The Halliburton-Baker Hughes Merger Has Been Called Off. Halliburton and Baker Hughes announced on Sunday that the companies have terminated the merger agreement they entered into in November 2014. The deal would have been the largest in oil service history. [Oilpro]
Oil Prices Slip From 2016 Highs On OPEC Output Boost. Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar. A Reuters survey showed that OPEC production rose in April to 32.64 M/bpd, close to the highest level in recent history. [Reuters]
Update On Oil Rig Forecast; And Rigs Aren’t Production. David Bridgeman’s updated Rig Model “suggests the rig count continues low, but somewhat stable, until picking up a year from now.” But, he cautions, “Rigs Are Not Production! Don’t be confused by the “talking heads” on TV when the try to relate rig count to oil prices.” [Oilpro]
Earnings Review
Chevron Says “Cost Reduction Momentum Should Continue Throughout 2016”. On Friday, Chevron’s management team reiterated its commitment to a disciplined and resilient approach amid the downturn. It is remaining flexible given the volatility of the oil market to enact further cuts if needed. [Oilpro]
Diamond Offshore Reports Earnings, Names New CFO. CEO Marc Edwards said, “Fleet-wide, we achieved operational efficiency for the quarter of 98.2 percent, which is reflected in our earnings results and improved project economics for our clients.” Also, Halliburton veteran Kelly Youngblood has been appointed CFO. [Diamond Offshore]
H&P CEO Sees “Demanding Times” Continuing. John Lindsay said, “Sharp reductions in personnel, expenses, and investments are occurring worldwide, and we expect to see further deterioration in terms of drilling activity during the third fiscal quarter.” [Helmerich & Payne]
Saudi Workers Set Fire To Buses Over ‘50,000 Sacked And Salaries Unpaid’. The attack on the company buses came after Saudi Al-Watan newspaper reported the company had laid off 50,000 foreign employees and issued them exit visas. [UK Independent, Oilpro]
IEA Chief: Oil Prices May Have Hit Bottom, But Watch The Economy. International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. [CNBC]
Hamm: No Doha Deal, No OPEC, No Problem. “U.S. crude oil exports are now reaching virtually every corner of the world – from Germany to Italy to Israel to Japan. Less than six months after America lifted its 40-year-old export ban, free markets are working, OPEC is irrelevant, and the global oil market is stabilizing,” Harold Hamm says in this op-ed column. [journalrecord.com, Oilpro]
Technip’s Contract Extended At Petrobras’ Base For Flexible Pipes. Petrobras has extended Technip’s five-year contract at its Flexible Pipes Logistic Base (BAVIT) by a further four years. The value of the contract extension was not disclosed. [Splash 247, Oilpro]
Meet Environmental Scientist, Andra Wilcox, #HUMANSofOG. She writes, “I’m one of the lucky ones that gets to say I love my job! I’ve been working with the environmental side of O&G since 2012 and I get to see how far industry has come and how above and beyond many are going to ensure the environment and employees are protected.” [Oilpro]
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