Oil Market Crash: Schlumberger Sells Fracking Business | Houston Public Media

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