Department: Features

US Rig Count Down by 48 for Week to 571

February 2016, Vol. 243, No. 2

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the United States declined by 48 this week to 571. The Houston firm said Friday 467 rigs sought oil and 104 explored for natural gas amid depressed energy prices. A year ago, 1,456 rigs were active. […]

Managing Risk Through Downturns

February 2016, Vol. 243, No. 2

As a small business owner all too well of the struggles to manage overhead as we all struggle through sky rocketing health care costs and taxes and inability to raise prices due to economic conditions. Whether one is managing a small business or managing wealth, the top priority should be preserving cash to ride out […]

Oil Majors Converging Here Could Mean A New Hotspot

February 2016, Vol. 243, No. 2

Even with oil at $30, the petroleum industry continues to see a few bright spots. Particularly when it comes to offshore activity — such as Shell this week announcing the first natural gas production from its ground-breaking Corrib field off the northwest coast of Ireland. And this week also saw another unexpected event in the […]

Weatherford to Reduce Workforce Further in 1st Half of 2016

February 2016, Vol. 243, No. 2

Oilfield services company Weatherford International will cut 6,000 positions in the first half of the year, which accounts for about 14% of its workforce. In a written statement, CEO Bernard Duroc-Danner said he believes oil prices will eventually respond to a realignment of supply and demand, but “regardless, we have geared the company and will […]

Shell Confirms 10,000 Job Cuts

February 2016, Vol. 243, No. 2

Shell will lay off 10,000 staff and direct contractor positions as it merges with the BG Group while also dealing with the effects of falling oil prices. In a written statement early Thursday, CEO Ben Van Beurden said, “The completion of the BG transaction, which we are expecting in a matter of weeks, marks the […]

Los Angeles DA Charges Utility with Crimes for Gas Leak

February 2016, Vol. 243, No. 2

LOS ANGELES (AP) — Los Angeles prosecutors filed misdemeanor criminal charges Tuesday against a utility for failing to immediately report a natural gas leak that has been gushing nonstop for nearly 15 weeks. District Attorney Jackie Lacey said the charges aren’t a solution to the problem, but Southern California Gas Co. needs to be held […]

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